Lecture Notes: Interview with Joseph Soloski (NASCAR Sports Betting)

Introduction

• Interview with Joseph Soloski, Managing Director of Sports Betting at NASCAR
• Discussing NASCAR's strategy to use sports betting to increase viewership

Joseph Soloski's Background

• Previous career: Military and Intelligence community in the US
• Moved to Germany in 2015; exposed to mature sports betting market
• Joined Sport Radar in 2015, selling data in Africa, Asia, Europe
• Relocated to US in 2018 post-legalization of sports betting
• Joined NASCAR in March 2020

Technical Aspects of Betting on NASCAR

• Most popular market: Outright race winner
• Factors influencing bets:
  • Driver’s performance at upcoming track
  • Lap times
  • Previous week’s performance
  • Performance at similar tracks
• Importance of data:
  • No stoppages in play
  • Reliance on NASCAR's timing and scoring feed
  • Accurate, reliable, fast data provision by sportsbook partners

Growing NASCAR's Market Share in Sports Betting

• Current status: NASCAR has a relatively low handle
• Education and awareness are key
• Partnering with sportsbooks to run promotions
• Introduction of new markets
• Target: Increase handle to boost fan engagement and attendance
• Notable growth from 2020 to 2021: 2.5 times increase in handle
• More growth in 2022; first two races saw higher handle than all of February and March 2021

Importance of Betting for Growing Viewership

• Strategy: Use betting to convert fans from other sports (NFL, NBA)
• Viewership increases as bettors watch races to see outcomes of bets
• Experience at races turns casual bettors into true fans

Regional Differences in NASCAR Betting Popularity

• Traditional NASCAR regions: Southeast US
• Current legal betting states: Higher interest in PA, NY, MI, IN
• Anticipated growth with the legalization in GA, AL, NC, TX, KY

Legislative Developments

• States to watch: North Carolina, Georgia
• Active participation by NASCAR in legislative processes
• Importance of Motor Speedways in states like GA (Atlanta Motor Speedway, Road Atlanta)

Partnerships with Sportsbooks

• Current partners: Penn National, Win Bet, Bet MGM, Barstool Sportsbook
• Criteria for partners: Passion for NASCAR, aim to be the go-to place for NASCAR betting
• Value provided: Hospitality assets, marketing assets, email database access, promotional efforts
• Expansion plans: Engaging more sportsbook partners

Partnership with American Gaming Association

• Objective: Addressing responsible gaming
• Initiative: Have a game plan campaign
• Integrity focus: Partnership with Sport Radar for monitoring suspicious activities

Future of Betting at NASCAR

• Goals for 18 months: Seamless experience similar to NFL, NBA, MLB betting
• More markets like head-to-head driver matchups, spread differential, over/under on positioning finishes or points
• Aim for a smooth transition between sports verticals in sportsbooks

Conclusion

• Positive outlook for the growth of NASCAR betting
• Strategy focused on increasing fan engagement and responsible gaming