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How To Bet On F1 – Betting Guide 2023

Formula 1 is a prestigious competition involving international car racing, established in 1946. In the following years the World Championship was founded, which to this day is one of the largest sporting events in the world.

 

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In our extensive guide we will explain what Formula 1 actually is, how to use betting sites to the fullest, and discuss the best strategies.

What Is F1?

Like we mentioned, Formula 1 is an automobile race. It has one of the longest seasons of any sport, as the calendar takes up the best part of the year. The outright winner is the one with the most points as the end of the season of The World Championship.

In 2024, there will be 24 races. Commencing on 29th February in Bahrain at the Sakhir, the season will finish in Abu Dabhi at the Yas Marina on 8th December.

 Furthermore, there will be 10 teams with 20 drivers.

TEAMDRIVER
Red BullSergio Perez, Max Verstappen
FerrariCharles Leclerc, Carlos Sainz Jr
McLarenLando Norris, Oscar Piastri
Mercedes AMGGeorge Russell, Lewis Hamilton
WilliamsAlex Albon, Logan Sargeant
HaasKevin Magnussen, Nico Hulkenberg
Aston MartinFernando Alonso, Lance Stroll
AlpinePierre Gasly, Esteban Ocon
SauberValterri Bottas, Zhou Guanyu
Alpha TauriYuki Tsunoda, Daniel Ricciardo

How To Bet On F1?

It is so simple to bet on Formula 1, especially when you know what to look out for. Our easy steps below detail exactly how to use a betting site:

  • Find your favourite betting site(s) and register
  • Create an account by inputting your contact details and billing information
  • Choose Formula 1 and pick a betting market
  • Decide which wager to bet on and deposit money into your account
  • Place your stake and wait for the results!

F1 Betting Markets

Drivers’ Champion

The Drivers’ Champion is a specific term for Formula 1, which is equivalent to the outright winner market in sports. Simply put, it is the winner of the World Championship.

  • The winner of the World Championship is the driver which has scored the most points (sum of Grand Prix)
  • It is worth noting that if there is a tie, the winner is chosen based on the number of wins, and then the number of second places

This market is the most highly anticipated, however it is imperative to avoid letting your emotions get the best of you; wager based on facts and not feelings.

Best Racing Team

Above, we mentioned the 10 teams competing during Formula 1. They are Red Bull, Ferrari, McLaren, Mercedes AMG, Williams, Haas, Aston Martin, Alpine, Sauber, and Alpha Tauri. 

Just like Drivers’ Champion, this betting market is relatively easy to predict and therefore is ideal for new punters. Historically, the same few teams win each year.

YEARRACING TEAMDRIVER
2023Red BullMax Verstappen
2022Red BullMax Verstappen
2021Red BullMax Verstappen
2020MercedesLewis Hamilton
2019MercedesLewis Hamilton

As you can see, for three consecutive years, Red Bull has won the Best Racing Team. Usually, they are in competition with Mercedes. Experienced punters will remember the reign of Michael Shumacher, who won with Ferrari for five years running with Ferrari between 2000 and 2004.

Race Winner

One of the main benefits of Formula 1 in comparison to other sports, is that there are races all year round. In 2023 alone, there were 23 races scheduled.

By choosing the race winner market, you only need to predict the winner of a specific Grand Prix. There are several international races including:

  • Las Vegas
  • Abu Dhabi
  • Qatar
  • United States
  • Mexico City
  • Sao Paolo
  • Singapore
  • Italy
  • Belgium
  • Bahrain

Under/Over

The under/over market is popular in sports, especially in Formula 1 where timing is everything. Bookmakers will give you a specific time, and you will have to predict whether the driver will finish the race under or over this time.

If you consider your ability advanced, some betting sites also offer winning margin markets. This is where you guess the time difference between the 1st place and 2nd place driver.

Top 3/6/10

In Formula 1, the first 10 drivers are awarded points based on their rankings. Therefore, many betting sites will offer a Top 10 market, where you must guess which drivers will place.

However, if you are confident in your ability, you can also guess Top 6 or Top 3 drivers. Although this sounds complex, there are a couple drivers who partake each year, and consistently rank at the top. As a result, this market is not as difficult as it sounds.

Fastest Lap

In the World Championship, the fastest lap is beaten almost every year.

  • Michael Schumacher has set the most records for fastest laps, totalling at 77
  • Lewis Hamilton comes in second, totally at 65
  • The United Kingdom is the country which has set the most records for fastest laps, totally at 264 (by 24 drivers)
  • Germany comes in second, totalling at 159 (by 12 drivers)

F1 Betting Strategies

As well as understanding the markets offered by betting sites, it is useful to consider a few strategies for Formula 1 betting. Subsequently, you can gradually begin to build confidence and learn which areas you excel at.

Use Betting Site Offers

If you are new to Formula 1 betting, the best way to optimise your experience is by choosing an excellent bookmaker. As it is such a popular sport, all betting sites promote their odds on Formula 1.

  • Look for promotions such as enhanced odds, which allow you to make a bigger profit from the same stake
  • Compare welcome offers as all betting sites will advertise these. Often this is in the form of free bets
  • Search for offers like ante-post betting, early cash out and in-play betting which give you a unique advantage in contrast to normal wagers
  • Bookmakers with a loyalty program show gratitude to their customers

Do Your Research

The most obvious strategy to Formula 1 betting is to undertake comprehensive research. Although this takes time, it is worthwhile in the long run, because it will ensure you are making more intelligent wagers.

Useful information to note includes:

  • Which teams and drivers usually perform well
  • Recent performances in similar Grand Prix’s
  • Notable injuries which will be detrimental to the rankings
  • Alterations in the participant line up
  • Sudden changes in betting odds

Know Which Bets To Avoid

Knowing the features of a bad wager is just as important as being aware on how to create a good one. Whilst doing research and choosing a good betting site is advantageous, you should also avoid certain bets.

  • Don’t bet on your favourite player or team just because you resonate with them. Although every punter has preferences, you should not let this affect your decision-making skills.
  • If you are a punter who is just starting out in Formula 1 betting, avoid the difficult markets. Sticking to the bets which are easier to predict, such as Best Racing Team and Top 3, will make you more profit than risking complex wagers. Although the odds may be lower, it is worth gaining the experience.
  • If you are a fan of accumulator bets, ensure that you don’t include an abundance of legs. The less predictions you make, the more likely you are to win.