Formula 1 (F1) is a very popular racing sport that has always attracted many enthusiasts and bettors. It is a sport where both constructors and drivers compete, a very dynamic and expensive sport, which is partly what makes it so attractive. The season is long, which gives many opportunities for F1 betting.
F1 Overview
The F1 season starts in spring, typically in late February or the beginning of March, now traditionally with the Bahrain Grand Prix at the Bahrain International Circuit or the Australian Grand Prix. The number of races changes constantly, and the 2024 season features a record number of 24 events, with the final one scheduled for December 8, 2024, at the Yas Marina Circuit in Abu Dhabi.
Ten teams compete in the Formula 1, each with two drivers. The top ten drivers in each race win points, starting from the 25 points for the race winner and all the way to one point for the driver that finishes in the 10th position. The driver with the fastest lap gets an additional point at the end of the race.
Teams (constructors) win points depending on the placement of their drivers, and they get ranked in their own category. The competition is regulated by the Fédération Internationale de l'Automobile (FIA), which regulates other racing competitions besides Formula 1, like the World Rally Championship or TCR World Tour.
How We Select F1 Betting Sites
When reviewing F1 betting sites for the AskGamblers website, we first check their licensing details. Only fully licensed and secure sports betting sites can be included on our sportsbook lists. We also look into customer reviews and any complaints history they might have with us as they are instrumental to the operator’s reputation.
Betting features have now become a crucial part of a sports betting site’s rating factors because bettors appreciate it when they can bet on live events or even stream the race as it is happening. Even though we are talking about the best Formula 1 betting sites here, we also look into other options for bettors who enjoy betting on different sports.
Here are some other major factors we consider:
- Bonuses and promotions: Welcome bonuses are often the first thing a bettor encounters when signing up with a sportsbook, so the more attractive it is, the better. However, when it comes to betting on Formula 1, it would also be good if an operator designed some Formula 1 betting offers, both season-wide and for individual events.
- Selection of available markets: Bettors like having a variety of choices when choosing betting markets to put on their bet slips. The number of markets for Formula 1 is not so great as for the most popular sports, such as football or tennis, but there are still plenty of options operators can include in their offers.
- Accepted payment methods: Another ‘the more, the better’ category, but we expect to see at least the most popular payment methods bettors choose for making their deposits and withdrawals. That includes bank cards, bank transfers and the most popular e-wallets. If a betting site accepts cryptocurrencies, that’s also a plus.
- Customer support and user experience: A user’s journey starts with the sign-up process, which should be as straightforward as possible. The customer support team should be available to answer customers’ questions and concerns, as well as help with any issues they have. We especially appreciate it when an operator offers a live chat function that’s available 24/7.
It’s also good to see that Formula 1 betting sites offer the possibility to switch between odds formats and between languages for different markets.
Facts and Statistics About Formula 1
We know that Formula 1 is a very expensive sport, but we’ll keep this section less about money and more about other interesting numbers about the drivers, their teams and cars.
- A Formula 1 car costs approximately $15 million, the Red Bull Racing team estimates.
- Lewis Hamilton holds a record with 105 Grand Prix wins so far.
- Lewis Hamilton and Michael Schumacher have both won the record seven world championship titles.
- Sebastian Vettel was the youngest driver to win the F1 championship, aged 23 at the time.
- The most successful F1 team is Ferrari, having won 15 Driver Championships and 16 Constructors' titles.
There have been many great F1 rivalries throughout the history of the sport, such as the one between Ayrton Senna and Alain Prost and the latest being the constant competition between Lewis Hamilton and Max Verstappen.
Most Popular Types of Bets for F1 Betting
Before the season begins, you can do some F1 championship betting on the outright markets if you find them attractive. Outright markets include betting on potential championship winners, both in the constructors category and individual drivers.
Other popular markets when betting on F1 are what you would typically expect for motor racing betting, like the pole position winner or who will have the fastest lap. We’ll briefly explain what some other F1 markets look like.
Race Winner
The Race Winner market is pretty straightforward, and it allows you to pick a driver you think will win the next Grand Prix. If you know that a particular driver has good results on that track or you have observed that he is in good shape and the team has a top-notch car for the race, then this is the bet you can consider making.
Driver Head-to-Head
This market is often found for two drivers from the same team, so for example, you can bet on which McLaren driver will best the other, Lando Norris or Oscar Piastri. If one of them has a better string of results but has qualified behind the other in the race you are betting on, you may want to consider betting on that driver, as sportsbooks can provide some generous odds for that particular occasion.
Some Formula 1 betting sites also offer a head-to-head betting market for drivers from opposing teams, especially if they have a well-known rivalry.
Podium Finish
The top three drivers at the end of the race finish on the podium, and this is a particularly interesting market for F1 betting because there are often surprises here and some drivers lurking from back starting rows.
Sometimes, the podium positions are expected to be predictable, and the odds show that. However, if you notice someone who’s performed unexpectedly well during the practice sessions, there could be some good odds you can snatch when betting on that driver.
Points Finish
This market has changed a bit over the years because the rules for the number of drivers scoring points in a race have changed. Since 2010, the top ten drivers have won points in each race, so there is a lot of room for betting on who those drivers will be. This market used to be more intense when only six drivers won points, which is why you can still find the Top 6 Finish market as well.
Factors to Consider for Betting on Formula 1
How fast the constructor’s cars are and the driver’s shape are not the only factors that should influence your F1 sports betting decisions. As you know, all Grand Prix races are driven on outside circuit tracks, some of them at night, and every race is held at a different venue.
Here are some factors you can consider for F1 betting:
- The weather: The teams follow the weather forecast closely to design the race strategy, including the choice of tyres. If you have the information that rain is expected for that day, and you happen to know that a particular driver does well when it’s raining, he could be your choice for the race winner that Sunday.
- Home-track advantage: While it may not mean much for some drivers, it can sometimes be an important factor. For example, Lewis Hamilton has the most home-track wins, having won a record nine times at Silverstone.
- Grid penalties: If an incident happens in the sprint race or in the qualifiers, there could be some grid penalties for the drivers involved, which could significantly impact their race and your betting decisions.
- Free practice sessions tell you a lot: Even though some drivers could be holding back during the free practice (training) sessions, these could still tell you a lot about what you can expect in the race itself. If you don’t have the time to watch the practices, you can always check the results and all available data before the race.
Things to Know About Live Betting on F1 Races
The best betting sites offer many in-running betting markets for betting on Formula 1, and they update their odds regularly. It is also vital to keep the time when the odds are suspended because of a change in the track at a minimum to provide the best customer experience.
As with any other sport you bet on live, it is important to keep an eye on the track and the developments in the race as they influence the changes of odds. For example, the weather can sometimes be unpredictable on race day, and if it starts raining all of a sudden with, say, ten laps left to go in the race, the whole situation on the track can change drastically.
Also, keep an eye out for any drivers that constantly improve their lap times for a few consecutive laps, especially if they have already replaced their set of tyres. It means that they have a good pace, and you can use that to place a bet on their podium finish, for example.
Last but not least, find a sports betting site that best suits your betting needs and habits and provides good odds for the markets you like betting on, both pre-event and in-running. It should make for a more fun betting experience.
