The Las Vegas Grand Prix proved to be a significant event for sportsbooks, despite facing criticism from locals and legal challenges. Despite these obstacles, the race still provided a historic windfall for sportsbooks, with Caesars Sportsbook setting a new company record for total betting handle on any motorsports event. This was not limited to Caesars alone, as rival entities BetMGM and local Station Casinos, Westgate SuperBook, and Red Rock Resort also reported record handle for an F1 race.
The success of the race can be attributed to several factors. Firstly, the popularity of Formula 1 has been growing in recent years, with Max Verstappen continuing his dominance by winning his 16th race in 17 races during the Las Vegas Grand Prix. Additionally, the race was held at a time when many people were looking for entertainment after months of headaches due to the extended track construction.
However, there are still some issues that need to be addressed regarding the timing of the race. The 10 p.m. local start time was chosen to minimize disruption to local citizens but has faced criticism from several drivers and team executives who believe it should start earlier to aid their own time-zone acclimation while traveling from Europe. Fred Vasseur, Ferrari team principal, explained this issue in detail: “In the past, we had no issue because F1 was just for European people, and we had to stick to European timing. But now it’s a worldwide project and much more difficult to find something fitting with the expectations of the 24-hour zone.”
Overall, while there were some challenges associated with organizing this event, it ultimately proved successful in generating revenue for sportsbooks and attracting viewers from around the world.