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NASCAR Adds BetMGM As Authorized Sports Betting Operator

NASCAR has added BetMGM as an authorized sports betting operator, a key expansion for the sanctioning body, which launched its official data offering only a month before the pandemic paused sports. Along with access to official streaming data through distributor Genius Sports, BetMGM gets rights to NASCAR marks across its digital platforms, along with access to joint promotions. Already available in seven states with plans to expand to 11 by year's end, BetMGM offers a footprint that aligns well with the geography of schedule and fan base. "We were building a relationship with NASCAR (before the pandemic)," said Matt Prevost, CMO of BetMGM. "When the world shut down with Covid, we needed to take stock in where we were and batten down the hatches. When we started re-engaging partners, NASCAR was one of the first we went back to."

DATA DISTRIBUTION: Distribution of official data, along with a commitment to build a betting product around it, are crucial to NASCAR's sports betting strategy. The sport generated little betting before the availability of in-play wagering, which allows bettors to place bets during the race, with odds that change as events unfold. BetMGM sportsbooks have seen a 13-fold increase in handle on NASCAR through the first seven months of the year. Much of that is driven by the operator’s recent U.S. expansion, but NASCAR's early return from the pause and the evolution of in-race betting also were factors. BetMGM joins Penn National Gaming, which is expected to launch its Barstool Sportsbook mobile app next month, as a NASCAR authorized sportsbook operator. "This is a big one for us," NASCAR Managing Dir of Gaming Scott Warfield said. "Those two (BetMGM and Penn National) in particular are going to have a portfolio of offerings that is significantly better than most, especially when you start talking about the in-play. If you don't know NASCAR you're not going to be able to walk in and decipher whether Kevin Harvick at 7-1 is good value. But when you're talking about head-to-head (driver vs. driver) and how odds move during the race, having someone like BetMGM put that out in front of sports bettors is going to be super interesting."

VALUE PROPOSITION: While it remains to be seen whether bettors are drawn to NASCAR as in-race wagering evolves, there is little question about the value they offer to BetMGM within its expanding footprint, Prevost said. “NASCAR fans are betting on NASCAR, but this fan base is also betting more broadly on sports,” Prevost said. “We have to educate the customer base about the ability to bet in-play. The outright markets (such as race winner) are reasonably straight forward. The opportunity to bet-in play is really an education piece that we will be promoting to our customer base. Throughout the course of every race, when you feel a driver has momentum and might be moving up the ladder, that’s the point we think is a great chance to insert a betting opportunity.”

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