Sportsbooks and casinos have been gobbling up partnerships with sports teams left and right. Up until this point, NASCAR has not been apart of the frenzy. That changed Monday when Richard Childress Racing (RCR) announced a multifaceted partnership with BetMGM.
For those who are not familiar with NASCAR driving teams, they can be quite valuable. Richard Childress Racing is worth $160 million, the fourth most in the sport. The most lucrative NASCAR racing team is Hendrick Motorsports at $315 million according to Statista’s projections.
While sports betting becomes legalized across the country, expect to see teams seek sponsorship across all leagues. Currently, there are over 33 teams with sports betting partnerships across the NFL, NBA, MLB, and NHL.
However, NASCAR had not put their stamp of approval on sports betting until recently. This partnership between RCR and BetMGM signals approval from the sport and should see further endorsement in the future.
Did BetMGM And RCR Just Open The Flood Gates For NASCAR?
Using Statista’s projections these are the top racing teams by value in the sport…
- Hendrick Motorsports $315 million
- Joe Gibbs Racing $230 million
- Stewart-Haas Racing $165 million
- Richard Childress Racing $160 million
- Team Penske $152 million
- Roush Fenway Racing $75 million
- Chip Ganassi Racing $63 million
- Front Row Motorsports $30 million
- Richard Petty Motorsports $28 million
It is important to note that the vast majority of these racing teams are headquartered in North Carolina. Sports betting is legalized state by state, meaning some have legalized it and some have not.
Sports betting is technically legal in North Carolina but there are only two retail books in the state. There has not been much movement on legalizing mobile sports betting.
Since the major racing teams are located in North Carolina, this could pose a bit of an issue for partnerships. However, Virginia and Tennessee legalized mobile sports betting recently and Florida could soon do the same.
Many of these states host some of the biggest NASCAR Cup Series events throughout the year. Despite the roots of these companies being in North Carolina, it seems that sports betting partnerships are here to stay in the sport.
Expect DraftKings, FanDuel, PointsBet, and Caesars/William Hill to seek out a partnership with these racing teams before long. The race has started between these sportsbooks in the NASCAR space. Sports bettors are everywhere and books always want new users.
As the legendary Daytona 500 phrase goes: “Gentlemen, start your engines…”