Formula 1 racing is one of the most popular and most-viewed sports in the world; with a huge slate of races and drivers, it’s a popular sport to bet on as well. Understanding all available options and developing strategies before betting on F1 is important.

We will kick things off in 2023 in Bahrain on Sunday, March 5th, where the best drivers in the world will be keen to begin the season by raising the checkered flag. We head to Saudi Arabi before going down under at the Melbourne Grand Prix Circuit in Australia on April 2nd.

The 2024 Formula 1 season has no clear front-runner, making it an exciting year. Will Max Verstappen repeat a victory this year, bringing Red Bull its third win since 2023? With the Ferrari team’s improvements, Verstappen undoubtedly has a harder fight this year. Look for the Constructor to be fought between Ferrari and McLaren this year.

The Formula 1 2024 Championship odds were last updated on February 19, 2024:

F1 Constructors Championship Bovada
Max Verstappen -500
Lewis Hamilton +1000
Lando Norris +1400
Charles Leclerc +2000
George Russell +2200
Sergio Perez +2500
Fernando Alonso +3300
Oscar Piastri +4000
Carlos Sainz +6600

F1 is the highest class of single-seater auto racing, and drivers compete each year to earn a spot in the Formula One World Championship. Founded in 1950, and each season consists of a series of races, known as Grands Prix. There are 21 Grand Prix that happen around the world, in many countries each year. The results of the series determine who competes at the World Championships.

With all of these races occurring around the world, that makes for plenty of Formula 1 betting options, and understanding these popular F1 betting types is an important start to your strategy.

Whether it’s the Constructors Championship or live betting markets you’re interested in, sports bettors will find all of these markets available to put on their bet slip for all the F1 races throughout the season. With the range of betting sites we’ve listed on this page, you’ll also be able to access other major sports betting markets, including NBA, NFL, and MLB lines.

Best F1 Bets, February 2024

  • -400 favorite Max Verstappen is favored for the 2024 title at XBet.
  • Lewis Hamilton has +1100 odds for the title at BetUS.
  • Carlos Sainz is +4000 for the title at BetOnline.
  • George Russell has +2500 odds to win the title at Bovada.
  • Oscar Piastri has +2000 odds to win the 2024 title at BetUS.
  • Charles Leclerc is a longshot with +2000 odds to win at BetOnline.
  • Sergio Perez has +2500 odds to win the Championship Bovada.

Formula 1 Betting Types

Check out the available Formula One bet types below.

Outright Winner

The most simple Formula 1 betting type is to bet on who you believe will win the race. Betting on F1, the winner allows you to pick which driver you think will win from all of the competitors. The drivers will have a number next to their name that represents the likelihood of them winning the race. Odds with a positive number denotes they are less likely than someone with a negative number.

If Lewis Hamilton had -200 odds to win a race, that means there is a good chance he will win, and to win $100, you’d have to bet $200. If his odds were +350, you’d have to bet $100 to win $350. If you bet a big underdog at +1000, you could come out with some great cash at the end of the race.

You can bet on multiple drivers too, so if you aren’t 100% set on one specific driver, you can bet on a few to increase your chances of winning.



Podium Finish

If you aren’t familiar with the podium or watched the Olympics, the podium holds the top three competitors at the end of the event. You are able to bet on a podium finish, which essentially allows you to pick a driver to finish in the top three. This betting type allows for a slight margin of error if you aren’t sure that a driver will for a sure win.

The F1 Vegas odds will be adjusted and not as enticing as an outright winner bet because your odds of winning the bet are slightly better to bet on a driver placing first, second or third. If Lewis Hamilton -250 to win outright, his odds for a podium finish could be -650. If his odds were +300 to win, his odds for a podium finish could be even or -105.

Pole Position

Where a driver starts the race is important to the race, and it can be fun to pick a pole position where you think a certain driver might start the race. Qualifiers are required to determine where a driver might place, and whoever has the best qualifying time will have the number one spot.

In a similar fashion to the outright winner bet, you can bet on the pole position or fastest qualifier as a warm-up for the main event.



Driver Matchups

Driver matchups are fun and can be exciting and sportsbooks tend to do a great job matching drivers. There are many different combinations but essentially you have to decide which driver will place higher between the two options. If the driver you choose places 4th over the 7th place driver, you win your bet – simple as that.

Probably the most common bet in F1 odds outside of parlays and moneylines, driver matchups are a chance bet that has become increasingly popular with the evolution of gambling markets. Bettors may be keen to know how Lando Norris fairs against Esteban Ocon, so they can place their first bet of the day on these two and the bookmaker will provide odds to compare who might finish ahead or behind. A unique bet type and one that often offers a great payout.

This is an easy bet to place if you know a driver is better than another, and don’t want to pick the outright winner. This is a popular betting option if a new driver comes on the scene and you think they will perform really well, and sportsbooks aren’t giving them the credit you think they deserve.

Prop Bets

Most sports have fun prop bets you can place a wager on for fun on many popular online sportsbooks. They’re meant to be for fun, and not taken too seriously, so they never allow for large wagers to be placed on them. The sportsbook will propose something will happen during or after a race, and you decide whether you think it’ll happen or not.

You can bet on things like which driver will lead the most laps, or if there will be more or less of a specific instance might happen – like cautions. Some props take more skill to predict and some are flat out random, and you’ll have to guess what the outcome will be.

formula 1 betting

Top Online Sportsbooks for F1 Betting

When it comes to Formula one betting, online sportsbooks have the best offering in terms of options, betting types, and convenience. Some of the bigger and more prestigious sportsbooks offer Formula 1 betting bonuses that you can use to pad your bankroll to use during an F1 season or Grand Prix series.

Finding an online sportsbook that is a good fit for your F1 gambling needs is important, so the first thing to look for is that the sportsbook even offers auto racing odds or most importantly F1 betting odds. The second thing you will want to look for is whether the sportsbook offers your preferred deposit option. If you want to use an AMEX, ensure the sportsbook in question accepts credit cards, and specifically AMEX.

Choosing an online sportsbook shouldn’t be challenging or time-consuming, so ensuring you read plenty of detailed sportsbook reviews is an important first step in your F1 sports betting journey. Sportsbook reviews that are subjective, thorough, and trustworthy are important when you’re putting your hard-earned money on the line.

Developing a Formula 1 betting strategy and gambling responsibly should be your main priority before you even bet a dollar.

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Meet the author

Eric Uribe

Eric has been passionate about sports since he was 10 years old. He brings over 10 years of sports journalism experience to his expert coverage of sports betting. Hailing from the US, Eric leverages his diverse expertise covering sports at all levels – from high sch...