US Sports Betting Markets Open the Door for Wagering on Auto Racing
As new sports betting laws sweep across the US, many racing fans in the country are seeing the first opportunity to place wagers on auto races. Sportsbooks operating in the US are likewise hurrying to add race events to their offerings.
While the situation may sound like a race bettor’s dream with new markets, untested odds, and interesting props, the industry here is still dialing in how best to serve bettors and sportsbooks.
Let’s take a look at where race betting in the US stands currently and how it will likely evolve in the future.
The Bet is On in Authorized States
Twelve states in the US permit full-scale sports betting as of August 2019--Nevada, New Jersey, Delaware, Pennsylvania, West Virginia, Mississippi, Rhode Island, New Mexico, Arkansas, New York, Iowa, and Oregon.
A considerable number of other states have adopted regulations that will open sports betting markets or are expected to do so soon. This list includes Montana, Indiana, Tennessee, and the capital city of Washington, D.C.
The rules surrounding sports betting vary by state. Some of them allow sports bettors to wager online from any location within the state. In other states, the bettor must be present at a sportsbook facility when placing a wager.
Residents of states with authorized sports betting are encouraged to consult the guidelines in their jurisdiction prior to placing a bet.
Popular Racing Series Are the Most Available
As you might expect, the most-watched racing series in the US are the most widely available bets offered by sportsbooks. NASCAR and IndyCar Series drive a significant amount of the domestic race betting action.
Fans of international Formula 1 and endurance events can find opportunities at sportsbooks as well. For example, winning driver, car make, and qualifier odds are currently available for the upcoming Belgian Grand Prix and season championships.
Online Betting Offers Security and Convenience
For states with authorized online sports betting, wagering transactions can be made quickly and securely from any internet-connected computer or mobile device.
Sportsbooks accepting bets online range from established global betting brands to trustworthy newcomers, some of whom will be instantly recognizable names to race watchers.
For example, FOX Sports, a longtime leading broadcaster of racing in the US, is going beyond TV distribution. The network teamed up with The Stars Group to create the recently released FOX Bet mobile app, an online betting and content platform that covers a variety of sports.
Photos taken at Las Vegas. Photo by Baishampayan Ghose / CC BY-SA 2.0
NASCAR Leads the Pack in US Auto Race Betting
NASCAR is especially embracing US sports betting as a means of extending fan experience. The organization recently partnered with sports data company Genius Sports to bolster its profile in the emerging betting industry while integrating with sportsbooks.
Under the partnership, NASCAR will provide sportsbooks with real-time race odds, data-backed wagering structures, and creative props. It’s a way for NASCAR to have a hand in how fans engage with the brand when betting.
NASCAR expects to have in-race live betting available in time for the 2020 season.
A Burgeoning Industry with a Growing Upside
Betting on auto races in the US is without question an industry in infancy.
In Delaware, just over $208,000 of the $154.8 million in bets on sports in the state was spent on auto racing for the period between June 2018 and April 2019.
Still, early-adopting bettors and NASCAR’s push into the country’s sports betting markets proves there’s a viable product here. Any unimpressive figures linked to auto racing as a slice of sportsbook revenue is largely due to the lack of awareness among consumers.
As Brian Herbst, NASCAR’s Senior Vice President of Broadcasting and Innovation explains, “We weren’t really in the [sports betting] conversation until this year. We’re still taking a kind of pragmatic, staggered approach into it.”
It will take a little time before the general public seizes on betting opportunities in racing. But it may not be that long as new sportsbooks enter the US betting fray at a consistent rate.
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