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BEGINNER’S GUIDE: HOW TO BET ON FORMULA 1
Formula 1 racing is the highest form of single-seat, international auto-racing in the world and is also considered the fastest regulated road-course racing as well. We are talking speed, speed, and lots of speed so if that is your thing, Formula 1 is the car-racing organization for you! Europe is the center of the F1 world and has traditionally been the homebase for the federation, even though there are races that take place all around the world. Eleven of the 21 races are held outside of Europe now including in Singapore, Abu Dhabi, South Korea, Vietnam, and India.
Formula 1 has its roots from the European Championship of Grand Prix motor racing from the 1920s and 1930s. The first official F1 race is thought to be the Turin Grand Prix in 1946 and the first F1 world championship was held at Silverstone in 1950 in the United Kingdom. Since then the F1 has expanded up to twenty-one races and this year there are ten teams with twenty drivers who will compete for the Formula 1 world championship.
In North America, F1 has never had the following that it does in Europe or even Asia. The United States has other car-racing leagues like NASCAR that have a huge following amongst Americans. In Europe, however, F1 has been dominated for years by the United Kingdom, including current leader Lewis Hamilton. If you are a car fanatic, then betting on F1 racing should be right up your alley, so let’s take a look at some strategies for betting on Formula 1 online.
Interesting Facts About F1
1) A typical F1 car costs about $7 million to make.
2) An F1 car can accelerate to 100 mph and then back down to zero within four seconds.
3) German legend Michael Schumacher has the most race wins with 91 and most championship wins with 7.
4) An F1 car engine only lasts about five races.
5) The cockpit of the car can reach temperatures of 50 degrees celsius.
Tips on How to Start Betting on Formula 1
Are you ready to start making bets on real live Formula 1 races at your favorite online sportsbook? Are you ready to bet your hard-earned money on F1 racing? Let’s take a few minutes to learn some of the betting strategies for F1 that we can use when betting on races.
While we cannot provide actual betting advice in this guide, we have accumulated some of our favorite tips to help you get your online F1 betting off to a fun and hopefully profitable start!
Tip#1: Stay within your Budgeted Limits – For new bettors, this is the most difficult part of betting to control when first getting started. We understand that betting online is fun and easy, but if you start betting over your limits, you will find yourself with a low bankroll sooner rather than later. Set a limit on how much you can afford to lose in a given week or month and stick to that rule. You should find that you are able to maintain your bankroll a lot easier just by instituting a bit of control.
Try to use a system like proportional betting which definitely helps in the long run and as a new bettor you should always try to avoid placing bets with low odds and higher payouts like parlay bets. If you are able to stick to single-game bets and while using proportional betting, wager a percentage of your bankroll each time.
Tip#2: Learn the Odds Systems: Sometimes the posted odds for a particular racer that is favored may not match what your read is on the race, given the other circumstances to consider. It is these edges that will give you an advantage in the long run when betting on F1 races or any sport.
If according to your system or calculations, Max Verstappen should be higher than the online sportsbook has made him, then you should bet on Verstappen to win, using your own system. Remember that the posted odds are merely a guideline set by the bookmakers to get the most amount of action on both sides of the fight, not
Tip#3: Learn the rules of boxing – This should apply to any sport that you want to start betting, not just F1 racing. It definitely helps to learn the rules and the nuances of each sport so that you can get a better understanding of what you are betting on.
Take some time to watch some F1 races so that you can realize which parts of it can help you with your betting. F1 is simple enough to understand and the things you bet on are straightforward, but you will want to learn the tracks in which certain drivers excel, as well as other things like weather and pole position.
Tip#4: Find which bet types you understand and stick to them: This seems straightforward but learning which types of bets you succeed at more often can be a good indicator of which facets of F1 races you understand more. If you find you understand betting on the outright winners then bet on the outright race winners. If you are bad with reading driver matchups, then don’t bet on driver matchups!
Watching the live Formula 1 races rather than just reading the recaps the morning after can give you a huge advantage in understanding how odds and lines are made by sportsbooks as well.
Payment Methods Used in Formula 1 Betting
Most reputable online sportsbooks will accept all of the usual forms of digital payments that we are so used to seeing on any website. Credit cards, direct bank transfers, and PayPal are almost universally accepted now across any e-Commerce platform you use.
There are other newer options that have been gaining popularity such as eWallets and Cryptocurrencies, but they are far from being the standard and are less common than the big three options below:
- Credit Cards: This is still the most common way that players can deposit right into their online sportsbook accounts. Most of the major companies are accepted including Visa, Mastercard, and Discover. Make note that some credit card companies do not allow the cardholder to make purchases on sports betting or gambling sites, so look into the rules of your credit card before trying to use it with your online sportsbook.
- Direct Bank Transfer: A direct bank transfer is a debit from your personal bank account and is just as fast as paying by credit card and generally has a higher success rate for transactions than credit cards as well. You may need to enter your bank account details so have that information handy as you sign up for your online sportsbook account.
- PayPal: Paypal.com is the premier site for transferring money online but you do need to sign up for an account and link it to your bank account before using it at any online sportsbook. It is safe, trustworthy, and easy to use and has become increasingly used at online websites as a method of payment. PayPal is great if you need to use different currencies as well.
Player Support when Betting on Formula 1
Need some assistance or have some questions or concerns well don’t worry because you are not the only one!
Every reputable online sportsbook provides their customers with 24-hour around the clock customer service. Because online sportsbooks and online casinos are open 24 hours a day and seven days per week, there is always some form of customer service available via email, toll-free telephone number, or an instant chat function.
These customer service representatives can assist you with anything from deposit or withdrawal issues to questions about specific Formula 1 related bets you have placed.
FORMULA 1 – THE SPORT
The actual sport of F1 is fairly basic as all racing sports can be. There are a set number of drivers in each race and to determine where the cars will start in the race, there are qualifying times. The car with the fastest qualifying time is given the pole position which is the innermost lane in the race which is usually thought of as the most advantageous place to start from. Each F1 race covers 305 km total so it really depends on how long each track is to determine how many total laps will be in each race.
There are various flags that can happen throughout an F1 race which have different meanings. Depending on the color of the flag it relays a message to the drivers and it could mean bad weather, an accident, or even a disqualification. Depending on where the driver finishes in the race, they receive a certain number of points that count towards the driver’s ranking in the Formula One World Championship.
Formula 1 Betting Explained
When you are finally signed up with your online sportsbook and you are ready to start placing some bets on some real live F1 races, it is crucial that you learn the different types of bets that you can make. Formula 1 is simple to bet like with most racing sports and there are not as many different types of bets as some other sports have.
Let’s go over the basic bets for F1 betting:
THE OUTRIGHT RACE WINNER
Very simple and straightforward and the easiest bet for new and experienced sports bettors to understand. Quite literally, the simplest bet you can make on a race, you can bet on whether or not a certain driver will win the race outright.
If you know some information about the style of track and the weather for that day, you can place a bet on who you believe will win the pole position through qualifying races.
This is similar to Golf matchups where you can pit one golfer against another in a hypothetical matchup. The same thing with drivers, you will be provided odds by your online sportsbook between two drivers and you can bet on which driver you think will finish higher in the race.
This is a fun bet on a driver not winning the race, but finishing either first, second, or third. Betting correctly on this can be very rewarding.
These are more fun bets for individual drivers where you can bet on things like laps led or who is leading after a certain number of laps.
WHICH ODDS DO YOU PREFER?
There are a few different types of betting odds that players can use and it is completely up to personal preference and has no effect on the bets or the outcome of the bets.
- Decimal odds: These are easy to understand and make complete mathematical sense as they are directly proportionate to the amount you wager. If you bet $100 at 1.50 odds you will win $150.
- American odds: These are slightly less clear to read but once you learn how the numbers work it makes sense.. You will notice American odds use (-) or (+) symbols before their numbers with the (-) indicating a favorite and the (+) the underdog in the matchup.
- Fractional odds: Again, similar to decimal odds mathematically but using fractions instead of decimals.
These can all be used depending on the bettor’s preference. Keep in mind that they are not interchangeable as 2.00 in Decimal odds does not equal +200 in American odds and vice versa.
F1 Leagues You Can Bet On
Formula Racing is the umbrella term used for all of the different leagues that are available for competition and the FIA is the governing body of the rules and regulations. F1 is the premier racing league that most people are familiar with but there are also other divisions including Formula E for electric cars, Formula 2, Formula 3, and Formula 4 as well as geographically specific leagues like the IndyCar Series in America, Super Formula in Japan, and Formula Masters China.
Each separate category has some specific rules and regulations that are different, but generally many of the lower tiers are not available for betting so your best chance to bet online on Formula Racing is to learn the F1 circuit.
LEARN TO BET GUIDES
Pick the Sport you want to bet on, learn the dynamics of the games, and tap into the best betting strategies developed over the years. Can you build that elusive hot streak? There’s only one way to find out. Always remember, Bet Responsibly, Bet Greatly:
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SPORTS COUNTRY AND STATE BETTING GUIDES
Wondering how the different U.S. States approach sports betting? the KGB team has provided in-depth guides on how various State or County laws stack up on sports betting. Check out the guides below, where we’ll investigate each state and help you in your quest to start Sports Betting:
Pennsylvania Sports Betting Guide
New Jersey Sports Betting Guide
Oregon Sports Betting Guide
Illinois Sports Betting Guide
West Virginia Sports Betting Guide
FORMULA 1 BETTING FAQs
Yes! F1 races are extremely fun to watch and if you get to learn the drivers and how they can perform on each track, you can definitely find some edges when betting.
Yes! Most reputable sportsbooks will offer Formula races now but most of them still only offer the F1 as their only division.
Yes, if online sports betting in your country is legal, then Formula 1 should also be legal to bet online. Always check with your local online sports betting laws to make sure you know the regulations.
Yes, as long as the online sportsbook you use has a mobile app or a mobile friendly site, you can use your mobile phone to bet on F1 or any other sport available at your online sportsbook.
Again, this depends on where you are physically betting from. Your online sportsbook will determine your location either by GPS signal on your mobile phone or your IP Address on your computer internet connection.
Formula one has 24 drivers while Nascar has 50, F1 cars can go faster and the Formula racing tracks are winding and have turns, rather than circular tracks for NASCAR. Most of the betting elements are the same though between the two sports!
Something you will have to take into account is that since F1 is an international sport that happens on many different continents, the times of each race will most likely be according to which time zone they are in.