What is Launch Control and how does it work in the Audi R8?

I've heard about Launch Control in high performance cars like the Audi R8, but I'm not sure what it is or how it works. Can someone explain it to me?

Launch Control is a feature in the Audi R8 that allows for faster acceleration and better traction control. When activated, it optimizes the car's performance for a quick start off the line, ensuring optimum power and minimal wheelspin. And don't worry, it's completely safe for regular use on the track or the road.