Earlier this week, NASCAR announced that they have partnered with BetMGM to become more prevalent in the growing sports betting industry. Through this deal, BetMGM will become an authorized gaming partner of NASCAR, and they will have exclusive access to league logos and data.
Financial terms of the deal were not announced, but each entity is expected to see significant benefits from this partnership. BetMGM will promote NASCAR throughout its platforms in the United States, including its online and retail sportsbooks.
NASCAR will return the favor, and they will promote the sports betting operator on their website and across their social media platforms. NASCAR is looking to grow their sport, and partnering with BetMGM is an excellent place to start.
BetMGM currently offers sports betting in seven states throughout the country, but that number is expected to climb in the coming months. Three of these states, Indiana, Michigan, and Nevada- host a NASCAR race each year. Michigan and Nevada host a pair of events.
NASCAR Wants More Betting Action
Professional sports leagues and organizations have changed their stance on legalized sports betting over the last two years, although NASCAR has always been paired up with betting. Associations now realize the power that sports betting has and its impact on fan engagement.
NASCAR is hoping to get more fans involved in the sport as well, and they believe that offering new forms of betting could accomplish that mission. Appealing to a younger generation of race fans is another goal that NASCAR would like to achieve through this partnership.
During the coronavirus shutdown, NASCAR launched an esports league and allowed sportsbooks to take bets on the competition. This innovation was viewed as a massive success for both NASCAR and the sports betting industry, and it kept fans engaged.
Even though NASCAR was able to take advantage of other sports shutting down during the pandemic, auto racing still has a long journey to become more popular. Football, basketball, and baseball bring in a much larger number of bets, and NASCAR is still way behind.
BetMGM will be looking to expand the number of bet types offered on the sport, and they will have the full support of NASCAR. Currently, sportsbooks are limited to the number of NASCAR betting options, but the two companies are working together to create more opportunities.
This partnership was just announced this week, but the two companies have been working together for some time to create new ideas.
Live Betting Becoming Huge Trend
Both companies that are a part of this partnership are looking to take advantage of the growing sports betting industry in the United States. The online portion of the sports betting industry is the area that is growing the most, and both MGM and NASCAR are looking to capitalize on the industry.
Live betting is one of the most popular new forms of betting, and NASCAR is hoping that in-race betting catches on as well. BetMGM already features a sizeable in-play betting menu, but adding NASCAR races to the mix would be a new angle.
Genius Sports will provide live race data to BetMGM, and that will allow them to offer in-race betting in 2021. At this time, it’s unclear what types of in-race bets would be provided, and neither company was willing to give any more information.
Even though NASCAR is a fast-paced sport, there are breaks built into each racing event. Live bets could be offered during the stage-breaks, and they could also be provided if a caution or red flag is out.