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. It’s important to understand all of the options available and develop strategies before betting on F1.
The F1 2021 Season is yet to get underway, but the odds are already available. The odds were last updated on January 18, 2021:
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.
Formula 1 Betting Types
Check out the available Formula 1 betting types below.
The most simple Formula 1 betting type is to bet on who you believe will win the race. Betting on 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.
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 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.
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 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.
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 that they will perform really well, and sportsbooks aren’t giving them the credit you think they deserve.
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.
Top Online Sportsbooks for F1 Betting
When it comes to betting on Formula 1, 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 betting 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 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.