From a live attendance standpoint, they are pretty close. The 2012 Daytona 500 had around 112,200 fans in the stands. NASCAR estimates that the Brickyard had 125,000 fans in the stands, but other sources estimate it as low as 75,000.
Television ratings, however, aren't even close. The 2012 Daytona 500 drew in 36.5-million television viewers. The Brickyard 400, on the other hand, only managed 5,054,089 television viewers, according to Nielsen.
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Both are huge events, but the Daytona NASCAR race is called the Great American Race, therefore, one would consider it to be the biggest.