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 2023 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 F1 2023 Season is not far off now, but we still have the winners odds for you. The Formula 1 odds were last updated on March 6, 2023:

Championship Driver Odds 2023 Bovada MyBookie GTBets
Max Verstappen -120 -125 -130
Lewis Hamilton +360 +360 +360
Charles Leclerc +500 +500 +500
George Russell +800 +900 +900
Carlos Sainz +2500 +2600 +2500
Sergio Perez +2500 +2500 +2400

Latest Formula 1 Betting Online News

Mar 28, 2023

Max Verstappen Expects Formula 1 Win At Australian Grand Prix 2023

Max Verstappen Expects Formula 1 Win At Australian Grand Prix 2023
Mar 13, 2023

Formula 1 Saudi Arabian Bets Count On Verstappen Going 2 For 2

Formula 1 Saudi Arabian Bets Count On Verstappen Going 2 For 2
Mar 2, 2023

Formula 1 Bahrain Bets On Verstappen To Win Opener

Formula 1 Bahrain Bets On Verstappen To Win Opener
Feb 20, 2023

Formula 1 2023 Title Picks Verstappen And More Winning Bets

Formula 1 2023 Title Picks Verstappen And More Winning Bets

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 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.

f1 betting sites

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.

f1 sportsbooks

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.

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.

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.

The Latest Odds From The Best Sportsbooks

  • BetUS has listed Max Verstappen as the favorite with odds of -160 to win the 2023 Formula 1 title.
  • Bovada has Lewis Hamilton as the underdog with odds of +500 to win the Formula 1 World Championship in 2023.
  • In the upcoming Bahrain Grand Prix, Charles Leclerc is listed as a contender with odds of +500 with MyBookie to win the race.
  • BetNow has listed Sergio Perez as a long shot with odds of +800 to win the 2023 Bahrain Grand Prix.

Be sure to double-check the odds at the sportsbooks

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Formula 1 Betting FAQs

  • Who has won the most F1 titles?

    Michael Schumacher and Lewis Hamilton hold the record for the most World Drivers’ Championships, both having won the title on seven occasions.

  • Is F1 a popular betting market?

    F1 has become increasingly popular in recent years, with the 2021 finale being one of the best in the sport’s history.

  • Which is the best sportsbook for F1 betting?

    We cannot highlight one sportsbook as the best to work with, rather we can point you towards our list of recommended sportsbook providers.

  • Can you win big betting on F1?

    Winning big on any sports betting market is entirely reliant on the value you find in the odds – find the value and you can win big.

  • Are sportsbooks offering F1 betting reliable?

    We cannot speak for every oddsmaker online, but if you work with our recommended bookmakers, you’ll find all of them are reliable.

  • How can I place a bet on Formula 1 races?

    You can place a bet on Formula 1 races through online sports betting platforms or at a physical sportsbook. Simply select the race you want to bet on, choose your preferred driver or team, and place your bet.

  • What types of bets can I make on Formula 1 races?

    You can make several types of bets on Formula 1 races, including outright winner bets, podium finish bets, and fastest lap bets. You can also make more specific bets, such as bets on a specific driver to finish in the top three or to win a specific race.

  • Is betting on Formula 1 races legal in my country?

    The legality of betting on Formula 1 races varies from country to country. You should check the laws and regulations in your area before placing a bet on a Formula 1 race.

Meet the author

Eric Uribe

Eric has been passionate about sports since he was 10 years old. This passion led him to pursue a career in sports journalism, where he reported on various sporting events, ranging from high school games to professional leagues, for several years. Eric now channels his ...