Las Vegas Grand Prix: Most Bet on F1 Race in History BetMGM
Last Saturday’s inaugural Las Vegas Grand Prix was the most-betted Formula One (F1) race in BetMGM’s history.
The race was won by Dutchman Max Verstappen, the three-time defending Formula One champion. Verstappen received the highest single bet on BetMGM, with a bettor investing $200,000 to win the $100,000 driver's championship bonus.
The gambling company did not specify whether the bet was placed online or at a brick-and-mortar sportsbook at the Las Vegas Strip casino operated by MGM Resorts International. BetMGM is half-owned by MGM, with the other 50% controlled by British gambling giant Entain Plc.
The Las Vegas Grand Prix is the most-betted F1 event in BetMGM’s history. BetMGM trading manager Seamus Magee said in a statement that sportsbooks placed three times more bets on the game than on any previous game.
Verstappen is an obvious bet to win Formula One's first Las Vegas race in four decades. But patient bettors could have gotten better odds on the driver. He opened at -385 (bet $385 to win $100) to win, but shortened to -185 early in the game.
Verstappen claims highest percentage
In the lead-up to the race, BetMGM predicted it would be the highest-stakes single-seater event in the organizer's history. As expected, much of the race revolved around Verstappen.
He has 28.7% of control at BetMGM, followed by Ferrari driver Charles Leclerc with 17.1%. Leclerc finished second in the race. Mercedes driver George Russell finished eighth, earning 13.1% of the points on BetMGM.
The highest proportion of betting slips for BetMGM races is Leclerc at 12%. Next up was Mercedes driver Lewis Hamilton, who finished seventh with 11.9%. According to this metric, Verstappen is third with 10.5%.
The Las Vegas Grand Prix appears to have been profitable for BetMGM in the Prop Betting Market as the four most-betted props at the sportsbook beat every other driver except Verstappen, Leclerc entering In the top three, Daniel Ricciardo managed it into the top ten, with a Mercedes driver winning. Of those four bets, only Leclerc's support paid off for bettors.
Similar themes throughout Las Vegas
BetMGM isn't the only sportsbook making waves at the F1 event in Las Vegas. Sportsbooks operated by Red Rock Resorts’ Station Casinos and Westgate SuperBook also broke previous F1 race records.
Craig Mucklow, Caesars vice president of commercial affairs, told the Las Vegas Review-Journal that the Las Vegas Grand Prix is less competitive than the NASCAR Daytona 500, the series’ largest event. The number of participants in the competition has tripled.
With Verstappen's lower odds, the event is likely to be a winner at sportsbooks as bettors look for other drivers with higher or longer odds.
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Source: www.casino.org
