How to Bet on Formula 1: A Complete Beginner’s Guide

11/22/24

Knowing how to place a Formula 1 bet is challenging if you’ve never done it before. It doesn’t matter how much experience you have with watching the sport itself; wagering is always a completely different thing altogether. How many times has the smart one in your group tried putting their money where their mouth is, only to end up with egg on their face?

Besides the event often not going the way you think it will, you will also have to think about the broad number of markets available. Each of these can be confusing if you’ve never wagered before, and you’ll often need to practice before getting anything right. Moreover, you’ll have to learn where you can find the best possible value; placing on the outright winner isn’t always the best way to do this.

To help you bet on Formula One more confidently, we’ve put together this complete beginner’s guide. You’ll learn about the most popular betting markets, and we’ll also highlight some places in which you can wager on F1. On top of that, you will understand the different Formula One betting odd layouts.

F1 Betting Markets

One of the most important elements to consider when wagering on F1 is the different betting markets at your disposal. While plenty exist, it’s a good idea to start with some of the most prominent ones. We’ve listed these below.

Podium Finish

When learning how to bet on Formula One, you will almost certainly see “Podium Finish” appear as one of your many options. This is quite simple to understand; to win your bet, the racer simply needs to finish on the podium. It doesn’t matter if they’re the overall winner or not.

Betting on a podium finish is rarely worth it for someone who’s a heavy favorite to do so. However, if you think that someone might cause an upset but not necessarily win, this betting market can provide excellent value for money.

You’ll succeed in this bet if you wager on a racer that finishes in P1, P2, or P3 during a race.

Outright Winner

Another common bet type you’ll see is “Outright Winner”. This is quite simple to understand; it’s the racer that wins a Grand Prix event or Championship season, depending on what you have wagered. This bet is a common starting point for beginners because it’s the easiest to learn, though it can also be harder than you might think to get right.

Outright winner bets often have longer odds than a podium. This makes complete sense, too; three drivers can finish on a podium, but only one can win the race altogether. If someone is a heavy favorite to win, you’ll see shorter odds – but in many cases, this is high-risk and medium reward. When you bet on a Championship winner, this is sometimes known as F1 betting futures.

Points Finish

10 racers receive points in each Formula One race. Whoever finishes top gets the most, and these are then broken down until you get to 10th place. The racer in P1 gets 25 points, whereas whoever finishes 10th gets 1 point. A points finish bet is when you wager on someone to finish in the top 10.

Generally speaking, the best value for money here comes from choosing racers who may finish between P8 and P10. The top racers almost always finish around there, unless something unforeseen happens. For outsiders, though, this can be a good betting choice.

How to Read F1 Betting Odds

Before you place any bet on Formula One, it’s important that you understand how to read betting odds. These can be a bit confusing, but since they determine how much you get paid, understanding them is very important.

There are three main types of F1 betting odds: UK, European, and American. Let’s now discuss each of them.

UK Betting Odds

As the name suggests, UK betting odds are mainly used in the UK and Ireland. These present odds in fractional form, with 1/1 being even money. If the second number is bigger (e.g. 1/3), an event is more likely to happen. If we use this example, you’d receive a $30 profit when betting $100.

If the first number is bigger, though, the odds are longer. So, if you wagered 3/1 and won, you would receive a $300 profit on a $100 bet. For beginners, this betting format is the easiest to understand – and as such, we recommend starting with it.

European Betting Odds

European betting odds are presented in a decimal format, with 2.00 being even money. Because of their layout, you’ll often see these odds referred to as decimal odds.

When the number is below 2 (e.g. 1.50), the event is more likely to happen. In this case, you’d receive $50 in profit after betting $100. On the other hand, a number higher than 2.00 represents longer odds. If the odds for something were 3.00 and you won, you’d receive $200 in profit after wagering $100.

American Betting Odds

American betting odds are also known as moneyline bets. Even money for these starts at 100. If the number has a + sign next to it, the odds are longer. On the flip side, if you see a -, the odds are shorter.

While many places in the US use this kind of format, it’s still trickier to understand than fractional or decimal betting odds. So, you may want to still begin with the others.

The Best F1 Betting Sites

Now that you know how to bet on F1, it’s a good idea to start looking for places in which you can do so. Most of the major sportsbooks offer Formula One Betting; it doesn’t matter if you’re based in the US or somewhere else that has legalized sports wagering. The two most popular sportsbooks in the country are DraftKings and FanDuel, and as a result, you should consider starting with these for your wagering.

However, there are plenty of other operators that you should also think about wagering with. For example, BetMGM is another popular sportsbook in the US.

Your offerings will vary depending on where you’re based. DraftKings and FanDuel are available in most states where you can legally wager, but you may find something else that you like. So, it’s worth checking your different options and seeing which ones suit your needs the most.

F1 Betting Tips

Let’s now look at some F1 betting strategies that you might want to implement.

Listen to Your Gut

Our gut feelings have evolved over time for a good reason, and while they’re not correct 100% of the time, they are right more often than not. If you have a feeling that something might happen, it’s worth thinking about how to maximize this. Even if it’s not logical, you could just give yourself a better chance of winning.

Similarly, if your body is telling you not to place a certain bet, it’s a very good idea to listen to it.

Place Full-Season and Individual Event Bets

Placing a full-season bet is a ritual for many F1 lovers, and the same goes for other sports as well. These ones allow you to have a bit of fun between your friends; maybe you can each pick a different winner and see who comes out on top. Consider playing sweepstakes to make the results more random, as everyone will of course otherwise try going for the top one.

Besides your full-season events, it’s also a good idea to have fun on a more granular level. For this reason, you should also think about potentially wagering on different events during the season. For example, you may want to place one bet on each Grand Prix event.

Choose a Betting Format You Can Understand

While we’ve recommended using the UK betting format, you aren’t obligated to pick it. The best thing you can do is choose whichever one you understand the most. For some, that might be American betting – and for others, decimal odds might make more sense to you.

The format you choose does not change how big or small your payout is. So, the best thing you can do is simply pick something that actually makes sense to you.

Don’t Bet on Heavy Favorites

Betting on the heavy favorites is almost never a good idea. Yes, you might win – but the payout you get is often tiny. Moreover, the risk is significantly higher. If you were to bet $1,000 on a result at 1/50, you would win just $50 back. It’s not worth it, and you’ll be even more frustrated if you lose that much money to something that seemed like a banker.

Instead, look for value. If you understand a particular racer quite well, think about whether they’ll finish a lap or race within a certain time. You can also look at alternative markets and consider live betting if you think that you can get good value.

The Full Guide to Betting on Formula One

Knowing how to bet on F1 races is just as important as understanding how the sport works in and of itself. You will find multiple markets for each Grand Prix event, and the same is true for overall results across the season. You can start with outright results, but in many cases, you will find better value for money if you look elsewhere.

In addition to knowing how to wager in different ways, learning about different betting odds formats is also crucial. Choosing the one that meets your needs is essential, and you should also know where to play for the best odds.