Caesars Sportsbook senior trader talks F1's explosion in United States
It’s nearly time for the Las Vegas Grand Prix.
Formula 1’s impact in the United States has increased significantly.
If the fanfare in Las Vegas didn’t prove it, then three races and the possibility of an American race team joining the fold does.
And so do the betting markets.
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"I think it was a slow burner initially," Caesars Sportsbook Senior Trader Chris Pearce told Fox News Digital. "I think recently, because there’s more and more Grands Prix in the Northern Hemisphere, and in the U.S., especially with the Austin Grand Prix as well as Vegas, it is picking up.
"And there’s definitely more interest. It’s one of those things that if you spend the time on the products, you offer more markets, you give it the showcase that it deserves, then the punters will latch onto that."
Pearce said the growth in F1 bets exploded over the last few years with the Las Vegas Grand Prix helping in 2023.
"The growth is definitely at least three times higher than when I first took the product over two years ago. And the Vegas Grand Prix has again really helped to grow the products," he said. "Last year, it was the glitz and the sparkle. You don’t really get that from the more established grand prix. Obviously, the British Grand Prix at Silverstone was key globally and was the signature grand prix of the year.
"I think, last year, everybody was looking forward to Vegas more than the British Grand Prix and followed on into this year. So, yes, it’s growing, and I expect it to grow more as well. I think that year the turnout for the Vegas Grand Prix was three times that of Daytona, which obviously is an established U.S. race. If we offer the markets, it should grow even further."
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There won’t be an American on the starting grid this year after Logan Sargeant’s time with Williams Racing abruptly came to an end this season.
But with the success and popularity of Netflix’s "Drive to Survive" docu-series, superstars like Max Verstappen and Lando Norris, who have international appeal in Europe and Asia, have helped become household names in the U.S.
"It’s a little bit of both, I think," Pearce said of whether an American driver affects the betting market. "Last year, Logan Sargeant was on the grid. He was by far our biggest liability going into the race. He was a multimillion-dollar loser for us last year. So, when he was going into free practice and qualifying, there was a little bit of worry that something may fall into the race. Luckily, we dodged that bullet.
"Yes, the U.S. driver does help. And, that said, because of the recent Netflix series with F1, that’s helped to push the sport and the names within the sport. I think more people now do tend to know drivers outside of (Lewis) Hamilton, outside of, say, the past (Michael) Schumacher. They will know Lando Norris. They will know Carlos Sainz."
The Las Vegas Grand Prix will begin at 1 a.m. ET Sunday for fans on the East Coast. Those on the West Coast and in the city for the race will see the race begin at 10 p.m. PT.
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