The lake in the infield of Daytona International Speedway was created by accident -- the hole that is now Lake Lloyd was filled with the dirt that was used to build up the track's high banks. The hole filled with ground water.
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It is the biggest race for "stock" cars (although they are not actually stock cars anymore) in the world and takes place the third Sunday in February each year in Daytona, Florida. The first race was run by in 1959. The 500 represents the number of miles for which the race is run.
It was the first 2.5-mile superspeedway built since Indianapolis at the start of the 20th century. It was the first speedway to host 500-mile races running speeds similar to what was being run at Indianapolis. It hosted some of the most dramatic races in stock car racing history, such as the 1959 Daytona 500, a photo finish needing three days to determine, and the 1976 500 where the two leaders crashed short of the checkered flag. The track's races annually see circumstances that leave viewers stunned and excited.
The duels are part of Nascar's qualifying procedure. The original qualifying format is held on the Sunday prior to the Daytona 500, and it only locks in the first two positions. The Gatorade Duels are raced to fill out the rest of the field. These races are held the Thursday before the 500.
It was the first true superspeedway race in NASCAR history and it pays the biggest purse.