In the episode where Smithers goes on holiday and Homer takes his place, near the beggining Smithers tells the racing drivers to go slower for Mr Burns, he clearly tells them to go slower for a few laps. However, when you see the race through the binoculars the track is a straight to the finish.
By laps he means runs. Very few races are run in laps. Especially with the drag racing cars they were driving that have never run in a oval lap. You blokes should know that.