How Does Formula 1 Betting Work?

Formula 1 (F1) is one of the more popular sports to bet on. Its popularity started during the days when betting in person was the only way to bet. Nowadays, Formula 1 betting is primarily done online. Just like with any sports betting, there are many different ways to bet on Formula 1. Bettors must understand the different types of bets before choosing which to wager on. Each bet allows for different ways to profit, with some being more risky than others. Read on to learn all about Formula 1 betting, including the types of bets that can be made on the sport, how to make them, and when it is best to make them!

Types of Formula 1 Bets

There are six main popular ways to bet on Formula 1 races. These are the bets that are most commonly seen on betting websites and live books. Ways to bet on Formula 1 include:

1. To-Win Bets
2. Podium Finish Bets
3. Driver Matchup Bets
4. Proposition Bets
5. Pole Position Bets
6. Future Bets

To-Win Bets

To-Win bets involve betting on one driver to win the race. The betting system is easy and allows you to bet however much you want on that specific driver and have a greater payout if they win the race.

Podium Finish Bets

Podium finish bets are run similarly to To-Win bets, but with safer odds of winning. Podium finish bets are placed on a driver you think will perform well. If the driver ends up on the podium in either first, second, or third, you win!

Driver Matchup Bets

Driver matchup bets allow for more safety in the betting process. Through these types of bets, two drivers are picked, and the bet is placed on who will perform better between the two. Everything else in the race is not important in this bet: only those two drivers' performances matter.

Proposition Bets

Proposition bets are bets that attempt to predict events. This can be a bet placed on a driver to have the fastest lap in a race. Proposition bets can also be based on events that don’t involve skill, such as bets on the number of cautions during a race.

Pole Position Bets

Pole position bets are bets on which driver will have the best qualifying time, earning the pole position. This position is given to the driver with the first slot at the beginning of the race. The driver betted on must be the first one in the grid in order to win the bet.

Future Bets

Lastly, future bets are placed on drivers’ success throughout the season. Future bets are made on drivers or teams that you think will win the championship in the end. These can be made at the start of a season and will follow through until the end of the championship. This is the longest type of bet made for Formula 1.

Formula 1 Betting Odds

Formula 1 odds are expressed in the same way as other sports, with a multiple-digit number following a plus or minus sign. In most sports, a minus denotes the favorite, while the underdog is marked with a plus. Thus, the favored driver or team will typically have minus odds, with the rest of the field getting plus odds. However, in some F1 bets, the favorite will be the driver with the lowest underdog (plus) odds, as there is no clear single favorite among the 20-driver field.

Like in other sports, F1 odds express the probability of paying out with a moneyline, which also tells you your payout if your bet hits. Plus odds show you how much you will win if you bet $100; minus odds show how much you must bet to win a $100 payout. So if your $100 bet on Charles Leclerc to win the Japanese Grand Prix at +380 odds hits, you will receive a $380 payout. However, if you bet the favorite Max Verstappen at -165 odds, you would have to bet $165 to receive a $100 payout in the case of a win.

Where to Bet on Formula 1

Formula 1 has always been a popular sport to bet on, even prior to the advancement of technology which allows for online gambling. Just like most bets these days, Formula 1 bets are mostly made online. Popular websites for Formula 1 betting are Bovada, BetOnline, MyBookie, BetUS, and Everygame. These are only available to residents who reside in states where sports betting is allowed. Formula 1 bets can also be made in person at a casino or sportsbook.

Bonuses and Promotions

The best F1 betting sites feature various bonuses and promotions to make the betting experience more enjoyable and profitable. Some of the offered bonuses you should look for when choosing a Formula 1 betting site include:

• Welcome Bonuses
• Reload Bonuses
• Enhanced Odds
• F1-specific Promotions

Formula 1 Betting Strategies

As with any sport, betting on Formula 1 will require you to employ specific strategies to increase your odds of winning. Here are some basic strategies you can use to improve your F1 betting skills:

Firstly, it is important to know the drivers and teams participating in the race. Since F1 bets often involve multiple drivers, knowing how the drivers of different teams interact with each other, what each driver’s strengths and weaknesses are, and what sorts of rivalries are good for betting can all help you choose which drivers or teams to bet on and when. 

Secondly, you must know the track of the race you are betting on. Because each racecourse in Formula 1 is different, the style and eccentricities of the track will affect driver performance, and if you know that certain drivers perform better or worse on a specific track, that can help you make a smarter bet. 

Thirdly, if you are not betting on them, be sure to watch the practice and qualifying sessions. You can, of course, always bet on these rounds along with the actual Grand Prix, but even if you don’t, you should watch them closely anyway. These rounds can be a great way to judge how certain drivers or teams are looking before the big race, and the results of qualifiers can often impact the ultimate result of the Grand Prix.

Finally, make sure you know what type of bet you are placing and whether it is the best type for you and your finances. It is always good to bet on multiple drivers in Formula 1, as this gives you a good pool of talent to bank on. Additionally, knowing the odds and stakes of each bet type, from to-win bets, to matchup bets, to future bets, is important as well. If you only have limited money or aren’t planning on betting a lot, it may be fine to take a high-stakes bet that could result in a huge windfall. However, if you plan on betting a lot of money, dispersing your finances among various bets with higher odds of cashing in may be a good idea, rather than staking it all on a long shot that may leave you in the lurch when all is said and done.  

FAQ