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Las Vegas GP expected to ‘shatter’ Formula One betting records

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‘We are forecasting that this race weekend in Las Vegas is easily going to shatter every company record for the sport’ – Bet MGM chief revenue officer Matt Prevost.

A Formula 1 racing team car from Oracle Red Bull Racing burns out on the Las Vegas Strip during the Las Vegas Grand Prix Launch Party, ahead of the 2023 Inaugural Las Vegas Grand Prix, at Caesars Palace, in Las Vegas, Nevada. The inaugural Las Vegas F1 Grand Prix will take place November 16-18, 2023. File Picture: WADE VANDERVORT, AFP

SATURDAY night’s inaugural Las Vegas Grand Prix continues to serve as a lightning rod for criticism among skeptics who question everything from the circuit’s layout to the 10pm PT (1am ET) start time.

That hasn’t tempered the excitement from sportsbooks, with the race through Sin City expected to set records for wagering on a Formula 1 event in the United States.

“We are forecasting that this race weekend in Las Vegas is easily going to shatter every company record for the sport,” Bet MGM chief revenue officer Matt Prevost said. “While popularity for automotive sports in the US continues to grow, we believe the activity we are seeing so far around this Las Vegas race is going to take it to a whole new level,” he added.

Red Bull’s Max Verstappen, who has been an outspoken skeptic of the event, is the heavy pre-race favourite at -300 at the book. He has already clinched his third world championship, and Red Bull has secured the constructors championship with two races remaining.

McLaren’s Lando Norris, who has climbed to fifth in the drivers standings with five podiums in his past six races, has the second shortest odds at +800. Norris is the book’s second biggest liability as of Monday, drawing the most total bets on the grid with 15.8 percent and the second most money at 12.6 percent.

Verstappen’s Red Bull teammate, Sergio Perez, is being offered at +1600 along with Ferrari’s Charles Leclerc and Carlos Sainz. Perez is the third biggest liability, and leads the field with the most bets to finish in the top three at +160.

Seven-time world champion Lewis Hamilton is being offered at +1800 to win.

The book’s biggest liability this week is the only American driver on the grid. William’s Logan Sargeant has mustered only one point in his rookie season, but his +100000 long shot odds have drawn 4.1 percent of the total bets and 1.0 percent of the money wagered on the winner.

The most money has naturally backed Verstappen at 58.6 percent. The Dutch superstar has won 17 of the first 20 races this season, including each of the past five entering Vegas.

Field Level Media via Reuters

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