Awash with wealth, Formula 1 is one of the most glamorous and exciting motorsports. Technological changes to the cars over the past few years have played a significant role in the development of the sport, and fan engagement remains unabated. Millions of television viewers tune in to each grand prix, and there are thrills and spills from lap one of the first race until the very end of the season. The 1990s was a golden era for the sport and Ferrari as Michael Schumacher stormed to six world championships.
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Formula 1 has been defined by the intensity of the rivalries, as well as the team-mate dynamics and famous falling outs. The mantle has now been picked up by Mercedes’ Lewis Hamilton who has taken the sport to new heights.
Starting in mid-March with the Australian Grand Prix and finishing in November, the calendar has seen the inclusion of new race venues in recent years. Having expanded to incorporate more than 20 races per season, F1 has surged in popularity, and there are now more and more top betting sites popping up in the UK. Below, we provide a comprehensive guide on everything you need to know about how to bet on Formula 1, including strategies to maximise your chances of success as well as drawing attention to some of the Formula 1 betting bonuses you can tap into.
? Where can you place a bet on Formula 1?
Most bookmakers that are worth their salt will cover Formula 1 on their site. Most of them will list Formula 1 as a betting option, but some are more in-depth than others.
Betfair, for example, has a broad set of markets, and there are regular blogs posted on its website where bettors can gain inside knowledge by reading some of the best tips online. Essentially, it is the most comprehensive F1 bookmaker online.
While for some, it may not necessarily be the first sport they think of to bet on, the individual and team element of the competition provides a fascinating dimension. For in-play betting, Formula 1 is a fabulous betting avenue as you can bet on everything from the fastest lap to bets on safety cars.
Other sites such as Betfred has a dedicated Formula 1 section, and there are options to bet on the Championship winner, or you can place an each-way bet. The race schedule is set up in a clear and user-friendly manner so that bettors are up-to-date on the main events. Whereas, other sites will offer enhanced prices or odds to entice new customers, especially around the time of a big Grand Prix like the British Grand Prix.
? How to bet on Formula 1?
To fully understand betting on Formula 1, it is essential to take a look at some of the markets bettors can engage with. Starting with the outright championship betting, this creates a real frenzy among F1 fans. Bets can be placed any time from the start of the season up until the final race of the campaign, and the bet consists of which driver or team will win their respective championship. F1 has more rookie drivers springing up who are trying to be the number one driver in their team. The Championship race provides lots of thrills and spills, and some of the most successful drivers don’t even win 50% of the races in a season.
The each-way betting market can also provide good value when it comes to how to win money betting on Formula 1. The number of place markets varies between bookmakers, but you can generally get two places at 1/3 the odds or 3 to 4 places at 1/4 of the odds. The majority of bookmakers that give outright lines will also give each-way places.
Alternatively, bettors can dive into the combined markets. While Formula 1 doesn’t have accumulator markets per se, the combined markets are a popular betting avenue. For example, bettors can back a driver or team to get pole position in qualifying, win the race and achieve the fastest lap. Nowadays, a bonus point is awarded to the driver who completes the quickest lap on race day. The qualifying sessions facilitate bets being placed on pole position. However, not all bookmakers offer these lines, so always check first.
? How to find a good Formula 1 betting site?
There are myriad reasons for finding a reliable Formula 1 betting site. Trust and integrity of a sportsbook are vital for selecting a reliable bookmaker. Some sites review and compile information on the validity of bookmakers, and they will mention areas concerning licensing and regulations. If there are any red flags surrounding sites, they should be avoided at all costs.
In terms of how to bet on Formula 1, sites that have a wealth of betting options will be more attractive. There should be an adequate number of betting options covering both the more prestigious and the smaller races.
Most significantly, it is vital to find a betting site that has a stable interface. Just as track designs are essential for making a great race, the same can be said of online sportsbooks. An interface should be simple to use and the site should be easy to navigate especially when it comes to placing bets.
? What types of bonuses will I find when betting on Formula 1?
Some sites offer some enticing Formula 1 betting bonuses for bettors to tap into. Most betting sites will have a bounty of great offers, including bet365 that provides bet credits for up to £100.
Other sites such as Betfair are also renowned for their bonuses and promotions. New customers can gain access to enhanced odds as well as being eligible for welcome offers, such as a free £20 bet to place on the Exchange.
? What is the best betting strategy for Formula 1 betting?
To learn how to win when betting on Formula 1, there are a few things to bear in mind. Firstly, bettors have to look at track conditions. Is one track better suited to say, Ferrari or Mercedes? Does one team or driver perform better when they race on soft or hard tyres and do they fare better in certain weather conditions? Past results will help give some insight into this.
To understand betting on Formula 1, it is vital to take an over-arching view of the sport. Look at how drivers perform in qualifying. Betting on F1 qualifying is an excellent way to get to grips with F1 betting before a big race happens as it allows you to see how a driver handles the different corners on a circuit. Does a particular driver have a good history of setting fast times in qualifying or lining up on the first row of the grid for race day?
With such an emphasis placed on the team dynamic, it is important to look at the relationships between drivers in the same team. Have they defied team orders in past races or are they amicable enough that they can separate their own needs from that of the team?
? How Formula One betting odds work
Odds can fluctuate throughout the season, particularly from race-to-race. This is dependent on a team’s performance. If, for example, Lewis Hamilton won eight of his first 10 races, then his odds to win the World Championship would dramatically shorten and so would his side’s odds of lifting the Constructors’ Championship.
The odds can change in real-time on a race day. If one driver is streets ahead of his competitors, then more money will come in for him. Equally, odds would lengthen on a driver if he takes a more extended pit stop or falls behind in a race.
Where can I find the best odds for Formula 1?
Formula 1 markets are more competitive than ever, so it’s not hard to find good odds on outright markets in particular. Oddschecker, for example, is an odds comparison site that will list all the outright odds by the top bookmakers, so you can see whether there is a consensus among betting sites or if there is a disparity.
Other lines listed on some events are sometimes more obscure, and therefore you can be hard pushed to find the best odds. But as always, find a bookmaker that will work for you and suit your betting needs. BetVictor, for example, prides itself on providing some of the most competitive odds but doesn’t fare so well in terms of offering promotions or bonuses to new customers.
Popular betting markets for Formula 1
Formula 1 is commonly split into three types of betting — outright betting, long-term betting and live betting in-play during races. Some of the methods explained below are a great means of finding success when betting on Formula 1.
? Finishing position — One of the more straight-forward bet types, the finishing position requires the bettor to select which driver will obtain a place on the podium (a finish in the top three). If you think a driver will finish in the top three but are unsure if they will win the race, this is a good market to bet on.
? Formula 1 Drivers’ Championship — Working in a similar way to other outright betting markets, bettors can bet long term on who the eventual world champion will be. These are season-long markets, and this will be based on which driver has amassed the most points in a season and goes on to lift the world championship title. Usually, the most consistent drivers throughout the season stand a better chance of success.
? Cash out
?? What it is
Cash out with some bookmakers is available for selected single bets as well as other multiple bet options. Cash out enables the bettor to track their selections and collect their stakes before waiting for a bet to reach its natural conclusion.
More often than not, bettors are worried they will lose their bet and will try to limit their losses by withdrawing early.
?? How to do it
Cash out is available with most bookmakers and bettors will be able to see the cash out figure on their betting slip. To do so, you need to select the cash-out button on your betting slip online. Bettors can choose to cash out their entire bet, and once they have confirmed their selection to settle early, the final amount will be declared.
? Live streaming and where to watch Formula 1
Sky Sports is the leading broadcaster of Formula 1 coverage. Fans can tune in to watch all the qualifying sessions and Grand Prix action live with a Sky Sports package. Formula 1 can be streamed on Sky using your mobile device or can be viewed by taking out a monthly Sky Sports pass with NOW TV.
? Formula 1 Betting FAQs for UK Players
Is Formula 1 betting legal in the UK?
Currently, there are no restrictions placed on sports gambling. Therefore, bettors can bet on any online sportsbook safe in the knowledge that it is legal.
What is live betting?
Live betting is an innovative feature that appears on most reputable online sportsbook nowadays. To add more excitement to bets, bettors can place them as the action is happening.
Live betting requires bettors to make quick decisions, and there is no shortage of markets to tuck into. Bookmakers will publish stats and have graphics to illustrate what is happening during a race or qualifying session.
What deposit methods are available when betting on Formula 1?
Although credit cards are no longer accepted at UK online bookmakers due to a change in betting legislation, there are a variety of deposit methods accepted for betting on Formula 1. That includes, but is not limited to PayPal, Maestro and Visa Electron.
Is betting on Formula 1 safe?
The UK is one of the most tightly regulated markets in the world. Most bookmakers are fully licensed and comply with the UK Gambling Commission, so you can be assured that all transactions made when betting on Formula 1 are safe.
Some sites will add an extra layer of SSL security to ensure bettors can play without having their details compromised.