It generally hosts track cycling events, as well as basketball games and concerts.

It replaced Sports Palace Aukštaitija as the home of BC Lietkabelis.

The arena boasts an indoor 250 m long Olympic cycling track, the only one in the Baltic States.

The arena hosted the FIBA EuroBasket 2011 Group A matches and the European Track Championships.

In 2021 Velodrome hosted the second stage of inaugural 2021 UCI Track Champions League.