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Betting.net / How To Bet on Formula 1 2024

How To Bet on Formula 1 2024: The Ultimate F1 Betting Guide

Formula 1 is a complex sport, and this is what you need to know when place a bet on this great spectacle of a sport

Last Updated on May 6, 2024
Fact checked by: Jesse M Cox

Formula 1 has recently soared in popularity thanks to Netflix’s Drive to Survive series. The sport is now attracting newcomers to the world of F1 and motorsports whilst also entertaining old fans alike. In this piece, we’ll be showing you our best tips and tricks for how to bet on the formula 1 races. The start of a new F1 season is just around the corner with the Bahrain Grand Prix being the first of a whopping 23 race calendar. That means there’s no better time than now to find out how to bet on Formula 1, the world’s most popular motorsport, what type of bets are available, what bets you should be making, who should you avoid betting on, who the favorite is, and I’ll also let you in on some of the F1 lingo to get you in the know.

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How to bet on the best Formula 1 races? Choose the best F1 sportsbooks here:

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First things first. If you’ve never placed a bet before you learn how to bet on Formula 1, you gotta get yourself signed up to a sportsbook. We’ve picked some of the Best F1 Bookmakers available who can offer a fantastic sign up package. If you’re not new to online sports betting why not have a look at the offers below to get yourself ready for the new season!

Charles Leclerc sitting in f1 car

Fully Focused: Charles Leclerc

 

Types of Formula 1 Bets

Just like all other sport there are so many bets and combinations you can choose when placing bets on F1. Below I’ve outlined some of the popular bets associated to the sport, you’ll quickly learn how to bet on Formula 1 in no time!

How to Bet on Formula 1: Prop Bets

Some sportsbooks will offer Prop bets on races. Some examples can include:

  • Which F1 Driver to win the Bahrain Grand Prix?

This is by far one of our favorite odds and the one of more interesting ones. We’re really keen to hear what you have to say about each driver, so let us know what you think in the comments below.

Our odds for the winner of Formula 1 Imola Grand Prix

Driver Constructor Odds from BetMGM(International) Odds from Caesars(US) Odds from FanDuel(US)
Charles Leclerc Ferrari +120 +110 🌟Click Here for Odds with FanDuel🌟
Max Verstrappen Redbull +175 🌟Click Here for Odds from Caesars🌟 +155
Carlos Sainz Ferrari 🌟Click Here for Odds with BetMGM🌟 +700 +850
See More Odds From Draftkings F1 Odds 🏎 Bet365 F1 Odds 🏎 BetMGM F1 Odds 🏎 888 F1 Odds 🏎

Odds calculator

Other Odds to look out for:

  • Will there be a safety car period?
  • First driver to retire?
  • Which country will the winning driver come from?

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How to Bet on Formula 1: Outright Betting

Let’s go through some basic odds and betting options offered in online sports betting. The most standard type of bet is an Outright bet or, a bet on which a driver or team will win the race.  There is usually a clear favorite such as Lewis Hamilton or Max Verstappen going off at something like -150 to win the race (bet $150 to win $100) while others in the field, such as Charles Leclerc, go off at anywhere from +200 (bet $100 to win $200) up to astronomical betting odds of 5000-to-1 on the huge underdogs.

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How to Bet on Formula 1: Podium Finish

Podium finish bets are where you can determine who can finish 1st, 2nd or 3rd (very similar to a combination forecast bet in horse racing). It doesn’t matter where the driver finishes, as long as they get onto the podium you’ll win your bet. Similarly there might be the option to place a tricast bet, where you can determine who will finish in 1st, 2nd or 3rd in exactly that order.

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How to Bet on Formula 1: Futures Betting

A popular bet in Formula 1 is futures betting. A futures bet is when you determine which team or driver will be the winner at the end of the season. In Formula 1, you can choose which driver will be the World Champion or which team will win the Constructors Championship at the end of that season. Note that if a particular driver wins a Championship, it doesn’t necessarily mean that his team will also win the Constructors Championship, as was the case in 2021 where Max Verstappen won the drivers championship but Mercedes won the Constructors Championship for a record eight consecutive times. Make sure you compare the Odds on F1 before placing any futures bets!

Ferrari on the other hand are the most successful, during their 50 year run they won the Constructors Championship a record 16 times, with their last one being in 2008. In terms of drivers, Lewis Hamilton is statistically the most successful driver of all time, having won seven World Championships, equal to the great Michael Schumacher.

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How to Bet on Formula 1: Live Betting

As with most sports offed by top bookmakers, live betting in Formula 1 is possible and it’s rather exciting and engaging. Formula 1 can be quite unpredictable at times so it would be best to watch a few races and try a few of the above mentioned bets first to get your heads around things, before attempting to try live betting.

That shouldn’t discourage you though! Live betting can be quite a thrilling experience, where quick decision making is required. Your judgements might change throughout the course of the race, a top tip I can give you is to listen to the race commentators. These guys are extremely knowledgeable in their field and will help you whilst you monitor the race. If you want to bet on who will be making a pit stop first, it would be a good idea to listen to the team radios for any hints as to when they might be pitting. Pitstops or pitting is also known as ‘box’ or ‘boxing’ so the moment you hear ‘BOX, BOX’ on a team radio, that’s your cue.

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Lewis Hamilton on podium

Lewis Hamilton celebrating his victory at the 2019 Hungarian Grand Prix

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The Formula 1 Season & Race Weekends

Now that you know how to bet on F1 and the popular bets it includes, let’s break down the Formula 1 season and race weekends. A Formula 1 Grand Prix is usually held once every two weeks. Sometimes you might get two and even three Grand Prix events occurring on consecutive race weekends, these are called double-headers or triple-headers. An F1 season usually starts in March, with the opening race traditionally being held in Albert Park, Australia however, due to the Covid-19 pandemic and other logistical reasons, the 2022 season will kick off in Bahrain, with the race day being on March 20th. Racing occurs throughout the entire year with a summer break in August, with the season closing at the Yas Marina circuit in Abu Dhabi.

A Race weekend usually begins on Friday, Where the day is split into two practice sessions, one in the morning and one in the afternoon, consisting of 60 minutes per session. This gives teams and drivers the chance to get used to the track conditions, make additional set up changes to the cars and analyze tire wear data relative to how much fuel is in the car, how the driver feels, and other data that needs to be looked at.

Yes, Formula 1 can get very technical, but we’re  going to keep it simple for now. Saturday consists of another morning practice session and the all important qualifying (or quali) as this is when the cars are at peak performance in what is known as ‘qualifying trim’ and where the drivers are pushing their machinery to the absolute limit. After the grid has been determined that leaves us with Sunday, race day.

A race is held generally in the afternoon, with some exceptions such as Bahrain, Abu Dhabi and Singapore being night races held under artificial light. All drivers must make at least one pit stop to change their tires; however, not all drivers will start with the same tire and that brings us into strategy. A good strategy is important for any driver and also for you! Read more about how strategies work here.

2017 Chinese Grand Prix

April 9, 2017: The start of the F1 race at Formula One Chinese Grand Prix at Shanghai Circuit.

Have a look at our Top 3 Sportsbooks for betting on Formula 1

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More Tips

Other tips and strategies are difficult to pinpoint and just like the teams and drivers, it’s important to take your strategy one race at a time, luckily you can be one step ahead with our Formula 1 tipster page. Whilst a huge payout on the underdog may look tempting, in the world of F1 the winners are usually the favorites. As an example, in 2017 Lewis Hamilton won nine races and his then teammate, Valterri Bottas won three, giving Lewis his drivers championship and Mercedes their Constructors Championship. Back in 2014 there were only three different winners:

  • Lewis Hamilton (11)
  • Nico Rosberg (5)
  • Daniel Riccardo (3)

Generally and realistically there will only be about five or six drivers who will have a chance of winning a race, one common mistake is to over-value pole position. Even though those who are usually on pole stand a greater chance of winning, it may not always be the case.

Take the Spanish Grand Prix at the circuit de Barcelona-Catalunya as an example. The length from the starting grid to the first turn is 579 meters, giving those behind pole position a very good chance at snatching first place through slip streaming (moving closely behind the other car to break the air resistance) and swiftly moving past. On this particular circuit, turn 1 is realistically the only corner where overtaking occurs.

Don’t be disheartened though as 2022 brings about some of the biggest rule changes in the sports’ history. New rules mean new cars, new cars mean new aerodynamics. The idea behind F1’s biggest rule change in over 40 years is to bring the action closer and to promote more overtaking and closer racing, leaving you on the edge of your seat with every turn!

2022 Mercedes F1 Car

Lewis Hamilton in his 2022 Mercedes F1 car

What about Formula 1 in eSports?

Formula 1 also hosts an exciting eSports series, and although it’s virtual racing, it’s just as intense and fun to watch! Check out the Best eSport Betting Sites to get the best odds on F1 eSports.

How to bet on Formula 1 FAQ

🤩 Can I place bets on in-play F1 race?

Yes, definitely! F1 races are exciting and one of the most popular betting types is in-play betting so bookmakers will offer this to you, enabling you to bet while the race is taking place.

❓ Which bookmaker offers F1 live stream?

Live streaming is available on many betting sites, so you can place bets on the race and then watch the action from their platform. Some of our international sportsbooks like Bet365 offer betting on formula 1 whilst watching the stream.  This will allow you to place further in-play bets if you wish while you are watching.

💥 How to choose a good formula one bookmaker?

The way that you choose a good F1 bookmaker is the same as how you choose a bookmaker for many sports. Look at their online odds page, this affects your profit and loss so go with the best you can find and then also look out for the betting markets, so you have as much choice as possible.

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