BetMGM to sponsor upcoming NASCAR Xfinity race at Charlotte amid legalized sports betting in North Carolina

NASCAR recently announced BetMGM as the entitlement sponsor for the Xfinity Series event at Charlotte Motor Speedway on Memorial Day weekend. The 300-mile race on Saturday, May 25, will now be called the BetMGM 300.

The state of North Carolina legalized sports betting in a historic move on March 11. Gambling will now be allowed at professional sports venues and eight online sites. This move is said to boost the state's tax revenue and help regulate gambling.

The decision was predicted to influence NASCAR, as the premier stock car racing series has long been associated with Charlotte, North Carolina, which is one of the sport's biggest markets. BetMGM, which received the wagering license in the state, has swiftly capitalized on the changes by sponsoring a race in 'America's Home for Racing.'

Over the Memorial Day Weekend, BetMGM will have hospitality and display activations in the BetMGM Speed Street, where fans can learn about the betting app which went live on Monday, March 11.

Matt Prevost, Chief Revenue Officer at BetMGM, said that sponsoring the Memorial Day weekend event at an iconic mile-and-half oval was a lucrative opportunity to introduce NASCAR fans to the betting app.

"As we look to grow our brand in North Carolina, there is no better time and place than Charlotte Motor Speedway on Memorial Day Weekend. Our team looks forward to introducing sports betting to a new audience and helping add to the overall experience for fans throughout the entire Speed Street event and BetMGM 300 race," Prevost said in a press release.

The Charlotte Motor Speedway will host the Truck, Xfinity and the Cup Series over the weekend. The North Carolina Education Lottery 200 Truck race is scheduled on Friday, May 24, followed by the BetMGM 300 a day later. The crown jewel, the Coca-Cola 600 Cup Series race, is scheduled for May 26.

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Former NFL star backs Bubba Wallace to win NASCAR Cup championship

Moments after betting was legalized in North Carolina, former Carolina Panthers star Greg Olsen placed a ceremonial first bet on DraftKings. Olsen put $100 on 23XI Racing driver Bubba Wallace to win the 2024 Cup championship.

In an event organized at the NASCAR Hall of Fame center in Charlotte, Olsen told the crowd (via qcnews.com):

"Just so you know I am not lying to you. Bubba Wallace winning the cup race... Cup championship."

If Wallace wins the Cup championship, Olsen will win $4100. Piling the pressure on the #23 Toyota driver to aim for the title, the former tight end added:

"I hope he feels a lot of pressure now. Like I hope that he is right now in the gym grinding."

Four races into the season, Wallace currently holds 14th place in the standings, boasting two top-five finishes.