While there are many betting variations when it comes to Formula 1 racing, you could say that alternatives like NASCAR for example are more popular in the states, whereas Formula 1 is more of a preference elsewhere. F1 has massively grown in popularity within the US, and for that reason, many are looking towards learning how to bet so they can make strong selections when betting on Formula 1. It is a process after all, and not as easy as a click of your fingers is it?
To understand F1 betting you will need to read through our process and understand all the factors that are involved. Sure it can be quite long-winded, but when your own money is at stake, it is better to be safe than sorry. If you do not prepare, then be prepared to fail is the motto in our books. Continue reading to find out exactly how to get your journey started.
How do I start betting on Formula 1?
To start betting on Formula 1, you will need to first and foremost find a betting site that will cater to all of the outcomes and niche that is F1. 888Sport is definitely one of the best on the market, as they specialise and have regularly updated odds, to keep you in the game and well-informed. It certainly would be worth checking out the resources that are available there, to make sure you are as involved as you should be.
Basic odds and betting selections
The next thing you need to be thinking about, is the different bets there are and what they actually represent as an option. You should always ask yourself when you are about to place a Formula 1 bet, what are the odds involved and can you afford that risk. Throughout the F1 season, the events will be separated by a time frame of around one week, up until three. So you will come in and out of place bets within the season very often.
Outright Bet: Formula 1 Race Winner
This bet is the most standard that there is, the goal is to simply place a bet on the F1 driver that you think will manage to win the race overall. Sure there will always be clear selected favourites across the board of bookmakers i.e. Lewis Hamilton, but if you keep up to date with the media, you can sometimes have a hunch to a change of outcomes. Meaning, you will be pulled towards taking that risk of betting against the favourite, and going for the underdog instead. That is all possible, but just make sure you are able to handle the risk.
If the favourite is Lewis Hamilton and he has a -150 to win the race, you will need to bet $!50 to win that $100. If you bet on the underdog and they have a +200 chance of winning, you will need to bet $100 to win the $200. The underdog will always have a large winnings amount, due to the fact not as many people will go for that bet at the end.
Podium
The podium finish bet entails wagers that are on a driver to finish the race at either first place, second or third, hence why it is referred to as a podium bet. If you select a podium bet, it does not matter what position the driver finishes in, just as long as they are to finish in podium positions. For that reason, you will find that usually this bet is as popular as the outright winner, because it can be a much safer one to go for, especially when you cannot decide who is going to be the actual winner or not.
Futures Bets
Future bets are the ones where you will place a bet on which of the drivers and team will win the overall F1 season. While this can be quite a tricky one to go for in the long-run, it is a nice one to add to the selection of bets that you have gone for as a singular option. Many punters will select this bet at the beginning of the racing season, to make it far more entertaining to see how it pans out, as the season commences and goes along.
Prop Bets
Some sportsbooks (not all) will offer punters the option to bet race by race, when considering variants like what actual car will win a race, the country that the winner is from, alongside other attributes. It can make betting far more interesting and fun to engage with. So, why not? If you are finding traditional bets are getting rather boring, it may be time to take it up a gear.
Live Betting
Many avid and enthusiastic bettors will know of live betting as an option, as it became all the rage across many bookmakers. While other sports it is quite straightforward, you will find that the difference when engaging in live betting with F1 and other sports, you will constantly need to evaluate the circumstances to commence. Every pit stops, all the comments from commentators, you will be assessing and reassessing your wager. Many punters will often change their bets or pull out entirely from taking a pit stop at the wrong time for example. Some however will bet on the last few minutes/moments of a race and it all becomes worthwhile. It is just the case of making a valid assessment.
F1 Qualifying Bet
The F1 qualifying bet will work via three key stages-up until a knockout. It will all depend on the total number of cars that come into the group, as well as the drivers who are the slowest and therefore get knocked out during Q1, and again in Q2, leaving the final selection of cars in Q3.
The bet will have to consider the pole position, and during the point of qualification in F1, they will be projected on that basis moving forward. It often does give bettors quite a good idea on who will win, especially when watching the free practice across the circuit.