NASCAR Betting: Legal Sports Betting Helps Grow the Sport

With legal sports betting holding grounds across the US, this has created opportunities on different levels for NASCAR to advance the sport. This has helped increase engagement with its current fanbase by attracting more people through gambling.

The idea of appealing to more fans is something that Joseph Solosky, the new NASCAR’s Managing Director of Sports Betting, highly applauds since taking over in March.

Solosky believes that educating and engaging NASCAR fans who have never tried the sport or that they have never gambled on a stock car race is a vital opportunity for the sport.

However, the big challenge is converting fans who enjoy watching and gambling on stick-and-ball sports into racing fans.

Solosky indicated that the big part of the slice represents individuals who may not watch NASCAR but wager on other sports. He added that introducing and educating such people on how to wager on NASCAR is essential and that they are specifically interested in the move. The important thing is introducing them to bet on NASCAR and then watching the sport before ultimately finding interest to become fans.

In-race betting

Live betting is the type of wagering where gamblers stake on an event after it has started. It’s a relatively new thing to the American sports bettor. However, this is common in Europe as most bookmarkers have been providing it. This means that live betting regarding NASCAR is a significant opportunity in the US market that bookmarkers should use to drive engagement.

For instance, say you bet pre-race on Denny Hamlin with 8-1 odds to emerge the winner of Sunday’s EchoPark Texas Grand Prix. After 20 laps, Hamlin wrecks his car and is out of the race. Instead of giving up on your wager, you can open your betting application and select live odds, and stake on another bet or two. With more action on the race, you can fully immerse yourself in the race until you reach the checkered flag.

Solosky joined NASCAR from Sportradar, a renowned company offering odds and other sports data to sportsbooks, media companies, and leagues. As the company’s executive in Europe, Solosky noticed that live betting made up to 75-90% of the overall betting handle, and this varied depending on the event.

He indicated that he could see the numbers increasing up to a similar range for NASCAR, perhaps up to 70-75% within five years.

Solosky indicated that they are happy with their progress while starting out with in-race betting for NASCAR. According to his analysis, it’s been exciting to watch the numbers grow and that the reports they are getting from clients concerning increased engagement are pretty impressive. Recently, they saw a report from the Daytona 500 where one of the operators did 90% of their 2020 total revenues at the Daytona event the following year in 2021. Solosky believes that in-race betting is to be credited for such returns.

Seamus Magee, one of the sports traders at BetMGM (an official sportsbook partner with NASCAR), pointed out that the company has gone ahead to offer in-race betting on each Cup race this season, including some Camping World Truck and Xfinity races.

According to Magee, in-play betting is an integral part of the future landscape of betting in the US. He added that NASCAR is at a spot to try new things to ensure their fans enjoy it.

Still, Micah Roberts, an ex-Las Vegas sportsbook director, also indicated that in-race betting is perhaps the best strategy to creating a new audience. It’s not just exciting, but it also makes it fun to wager as you go, he added.

Where we are, where we’re going

Solosky strives to push for the growth of NASCAR’s betting initiatives. One key goal is to increase the amount of money wagered on the sport. Based on his estimates, NASCAR accounts for roughly 1% of the overall sports betting handle throughout the nation, and this equal estimates from multiple bookmarkers out there.

Solosky argues that increasing NASCAR betting handle doesn’t mean that they should compromise other sports. Instead, the different sports should complement each other.

Solosky said that the move to grow their handle doesn’t imply that they should take away from other sports categories. But they are looking to ensure they grow the pie. This might mean improving experiences for individuals wagering on the NFL to try NASCAR events or wager on this sport. He added that this could be a way of growing the handle.

Apart from live betting, there are other opportunities that bookmarkers can exploit to create new avenues for fans to wager on sports, including NASCAR. What gamblers see on their betting apps is nothing but the tip of the proverbial iceberg. In the coming years, there is a high possibility that NASCAR’s props will increase, boosting its competitiveness.

In line with posting new betting markets, Magee noted that this is something that they are always trying to achieve irrespective of the sport. He added that they often try to differentiate their product in the best way possible to compete effectively in the market.

Ed Salmons, one of Las Vegas bookmarking experts, perceives NASCAR as a vital piece of the sports betting landscape. He indicated that NASCAR is a niche sport, and the good thing is that there are people who like it. This means it has a place in the online gambling world and that there is a massive market for it, he added.

 You can bet on NSACAR in many US states where sports betting is legal both online and in person. Check your state and claim a free bonus today.