Increasing sports betting focus
NASCAR has been putting a lot more attention on sports betting, starting with the upcoming Las Vegas Playoff race. The auto-racing events company is looking to partner up with some of the local casinos in Las Vegas to have live in-race betting for those watching.
the first time that bettors will be able to place wagers during the actual race
Plans are in place for live betting to start on Sunday at sportsbooks across the United States. There will be a cap on the amount of in-race markets, with outright winners and stage winners set to be among the markets on offer.
At the moment, most sportsbooks just offer pre-race bets on who will be the winner, group props, futures, and head-to-head match-ups. This is the first time that bettors will be able to place wagers during the actual race.
Popularity of live sports betting
Live sports betting is extremely popular as bettors can react to the action as it unfolds. It is not just in Las Vegas that the in-race betting markets will be on offer.
The Resorts World Catskills Casino sportsbook in New York, the Q Casino in Iowa, and the Pearl River Casino in Mississippi will all be providing bettors with access to these in-race markets.
Speaking about this new approach, the managing director of gaming at NASCAR, Scott Warfield, said:
In-race betting in particular can be 70-75% of all bets placed.”
He added that anything that makes fans watch a race for longer is going to be of great value to the sport. According to Warfield, every lap will soon be a new betting opportunity.
Future plans
This is just the beginning of NASCAR’s in-race betting plans. It is focusing on the 2020 season for a more extensive roll-out. This will see in-race markets such as the number of lead changes, number of passes in a race, and fastest lap times being introduced.
The upcoming weekend in Las Vegas is the very first phase of the NASCAR project that is under way.
Laying the foundations
It was in May that NASCAR teamed up with Genius Sports in what has been considered a key partnership for the auto-racing sports events business. Genius Sports collects and distributes exclusive in-race data and provides it to sportsbooks, which can then create betting odds in-race based on this information.
The likes of the NFL and the PGA Tour have similar deals in place with other sports data partners.
Boosting engagement and viewership
NASCAR has been looking to embrace sports betting as a way to increase fan engagement and viewership numbers.
As interest in the sport has been dipping in recent years, NASCAR’s aim is to try and reach new markets. Drivers and teams can now obtain gambling sponsors once they follow certain guidelines.
A lot of people in the sport believe that embracing sports betting is a smart move. Racing legend Dale Earnhardt Jr has said “it would create more excitement, bring more attention, more people in attendance. I can see it having a ton of positives.”