Brad Sweet and Kyle Larson first announced the creation of the series in July 2022. The first High Limit Racing event was held on August 16, 2022, at Lincoln Park Speedway in Putnamville, Indiana, with Buddy Kofoid becoming the first winner. The 2023 inaugural season consisted of 12 mid-week events. Kyle Larson was crowned the series' first champion, winning three of the 12 races scheduled, and edging Rico Abreu for the title by seven points. In its first season, High Limit averaged a 42.4 car count and injected $1,167,914 into the sport.
In late 2023, High Limit acquired the All Star Circuit of Champions sprint car racing series from former owner Tony Stewart. The All Star series did not compete in 2024 but returned for 2025 with Fremont Speedway veteran Rich Farmer promoting a separate regional series. Also in 2023, FloRacing took a minority stake in High Limit Racing.
In 2024, Larson and Sweet expanded the High Limit schedule to more than 50 race nights, with 60 dates scheduled at 36 tracks across 19 states, and increased the purse to $5 million in total prize money for the season, including a $1 million point fund. Kubota assumed the naming rights for the series that year, becoming its first title sponsor. Brad Sweet claimed the 2024 championship after winning 10 races, earning his sixth consecutive national championship, and first with High Limit Racing. In July 2024, High Limit International was announced, with a spectacular event coming to Perth Motorplex in Western Australia in December, which became the highest-paying sprint car event in Australian Speedway history. Kyle Larson won the inaugural High Limit International event in December 2024.
In 2025, High Limit aired its first race on FS1, marking the first time a race was seen on national television, with the $100,000-to-win Joker's Jackpot at Eldora Speedway. Rico Abreu claimed his first-career national sprint car championship in 2025 with a walk-off win at Texas Motor Speedway. Ahead of the 2026 season, Interstate Batteries became the new title sponsor. In 2026, FloSports and Fox Sports 1 announced that Interstate Batteries High Limit Racing would co-broadcast six events on the live national television network.
The series created a Franchise System, also known as the "High Roller Club," to give team owners enterprise value, awarding 10 charters total over the 2024 and 2025 seasons. The first batch went to the top five full-time teams in the 2024 year-end points championship. The five awarded after the 2025 season will go to the highest-finishing teams that did not already hold a franchise, based on their average year-end points totals from 2024 and 2025. A pathway for up to five additional teams to enter the Franchise System over the 2026–27 seasons is possible, creating up to 15 franchisees. Media revenue distribution begins in 2026, with chartered teams receiving 50% of High Limit's digital streaming revenue annually. Under the terms of the system, teams must compete in every race. The High Roller Club is set to pay up to $3,970,000 to teams in 2026, with a total value of up to $18 million over four years.
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