How To Bet On Formula 1 - Guide to The Best F1 Bets, Odds and Markets Cover

How To Bet On Formula 1 - Guide to The Best F1 Bets, Odds and Markets

by Oddspedia Experts
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The epic title battle by 20 top-tier drivers makes Formula 1 a fun and exciting motorsport competition to bet on. Before gambling, however, you must understand Formula 1 and some of the technical terms used. At Oddspedia, we will provide you with a detailed guide on how to bet on Formula 1 and even offer tips that will help you yield better results.

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How Betting on Formula 1 Works

Formula 1 pits 20 drivers from 10 teams competing for the FIA Formula One World Championship. The challenge comprises 23 races on different circuits across the globe. Before the primary race, drivers have to compete in the Formula 1 Grand Prix qualifiers.

At the end of the primary race, drivers are awarded points based on their position, with the winner receiving 25 points while the second-place finisher gets 18 points. This goes on to the 10th place, who receives 1 point. Bookies use these events to create betting opportunities. Each market drawn from the race is assigned odds, for example, 1/5 or 11/1, based on its probability of occurring. Your main task is to review the betting options and make a prediction based on your research.

Understand Formula 1 Grand Prix Qualifiers/Races

The F1 qualifiers are divided into Q1, Q2, and Q3. During qualification, drivers are given a set number of laps, in which they have to set the fastest time possible.

The fastest drivers in Q1 proceed to Q2, while the slowest drivers are eliminated. The same applies to Q2 races. In Q3, each driver has the final opportunity to record the fastest lap time. Note that the quickest qualifier lap times determine the starting grid for the race. This is the qualifying procedure for all F1 Grand Prix, for example:

  • Italian GP
  • Qatar GP
  • United States GP

The FIA Formula One World Championship offers many markets that you can use to place single and acca bets. The markets range from options that will directly influence the outcome of the race to bet types that will not affect the F1 results today, as discussed below:

Outright Betting - Formula One World Drivers Championship Winner

The Formula 1 World Drivers' Championship is a long-term market you can use to predict the most successful F1 driver over a particular season. A points system often determines a successful driver based on individual Grand Prix results. For example, online bookmakers may present you with the following odds for the 2023 F1 World Drivers' Championship:

  1. Max Verstappen with odds of – 1/5
  2. Lando Norris – 11/1
  3. Perez Sergio – 16/1
  4. Lewis Hamilton – 19/1

Race Winner

Race Winner is a short-term market that predicts the driver to win in a particular Grand Prix. For the 2023 season, you can find the following selections for this market:

  • Max Verstappen to win the Japanese Grand Prix
  • Lando Norris to win the Qatar Grand Prix
  • Lewis Hamilton to win the Australian Grand Prix

F1 Constructors' Championship

The Constructors' Championship is a long-term market. It involves betting on the team that will accumulate the highest number of points at the end of the season. For instance, for the 2023 season, you may find the following F1 Constructors' Championship market:

  • Red Bull – 1/6
  • Mercedes – 17/2
  • Aston Martin – 11/1
  • McLaren – 13/1

Pole Position

Pole Position is a short-term market where you back the driver that will record the fastest qualifying lap time and start the race first. For instance, during an F1 season, you may find the following bet types for the Saudi Arabian Grand Prix Pole position:

  • Max Verstappen – 1/5
  • George Russell – 11/1
  • Lewis Hamilton – 13/1

Podium Finish

The Podium Finish is a short-term market that entails backing a driver that will finish either 1st, 2nd, or 3rd in a race. For instance, during the United States Grand Prix, you can find the following selections for the Podium Finish market:

  1. Max Verstappen – 1/7
  2. Lewis Hamilton – 12/1
  3. Lando Norris – 13/1

Winning Margin

The winning margin is a short-term F1 market where you bet on the difference in the number of seconds with which the winning team will win. For example, you can find the following selections for the Miami Grand Prix:

  • 0 to 5.9999 seconds – 6/4
  • 6 to 10.999 seconds – 11/5
  • 11 to 15.999 seconds – 15/8

Safety Car

For this short-term betting option, you can bet whether the safety car will appear on the circuit during the race day. For instance:

Will Safety Car Appear in the Melbourne Grand Prix – Yes or No?

Number of Victories Won by a Driver in a Season

The number of victories a driver wins in a season is the short-term Formula 1 market. For this betting option, you must predict how many races an F1 driver will win during a particular season. Some of the selections you should expect here include:

Max Verstappen to win 8 races during the 2023 season

Fastest Lap

This short-term bet requires you to back the driver, who will record the fastest lap time during the race. For instance, sports betting sites will offer you the following selections for the fastest lap time for the Monaco Grand Prix:

  • Lewis Hamilton – 1/16
  • Max Verstappen – 1/3
  • George Russell – 11/5

Special (Prop) Bets

Formula 1 prop bets are markets where you bet on events that will happen in or outside the circuit that will not directly influence the event's outcome. Some of the top special/prop Formula 1 bets include:

  • Fastest Pit Stop
  • Starting Position of The Race Winner
  • Total Number of Classified Cars

Live Betting on Formula 1 Races - How Does It Work?

Unlike most sports, Formula 1 races span over a few days, leaving ample room for live betting. With this betting option, you can gamble on the races as they continue. For the live market, you can bet on the qualifications where the drivers compete in three sessions, Q1, Q2, and Q3, to determine the grid alignment.

You can also place live bets during the race. Here, you can bet on the race winner and fastest laps. You will also find Podium finish bets when gambling live. But you must be conversant with live Formula 1 odds and markets, which keep shifting as the race continues.

How To Bet On Formula 1: Step-By-Step Guide

The steps for placing Formula 1 bets are simple, especially now that you understand this type of motor racing and some popular markets. To make a prediction:

  • Choose the best Formula 1 betting site and sign up for an account
  • Deposit some cash into your F1 betting account
  • Claim any available F1 bonus at the sports betting site
  • Review the Formula 1 market
  • Read and compare F1 betting odds
  • Add your selection on the bet slip
  • Wager some cash
  • Present the bet slip to the bookmaker

How To Start Betting?

Everything You Need To Know In 5 Easy Steps!

How To Start Betting?
Pick A Highly Rated Bookie

Find the right bookmaker for you and sign up.

Fund Your Account

Make a deposit with the payment method you prefer. Consider responsible gambling features and bankroll management.

Claim Your Bonus

Many betting sites have a welcome bonus or free bet, which you can claim after making the first deposit. *never forget to read the small print!

Choose An Event To Bet On

Find an event you are interested in, select a betting market that appeals to you the most and "click" on the odds.

Start Betting

Go to the bet slip and input the details of your desired bet and confirm the wager.

Formula 1 Betting Tips And Strategies

When placing Formula 1 bets, you need to employ some tips and strategies for the best outcome. That said, here are the best Formula 1 betting tips you can use when betting on the popular sport:

Know the Drivers and Teams

You need to know the F1 drivers and teams before betting on any Formula 1 race. For instance, know which teams drivers like Lewis Hamilton, Max Verstappen, and George Russell belong to. Also, see the team principals and their strategies. This will come in handy when betting on markets such as a specific driver due to win the race and the F1 constructors' championship.

Analyse Past Races

Per the F1 calendar, there are multiple races per season (23 for the 2023 season). When placing your bets, research the past five races. Go through the qualifying matches and the teams' participation during the last 5 Grand Prix. This will help you understand which teams have the best cars and which drivers will likely win the pole position.

Consider Qualifying

Race qualification is crucial. Before the primary race, teams participate in Q1, Q2, and Q3 qualification races, determining the drivers' placement on the grid during the primary race. So, make sure you keenly observe the qualifying races. Take note of drivers with the best qualifying time and fastest lap times and use the information to place bets.

Odds Comparison - Get The Best Formula 1 Betting Odds

You need to find the best Formula 1 betting odds to get the most out of your successful bets. All you need to do is compare the odds and pick the highest market prices.

Understand Track Types

Take note of the circuit and track types before the race. The track type will determine each driver's performance, making this bit of information very important. Confirm whether the Grand Prix will occur on a race or road circuit. Also, check whether the circuit is clockwise or anticlockwise and its impact on different drivers.

Follow Formula 1 Tipsters and Take Advantage Of Their Expert Predictions

Oddspedia has a betting community with renowned tipsters and F1 bettors. Feel free to join our Formula 1 community, follow F1 tipsters, and use their expert F1 predictions to place winning bets. In the process, you will also gain experience that you can use to create your forecasts.

Take The Small Wins And Profits

Avoid making unnecessary losses by starting small. Instead of focusing on huge winnings, which may cost you a lot, go for small wins. This is by placing a single bet instead of accumulators and focusing on the Formula 1 markets you understand best.

Select The Best Formula 1 Bookmakers

Go through the markets and choose the best Formula 1 bookies. It would be best to have a sportsbook covering all the Grand Prix races and offering a full range of markets per race. Besides, you need a betting site with quality odds and fantastic bonuses. At Oddspedia, we have several Formula 1 betting sites with everything you need to have the best Formula 1 betting experience.

Make Use of Bonuses and Promotions?

Make betting on Formula 1 events inexpensive by using bonuses and promotions. Check bookmakers with Formula 1 offers and review their terms to establish suitability. At Oddspedia, we make the process easy by providing you with F1 betting sites with the best offers and links to the platforms.

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Most Common Formula 1 Betting Mistakes

Sometimes, recording Formula 1 winning bets requires you to identify and avoid betting mistakes. In this regard, we will discuss the most common errors novice and expert players make when placing F1 bets and how to avoid them for the best outcome:

Neglecting Past Performances

Formula 1 is a very unpredictable motor racing sport, so most bettors see no need to review the past performance of multiple drivers. Well, that is a grave mistake, as past statistics can help you determine the race car's condition and the driver's form. It may also help you choose the driver's weaknesses, making it possible to place winning bets.

Not Researching Weather Conditions

Weather conditions often affect the results of the race. This is because some drivers are great with wet tires, while others perform well in dry conditions. Also, understanding the weather can help when placing live bets.

After all, you can focus on drivers who change to wet tires in time, avoiding wasting seconds at the pit stops. Weather also affects visibility, which can impact the final results hugely.

Mismanaging Your Bankroll - Not Setting Budget Limits

Avoid mismanaging your bankroll so that you don't plunge into debt. To steer clear of betting more than you can afford, set deposit limits and betting limits. Some Formula 1 betting sites also offer loss-limits betting tools.

Betting on Your Favourite Driver and Team

Just because Mercedes is your favourite team does not mean Lewis Hamilton will win the event. Before you bet on your favourite team or driver, ensure solid statistics back your prediction. Otherwise, use your research to determine the likely outcome.

Chasing Losses

Avoid chasing losses, as this may result in poor decision-making. When betting on F1, be strategic and know when to stop or continue. Enjoy your wins, and refrain from chasing the losses.

Focusing on a Single Bet Type

By focusing on a single bet type, you may miss out on various aspects, such as quality odds. In this case, diversify your selection in different ways. Check race winner, Safety Car, and Winning Margin, among other markets, before settling on a particular bet type.

Betting Without a Strategy

It would be best to have a strategy when betting on Formula 1 races. Pick a strategy that utilises a system you understand better, such as Fibonacci and the 1-3-2-6 system. This will guide you on when to increase your wagers and what steps to take if you experience a loss.

Underestimating Underdogs

Underestimating the underdogs will see you miss out on fantastic odds. So, when betting on Formula 1 events, research the underdogs and select the best drivers likely to surprise fans during the Grand Prix. This is by checking the driver's past performance and overall statistics.

Ignoring Team Strategies

Every team formulates a plan and strategy before hitting the circuit. Note how teams handle tyre wear, overtaking, and timing when calling the driver to the pit stops. This comes in handy when determining the driver's performance during the race.

Ignoring Live Betting Opportunities

Formula 1 offers many live betting opportunities that may work in your favour. By ignoring such options, you will miss out on big wins. Check the live games and markets and determine which selections are worth betting on while the cars are still on the circuit.

F1 Sports Betting Betting Options FAQ

⚖️ Is betting on Formula legal?

Yes, betting on Formula 1 is legal. Ensure you place your bets at a bookie with a valid UKGC, MGA, or Curacao licence.

🏎️ Can I bet on any F1 Race?

Yes, you can bet on the F1 race. Sports betting sites offer bettors access to 23 races throughout the season. So, you can bet on each Grand Prix.

🏁 Is live betting available for F1 Races?

Yes, live betting is available for F1 races. Bookies offer players access to live betting opportunities with matches such as Podium Finish, Safety Car, and Fastest Lap

What is the best Formula 1 Online sportsbook for UK bettors?

The best Formula 1 sports betting site in the UK is BetUK. The sports betting site covers all the Grand Prix and offers access to long-term and short-term markets. Other top F1 betting sites include:

💵 Can I win a lot of money betting on Formula 1?

Yes, you can win a lot of money betting on Formula 1. Just make sure you focus on markets with the best odds. You can also try placing accumulator bets.

🛠️ How do odds work?

Odds values, for example, 10/1, represent the probability of an event occurring depending on different factors. Bookmakers use odds to determine how much you will earn based on your stake if your prediction is correct. For the odds 10/1, you will receive ten units for every 1 unit of stake on an event.

Can I bet on individual driver statistics?

Yes, you can bet on Individual drivers' statistics. For instance, during the Monaco Grand Prix, you can bet on the following:

  • Lewis Hamilton to Get P1
  • Hamilton to Record the Fastest Lap
  • Lewis Hamilton to Get Podium Finish

📈 What are the most popular Formula 1 betting markets?

The most popular Formula 1 betting markets include the following:

  • Race Winner
  • Formula One World Drivers' Champion
  • F1 Constructors' Championship

🔒 Is online Formula 1 betting safe?

Yes, online Formula 1 betting is safe. First, betting on the sport is legal. Also, bookmakers use SSL technology and HTTPS to guarantee customer security.

🏎️ Can I bet on Formula 1 Qualifying?

Yes, you can bet on Formula 1 Qualifying. Bookmakers allow bettors to bet on Q1, Q2, and Q3 races. You can bet on the main markets and props.

🏆 Who has won the most world driver's championships?

Lewis Hamilton and Michael Schumacher have won the most world drivers championships. Each of the drivers has seven titles.

🏁 What is the Formula 1 Fantasy Game?

The F1 fantasy game is an online tournament that allows Formula 1 fans to create a virtual F1 squad comprising their chosen drivers and teams. You act as the manager, deciding how to spend the allocated funds on the drivers and constructors.

🎮 Can I bet on F1 Esports?

Yes, you can bet on F1 eSports. Some sportsbooks offer F1 Esports matches with several markets and high odds that you can make predictions on.

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This article was written by our team of betting experts, any contributing references are noted below.
Last updated 09/11/2023
References
  1. Formula One racing. (2023, August 25). In Wikipedia. https://en.wikipedia.org/wiki/Formula_One_racing
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