Formula 1’s entry into the Las Vegas arena was a massive success for several reasons. Although there were issues that plagued the event on day one, the betting activity witnessed a massive uptick in wagers when compared to the Great American Race, The Daytona 500.
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Speaking about the total money wagered on the Las Vegas entry with the Las Vegas Review-Journal, the Caesars vice president of trading, Craig Mucklow, stated, “It was three times Daytona’s numbers. It was well over seven figures,” he added.
He did not reveal the exact numbers for the event but according to his statement, they ended up hitting an all-time high for the Motorsports segment.
.@CaesarsPalace on @F1LasVegas betting: “It was three times Daytona’s numbers. It was well over seven figures.” – @DailyMail https://t.co/HmToTvrZD8
— Adam Stern (@A_S12) November 23, 2023
The race in itself did not witness a sell-out crowd, mostly because of the exorbitant pricing among several other controversial practices implemented by Formula 1.
How did Formula 1 outgun NASCAR on its home turf?
The possibility of Formula 1 entering the US market and taking the majority of the interest away from NASCAR was speculated for a long period of time. The primary reason for F1’s rapid domination over the market can be attributed mainly to its marketing tactics.
The predominantly European sport previously made efforts to make inroads into the American market, and failed to do so, with the 2005 Indianapolis Grand Prix tire debacle being the final nail in the coffin that many believed would close the American chapter of the sport.
However, with Liberty Media’s takeover of the sport, heavy marketing efforts were channeled across the board. The sport developed a strong social media presence and produced the hit Netflix documentary, Formula 1: Drive to Survive. Not so long after, F1 expanded to three races in the United States, with the US Grand Prix at the Circuit of the Americas, the Miami Grand Prix (introduced in 2022), and the recent Las Vegas Grand Prix.
Not that NASCAR has not tried its hands with marketing efforts, but it will have to significantly step up its operations and focus on bringing in a younger demographic into the sport. The Chicago Street Race was an overall success for the sport and the upcoming Cup Series playoff documentary series by Netflix might also increase their average fan base over time.
