NASCAR Inks Multi-Year Sports Betting Deal With BetMGM
BetMGM is now an authorized gaming operator of NASCAR
It plans to launch new betting markets during NASCAR season, extensive live betting offering
Sportsbook operator currently has a presence in seven states, plans to be in 11 by year-end
NASCAR has seen strong growth in sports betting handle since racing events resumed in May
Extensive options for US bettors
NASCAR and BetMGM announced on August 11 that they have entered a multi-year sports betting partnership arrangement. The two parties will be working together to create engaging experiences for US sports bettors, including offering extensive in-race betting options.
The iGaming and sports betting brand, now an authorized gaming operator of NASCAR, announced the new deal via Twitter:
Following the news of the partnership, BetMGM launched a promotion for NASCAR bettors in advance of Sunday’s race on the Daytona Road Course. The event will make its debut as part of the NASCAR Cup Series.
NASCAR managing director of gaming Scott Warfield said of the agreement: “Partnering with a best-in-class operator like BetMGM positions NASCAR to build on the positive energy and momentum we’re seeing around gaming and in particular the live in-race experience.”
Terms of agreement
As per the deal, BetMGM will be able to use the NASCAR marks and promote NASCAR offerings across its desktop site, mobile app, retail sportsbooks, and social media. There will also be cross-promotion on NASCAR’s website, mobile app, and social media pages.
BetMGM will also be increasing the range of bet types it offers during the NASCAR season. Some options it is considering adding to its mobile app are driver matchups, over/under bets for the winning car number, stage winners, and top-finishing drivers.
live betting markets are set to launch in 2021
The sportsbook’s live betting markets are set to launch in 2021, in collaboration with Genius Sports and its sports betting division, Betgenius. NASCAR and BetMGM are also working together to create a free-to-play NASCAR game.
Embracing sports betting
NASCAR has been embracing sports betting since it became federally legal in May 2018. It signed its first deal with a US sports betting operator in early 2020 when it partnered with Penn National Gaming. It also has a deal in place with IMG Arena to live-stream NASCAR events globally through sportsbooks.
MGM’s NASCAR handle has increased by almost 1,300%
NASCAR has been seeing strong growth in its sports betting handle since racing returned in May and due to the success of the eNASCAR iRacing Pro Invitational Series. The latter saw NASCAR pros take part in the video game events, with betting on the outcomes available in states like New Jersey and Nevada.
Proving the rising popularity of betting on the sport, MGM’s NASCAR handle has increased by almost 1,300% since the start of 2020.
BetMGM currently has licensed sports betting operations in seven different states and plans to extend this to 11 states by the end of the year. It also recently became an official partner of the PGA Tour, adding to similar deals with the NBA, MLB, NHL, and Denver Broncos.
MGM Resorts International recently announced a $1bn e sport bet from internet media giant InterActiveCorporation (IAC). The company has expressed particular interest in MGM’s online gambling business.