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by Ralph Trayfalgar Updated:
Widely considered to be the highest tier of international motor racing, Formula 1 has become a fusion of celebrity-studded glamour and a showcase of the cutting edge of automotive technology. And following an announcement, the race calendar will take betting favourites Mercedes, Ferrari, and Red Bull Racing back to Las Vegas in 2023.
The new Las Vegas Grand Prix will pass by Caesars Palace and the Strip's other best casinos, including the Bellagio and its world-famous fountains, before turning back around to complete the circuit. The track is 3.8 miles long and has 14 turns (6.12km). Upon entering the Strip through Sands Avenue, vehicles will go south for about 1.2 miles before leaving east at Planet Hollywood via Harmon Avenue.
Last season, Formula One witnessed a significant regulation change with the introduction of a $145 million budget ceiling for each team. The spending cap will be decreased to $135 million for the 2023 season.
Smaller teams with less financial support will be able to fight more effectively against the big competitors, such as Mercedes, Ferrari, and Red Bull, thanks to the modification. It used to cost more than $400 million every season to run the elite teams' cars and operations before the limitation was placed on them. The main teams employ over 1,000 people, all of whom are dedicated to improving their team's cars and optimizing its operations.
Despite the alteration, Ferrari, Red Bull, and Mercedes continue to occupy the top three positions in the 2022 Formula One standings after three rounds of the season's 22-race schedule.
F1 betting is hugely popular in many countries of the world, including the United Kingdom, Europe, and Australia, and it continues to grow. While Formula 1 betting is currently limited in the United States, change is likely to come about with the introduction of one of the world’s biggest gambling centers to the F1 race calendar.
Following Austin and Miami, the gambling capital will become the third city in the United States to host an F1 circuit. Sports betting, on the other hand, is still forbidden in those two cities. Luckily for Canadian F1 fans , it is possible to place bets with William Hill and handful of other sportsbook.
"This is an extraordinary moment for Formula 1 that underlines the enormous popularity and expansion of our sport with the addition of a third event in the United States," F1 President and CEO Stefano Domenicali said yesterday in Las Vegas at a ceremony marking the unveiling of the new track.
In addition, Domenicali stated that "there is no better venue for Formula One to race than in the global entertainment center of the globe."