Wipeout was the first home videogame racing simulation. I know there was nothing in the arcades in 1972 with a racing theme, and I've never read anything about mainframe versions of a racing game, either. That being said, just as we saw with Invasion and Baseball, Wipeout is more boardgame than videogame.
Addressing the videogame portion first. The overlay is a stylized racetrack, reminiscent of the twisted cargo fleet's course in Submarine. The players take turns acting as the Driver and serving as the Timer. Prior to a racing phase, the Timer uses the left controller to position their light behind the clock on the left side of the overlay. The Driver uses the right controller to control the light that represents their race car. The Driver's goal is to maneuver their light around the race track. The Timer's job is to hit the reset button (on the Driver's controller!) to "serve" the BallSpot so that it comes in from the right side of the screen, crosses the screen and hits the light behind the left side clock to deflect back across the screen and off the right side again. The Timer player does this throughout the Driver's journey around the track. The Driver starts with 30 laps in their count. Every time the Timer player hits the reset button, one lap is subtracted from the lap count. If the Driver leaves the track, they lose two laps. If the Driver's light is actually hit by the Timer's BallSpot, they lose a big fat five laps! The idea is to get around the track before the lap count evaporates entirely.
The world is a small map with 12 territories, each containing a castle. Surrounding the land portion of the map is an ocean perimeter. The land part of the world gets divided up among the players and everyone gets an equal number of castles. The object of the game is to take over everyone else's castles using your armies. You can attack any castle if it is immediately adjacent to one of your castles. After capturing a castle you get to draw a loot card which gives you gold. Use the gold to buy more armies or to buy a ship which you can use to transport armies to attack castles that aren't immediately adjacent to your already conqured land.
To Attack a castle there are two phases. The External Battle and the Internal Battle. The external battle by land can be either a Direct Attack or a Sneak Attack.
The Direct Attack is the only time you directly face-off against an opponent using the Odyssey. The duel is simply this: The Attacker sends the BallSpot across the screen at the highest speed possible, and attempts to wiggle it, using ENGLISH, past the Defender who can only use their Vertical Control to block it. It IS a bit more challenging then, say, Tennis or Football, because of the high speed of the BallSpot. Really, the game is mostly on the game board and in this case, the video component is used when dice or even Rock, Paper, Scissors would have sufficed.