Formula 1

Home » Formula 1

Formula 1 Betting – Betting Sites and Strategies

Formula 1 is a popular sport followed by millions of people worldwide. Many people wish to bet on these races. This guide will tell you everything you need to know about betting on formula 1.

You don’t need to have a serious passion for physical activity to be interested in any sport. Most people take only a casual interest in them. However, this number has been steadily increasing over the past few decades.

Sport has the transformative ability to completely alter our mood throughout a couple of hours. Very few activities can boast this much influence. This ability is why so many people are drawn to it regardless of race, gender, politics, nationality, and ethnicity.

The funny thing is that we’re not even participating in the activity itself. We are mere observers, yet our investment in it often feels as if we were on the field ourselves. The appeal of sport knows no bounds, and that is why it has become a mainstay in modern culture.

Though it has always been like this, it is important to point out that changes to the way we live today and the technology available to us have had a profound impact on the sport’s popularity. There was a time when the sport was a rather tribal activity.

People supported their local teams, and their popularity and revenues had a geographical limit to them. If you were separated geographically from your team, it was mostly because you had moved from the neighborhood.

Following matches and events meant listening in on the radio. This all changed with the wide availability of television. This invention, along with the broadcasting capabilities of major networks, allowed for sports matches to reach people much further away.

This ability naturally led to an increase in the number of fans of these sports teams. Not just that, people who had never watched sports suddenly had access to them, so the casual viewer in its truest sense was born. At the time, it felt like we were in the golden age.

Nobody would have thought at the time that we were simply at the tip of the iceberg. Along came the internet, smartphones, and social media to show us the global potential that the sports industry possessed.

Several decades later, and here we are. Sport reaches a global audience today that no other entertainment can come close to boasting. The level of engagement that most mainstream sports receive is incredulous.

This is largely due to the availability and convenience that surrounds the industry. Turn on your television right now, and you’ll see at least a dozen matches for various sports being played. Browse online forums and social media to see that these games are probably being discussed on all these platforms in real-time.

With the size of the audience and the sheer appeal of sports clear, we must now understand where sports’ betting fits in all of this. Sports betting has been around for about as long as sports have. People have always enjoyed the thrill and rewards that are unique to betting on sports.

Just as the internet and social media have transformed sports, they have also had a massive impact on the sports betting industry. What was once a disorganized, unprofessional, and much-maligned industry is now a billion-dollar formal market.

The reasons for this are pretty much the same as for sports in general. The availability and convenience of sports betting made it appealing to the casual viewer. Casual viewers turned into casual bettors, and here we are.

Now that we’ve addressed the popularity of sports betting and sports in general, it is time to get specific and deal with the subject of today’s guide. Our attention will be focused on Formula 1 betting today. With the rise in the popularity of sports, the audience for formula 1 has also increased significantly.

Many of these people wish to participate in Formula 1 betting but don’t know where to begin. We’re here to assist such individuals and anyone who wishes to know more about the world of formula 1. In our guide today we’ll explain how you can bet on formula 1, read Formula 1 odds, and explain the various types of Formula 1 bets.

Read on to learn more!

TOP #3 Sports Betting Sites to Bet on Formula 1

Bonus up to:
200% Crypto Bonus
Bonus Code “JOIN200”
* New customers only. Minimum Deposit of $100
5.0 rating
5.0
T&Cs Apply
New customers only

With just a minimum deposit of $100

Bonus can go as high as $2,500
Welcome Bonus:
50% up to $250
Bonus Code “NEWELCOME”
* Apply to the first deposit
5.0 rating
5.0
T&Cs Apply
New customers only

50% of your deposit amount, up to $250. The rollover for its use in the sportsbook is 5x
Get:
100% Crypto Bonus
Bonus Code “CRYPTO100”
1st Time Deposit
*with Cryptocurrencies
4.8 rating
4.8
T&Cs Apply
1st Time Crypto Bonus

If you have never made a deposit with Cryptocurrency before, use promo code CRYPTO100 on your first-ever deposit using either Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Ripple, Stellar, or USD Coin, to earn a 100% Bonus.

How to Bet on Formula 1

Whether you’re a casual viewer or a hardcore formula 1 fanatic, at some point, you may want to bet on formula 1 races. Depending on your resolve, you may have even looked up the basics. As people who are heavily involved in the sports betting industry, we know that it isn’t exactly novice-friendly.

There are very obvious barriers to entry to getting into betting. One of them is the sheer amount of information out there. There are thousands of websites dedicated to sports betting, but as a newcomer, you have no way of separating the good from the bad.

We sensed the lack of authoritative and credible voices in our industry, which is why we exist today! Our readers can rest assured that we provide high-quality information on all things related to betting and regularly cover them in our guides.

Let’s take a look at how you can start betting on Formula 1.

Find a Sportsbook

The first step to any betting endeavour is always to find a sportsbook that offers you the ability to bet on formula 1. Formula 1 is certainly a very popular sport, but it still isn’t as popular as some other mainstream sports like the NBA, NFL, or Soccer. As a result, you should always verify that the sportsbook you’re leaning towards offers Formula 1 bets.

A sportsbook is a digital database that essentially contains a list of all the wagers that a sports betting platform offers. Each sportsbook will have a menu for every sport that it offers. Clicking on the sport will take you to the wagers and odds available for the matchups, tournaments, leagues, or races in that sport.

A lot goes into choosing the right sportsbook because you have to plan for your short-term objectives and your medium and long-term goals. It can be rather tricky for newcomers to select a sportsbook, so we review some of the top sportsbooks in the industry. You can browse through our reviews and pick one, knowing that it has been vetted by our team of experts.

Make a Deposit and Select a Wager

Once you’ve selected a sportsbook, the rest of the process is rather straightforward. You can begin betting on Formula 1 races by first depositing money into your virtual account. Once that’s complete, you can simply navigate to your sportsbook’s Formula 1 bet section and browse through the various wagers.

Note that you’ll have several options when making a deposit. If you’ve read our reviews prior to signing up for the sportsbook, you’ll know which deposit options are available to you and which one you should choose.

We always recommend that our readers opt for crypto due to the high levels of security and lightning-fast transaction speeds associated with it. When you’re browsing through the various wagers available to you, you’ll see that several odds have been mentioned next to each. We will now show you how to read Formula 1 odds.

How to Read Formula 1 Odds

Betting odds can be a headache to unravel, and Formula 1 odds are no different. There are generally two types of odds, fractional and American. If you’re betting online, you’ll almost always see American odds, so let’s use them in our example.

Betting odds are characterized by a number preceded by a positive or negative sign. The negative sign always denotes the favorite in any matchup. Conversely, the positive sign denotes the underdog. In formula 1 there is a slight exception to the rule simply because of the number of participants.

There are only two competitors in most sports, so it’s easier to denote one likely winner and one expected loser. At most, the odds reflect that the matchup will be close. Since several drivers participate in Formula 1 races, it is natural that there will be two or three drivers who stand out.

Because of this, you may see that someone is a favorite but still has a positive sign next to their odds. Sportsbooks display formula 1 odds by listing the name of each driver along with the odds. Here is an example.

Max Verstappen (-130)
Lewis Hamilton (+150)

Even if you don’t follow Formula 1, you would be familiar with Lewis Hamilton. You would then be surprised to see him displayed as the underdog. This illustrates the concept we were explaining earlier. It is possible for a driver to have positive odds but still be likely to win the race.

Reading these odds is simple. If you bet $100 on Max Verstappen, you will win $30. On the other hand, you will have to bet $150 on Lewis Hamilton to receive $100. Simple enough, right? This is the essence of reading Formula 1 odds.

Let’s now turn our attention to the various types of Formula 1 bets available to you. We will mention each bet type and explain what it’s all about. Read on!

Types of Formula 1 Bets

For those who ask for formula 1 betting tips, the biggest advice we have to offer is to familiarize yourself with the types of bets you have available. An understanding of the core concepts builds a solid foundation for future success.

In any sport, variety adds a lot more excitement to an already exciting activity. This is because things can get stale after a while. This is natural because the underlying sport can’t really change that much. If you’ve been following something casually for a few years, you’ll begin to slowly lose interest because you’ve seen it all at that point.

The drama of sport is kept alive by the characters and personalities that populate it. The above is also true for sports betting. It’s all fun and games when it’s still novel and fresh. After a while, though, you begin to feel rather mechanical.

What was once an exhilarating experience is simply a dull affair at this point. Luckily, sportsbooks recognize this and offer several types of Formula 1 bets so that you can keep the fun going. We will now talk about the various types of formula 1 bets that are available to you.

To Win Bets

These are fairly common bets that exist in tournament style sports. If you’ve read any of our other guides or are generally familiar with some of the most popular betting types, you would know what a moneyline bet is. A moneyline bet is simply a bet on the outcome of a match.

These state which of the two contestants in a match will be the eventual winner. Since a Formula 1 race is not a match between two teams or players, the moneyline bet is substituted with the to-win bet. This type of Formula 1 bet is pretty self-explanatory.

You’re essentially predicting who will be the eventual winner of the race. There isn’t much deliberation required when making to-win bets because there isn’t a lot to consider. All you’re doing is betting on the winner.

Of course, you shouldn’t just guess but make educated guesses who will win the race. Our point still stands, though. In other Formula 1 bets, you’ll often see that several factors are influencing your decisions.

In this case, these factors are limited to two or three factors. This is why to-win bets are the easiest and most straightforward option when betting on Formula 1. Due to their simplicity, these are also the most popular type.

One thing that is great about to-win bets is that the returns on them are excellent. Normally you’ll be able to break even with your bet. If you have any experience with betting, you’ll know that this is a massive plus point. It shows that there is immense potential in Formula 1 betting.

Podium Finish Bets

These are also an amazing option, particularly for Formula 1 betting novices. Why do we say that? Well, a common problem that many newcomers to any kind of betting face is that there is a knowledge gap between them and the more experienced bettors.

You would need to have followed the sport for a while to be familiar with the drivers’ racing styles to be able to predict a lot of things. A podium finish is a relatively safe and easy bet to make in this regard. Suppose you are fairly certain about a certain driver doing well but can’t say for sure if they win the race.

No worries, with the podium, finish bet, you don’t need to be certain if they’ll do well enough to win the race. You just need to be certain if they’ll do well enough to finish in the top 3. With this in mind, you should see now why these bets are considered a relatively safer option.

If the racer you bet on wins, you get paid. If the racer you bet on finishes second or third, you still win. There’s pretty much no downside to this type of bet if you bet smartly. Of course, if you’re picking a racer at random, then you may be in trouble. If you’ve done your due diligence, then there isn’t much cause for concern. However, we must point out that the returns on these bets aren’t going to blow you away. This can’t surprise you to be fair, since you’ve assumed very little risk during this betting type.

Pole Position Bets

Another bet in the simple category is a pole position bet. Think of it as a smaller version of the to-win bet. The to-win bet is a wager on who will win the race eventually. The pole position bet is limited to one lap. 

The starting lap measures each drivers qualifying time. Based on this time, each driver receives a slot in the lineup. As you may have guessed by now, Pole position refers simply to the first position in the lineup, given to the driver with the fastest qualifying time.

Though in a race with several laps, the difference in starting in pole position may only lend a marginal advantage it is an advantage nonetheless. You can win pole position bets simple by betting on a certain driver finishing with the shortest qualifying time.

Please note that the odds and the returns will be based on the likelihood of a certain driver managing the shortest time based on historical performance. This means that highly decorated drivers will offer lower returns while unlikely ones will offer much larger returns.

Prop Bets

Formula 1 betting prop bets are some of the most fun type of bets out there. The concept behind a prop bet is rather simple, and yet these can be some of the most complicated bets out there. Let’s talk about the general idea first.

A prop bet is short for a proposition bet. A prop bet simply proposes that an event will occur before or after the race. More often than not, it will be limited to events during the race. This may be something like the number of cautions a driver receives.

It is important to note that there are two main categories that prop bets fall into. One is fun bets that don’t require any skill to participate in while the other is skilled bets that require varying degrees of insight.

Fun prop bets are exactly as advertised: fun! An example of these has already been shared when we spoke about the cautions. There is very little chance that you can accurately predict the number of cautions given out to a driver.

You’re definitely guessing, even if you say you aren’t. Then there are the more complicated prop bets. These bets require a lot more skill than the casual viewer will possess. As such, only the most experienced sports bettors touch these bets with confidence.

Skilled Formula 1 betting prop bets are so difficult to pull off because you have to be intimately familiar with each driver’s track record. This includes what kind of track they normally succeed on, whether or not they’re on a hot streak, what their temperament is like, and what their racing style is.

There are a few more Formula 1 betting types that we haven’t touched upon here. We have covered the most popular ones, though, so you can bet with confidence.

Final Word

This has been our comprehensive guide to Formula 1 betting. We always aim to provide high-quality information in these guides so that our readers can continue their sports betting journey with the confidence of a seasoned pro.We hope that this guide covered all the items you would need to achieve your ultimate sports betting ambitions. If you feel the need to consult us on any confusion related to your sports betting activities simply go over to the guides that we’ve already compiled on all matters related to the sports betting world.

Top Sportsbooks
5.0 rating
BetUS is a Costa Rica based offshore sports betting company. Launched in 1994, it is one of the oldest sports betting sites in the world.
5.0 rating
Bovada is a trusted online gambling site offering sports betting, poker, casino games and betting on horse racing.
4.8 rating
Betonline was already considered a platform with immense integrity, and as such, was trusted by bettors everywhere.
4.8 rating
Comprehensive SportsBetting Sportsbook review to ensure that you have all the necessary information required in one piece to make an informed choice.
4.3 rating
Betnow.eu is an online sportsbook and casino. Much like any other online sports betting platform, you can log on and earn money