Over the last few years since the Netflix docu-series Formula 1: Drive to Survive was introduced, the sport has gained traction. The U.S. market has always been desired, but until recently, the interest wasn’t there.
Fortunately, that has completely changed. The sport went from 1 race in the states to three. The Circus of the Americas in Texas had its largest crowd in attendance in 2022.
The Miami Grand Prix turned into a mini-super bowl like event. To clarify, the Miami Grand Prix produced the largest American televised F1 audience ever. Over 2.6 million viewers tuned in on ABC for the inaugural event.
Locally, the Miami Grand Prix generated over $350 million for the city of Miami.
In 2023, Las Vegas will host their first Grand Prix in November. Las Vegas is a fitting location to host a Formula 1 race. In fact, it is one of the most known tourist cities in the world.
If you did not know, part of the track will include the legendary Las Vegas strip. Ultimately, this adds to the brand of F1 as a league that race in the greatest cities in the world.
Market Watch estimated that the Las Vegas Grand Prix will bring in $1.3 billion. Specifically, $966 million will come from tourist alone. Although, the tickets for the races won’t be cheap at all.
Overall, there’s an opportunity for Formula 1 to overtake Nascar as the U.S. racing market’s #1 option.