NASCAR Signs BetMGM

NASCAR is diving deeper into sports betting, hoping that new gambling products will increase fan engagement and maybe attract new eyeballs to the sport.

The France Family owned circuit has signed a multiyear deal with BetMGM to make it an official gaming partner. BetMGM is the second operator to pay NASCAR for these rights, joining Penn National Gaming.

BetMGM will immediately expand its racing selection to include more pre-race and live betting options. Starting next year, it will work with NASCAR data partner Genius Sports to build out a more complex suite of live markets.

NASCAR is looking to capitalize on some momentum it’s gained over the last few months. When the entire U.S. sports calendar ground to a halt in March, NASCAR found success with a virtual racing series that let drivers compete from their own homes. The sport resumed live events in May, the first U.S. league to do so, and has been hosting some events with fans. NASCAR betting on BetMGM platforms has grown 1300% so far this year.

“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," said Scott Warfield, NASCAR’s managing director for gaming.

Another aspect of this deal: cross-promotion. BetMGM says it will use its reach across social media, retail sports books, websites and apps to promote its NASCAR offerings. NASCAR says it will promote BetMGM on its own platforms as well.

BetMGM is a joint venture between MGM Resorts International and GVC Holdings. The group is currently licensed or sports betting in seven U.S. states and expects to be operating in 11 by the end of the year.