The track opened under the banner of The New London-Waterford Speedbowl, Inc., a group of local businessmen that included brothers Fred and Frank Benvenuti, Anthony Albino, Conrad Nassetta, William Hoffner, and J. Lawrence Peters. The initial surface was a one-third-mile crushed blue stone oval; within weeks, dust raised during races became a problem for spectators, prompting the track to close briefly and reopen as an asphalt oval. The first event winner was Bob Swift.
The first Modified champion at the Speedbowl was Dave Humphrey, who won the same title at Seekonk Speedway that same year before going on to multiple Northeastern Midget Association victories. Through the 1961 season the track held events twice weekly. Modified, or Sportsmen Stock, racing has been the featured division from the very first year.
A tragic incident on August 1, 1954, brought lasting rule changes: Jack Griffin's car flipped end-over-end approximately ten times down the straightaway. The 41-year-old driver died of his injuries, and the style of car he drove, known as a cut-down, was subsequently banned at Waterford and eventually throughout the Northeast.
In 1975, Harvey Tattersall Jr., a longtime promoter who had operated Riverside Park Speedway among other venues, purchased the track from the original ownership group. Tattersall's tenure introduced the Grand Americans Late Model division and brought in touring series competitors. Stars of the Yankee All-Star League events held from 1975 to 1978 included future NASCAR personalities Geoff Bodine, Ron Bouchard, Ken Bouchard, and NASCAR Hall of Famer Richie Evans, though Evans notably never won at Waterford.
The Korteweg family took over operations in 1988, investing in significant infrastructure improvements including the track's only repaving, new Armco barrier, new catch fence, and renovated facilities. They also introduced the Strictly Stocks entry-level division in 1988, which proved immediately popular. Noise complaints from local residents led to mandatory muffler rules beginning in 1991, and the town of Waterford implemented a noise ordinance in 1993 that ultimately excluded the Speedbowl from its restrictions.
Terry Eames became owner and operator in 2000, secured the return of the NASCAR sanction, and introduced the Wild N' Wacky Wednesday series in 2001. Around this time the track was remeasured per NASCAR guidelines and officially reclassified as a three-eighths-mile oval after half a century of recognition as a one-third-mile track.
By 2006, Washington Mutual Bank had initiated foreclosure proceedings against Eames. A 2007 refinancing arrangement avoided an immediate auction, but the facility continued to operate under financial cloud through subsequent seasons. In October 2014, a foreclosure auction resulted in a winning bid of $1.75 million from Glastonbury businessman Bruce Bemer, whose group immediately announced its intention to keep the property operating as a racetrack.
In 2017 Bemer was arrested in connection with human trafficking. NASCAR and INEX both withdrew their sanctions from the track's weekly divisions. The track opened for the 2017 season under a lease managed by George Whitney, who terminated the lease in September 2018. The main wooden grandstand, original to 1951 and repaired numerous times over the decades, was required to be replaced by the town and was dismantled after 2018. The track did not open in 2019.
Phil Rondeau of Baltic, Connecticut, became the benchmark Late Model competitor of the modern era at Waterford, winning a record six Late Model championships in an eight-year span between 1985 and 1992 and accumulating more than 100 career victories at the track.
Dennis Gada set the SK Modified record for consecutive championships, winning five straight titles from 1999 to 2003, including the NASCAR Dodge Weekly Racing Series Northeast Regional title in 2003. His 62 career SK wins at the track also stand as a record.
Keith Rocco became the first driver to win a NASCAR national championship while an active weekly competitor at Waterford when he clinched the NASCAR Whelen All-American Series National Championship on August 14, 2010. By 2018, Rocco had accumulated 12 Speedbowl championships across three divisions: seven SK Modified titles, four Late Model titles, and one Street Stock championship, twice winning championships in two different divisions in the same season.
The Speedbowl's primary weekly divisions have included SK Modifieds, Late Models, SK Lights, Street Stocks, and Mini Stocks. The Wild N' Wacky Wednesday series, launched in 2001, has continued as a family-oriented mid-week program featuring Legends Cars and Bandoleros alongside enduro-style classes.
The New London-Waterford Speedbowl's more than seven decades of uninterrupted operation, its role in developing northeastern Modified and SK Modified talent, and its place in the careers of drivers ranging from Richie Evans to Keith Rocco give it a significant position in the history of short-track racing in New England.