How do you begin betting on F1? Read here for where to bet on F1 races, how to bet on Formula 1 racing, and other key information when wagering on the sport.
The most popular motorsport in the world, and with a season spanning almost the entire year, betting on F1 has increased in popularity in recent seasons – especially with new drivers climbing the ranks.
From who will land pole position to race positioning and more, fans can engage with live F1 odds during the race weekend or choose to get involved with Formula 1 Championship markets whenever they feel ready.
How does betting on F1 work?
The majority of learning how to bet on F1 racing is relatively self-explanatory. Race winner markets are the most popular, or you can choose to bet on a driver to finish on the podium. When it comes to betting on Formula 1, though, you need to understand what advice to follow, where to bet on F1 races, and what some F1-specific markets mean.
How to read Formula 1 betting odds
A key part of learning how to bet on Formula 1 is getting to grips with reading F1 betting odds. Fortunately, Betway uses commonly referenced fractional odds, which are easy to understand and calculate.
Here, the number on the right is the stake. The number on the left of the fraction is the potential winnings from the given stake. For example, if you backed Lando Norris to win the British Grand Prix at 3/1, a £1 bet would have potential winnings of £3 (plus your stake), while a £10 wager would carry a potential return of £40 (£30 in winnings and your original stake).
In this instance, Norris’ implied probability of winning the race would be 25% – it can be useful to work this out when trying to decide if a bet represents value, so be sure to check out our guide to reading betting odds for a complete explanation.
F1 betting advice
Making sure you understand the latest betting trends and are up to date with F1 news are two of the key pieces of F1 betting advice. It’s not possible to place a well-informed bet if you don’t know about car upgrades or how the betting markets have responded to a driver’s recent performance.
It’s worth looking into how a driver has historically performed at a circuit, too. Lewis Hamilton, for example, has often delivered his best drives at Silverstone. Others have tended to struggle on street circuits but excel on quicker tracks.
This carries over to the cars, too. If a team has had issues with straight-line speed, there are certain Grand Prix that become almost unwinnable. If tyre degradation has been a problem, perhaps they become a dark horse on a circuit where tyre wear isn’t usually an issue.
Perhaps most importantly of all, look at the weather forecast for the upcoming weekend. Changeable weather can lead to surprise results; some drivers perform better in the rain, while hard-to-control cars can become undriveable in unfavourable conditions.
Absorb as much information about Formula 1 as you can before placing your bets, whether that’s by reading analysis articles, watching expert videos, or listening to podcasts.
Common mistakes when betting on Formula 1
Even people who have known how to bet on Formula 1 for decades can find themselves making mistakes.
So, it’s important you avoid these errors when making your first foray into F1 betting:
Only backing your favourite drivers/teams.
Forgetting to check the weather forecast.
Ignoring previous successes on a track.
Popular F1 betting markets
Once you’ve picked your favoured F1 betting market, you need to choose the type of bet to make:
Race winner: A bet on who will win the race. This market is the most popular at each race weekend.
Pole position: This is a wager on the driver who will start on pole position. Remember, there are three qualifying sessions, and this market only refers to the fastest driver in Q3.
Podium finish: Fancy a driver to finish in the top three on Sunday? The podium finish market could be the best bet for you.
Fastest lap: Drivers no longer get a point for setting the fastest lap, but it’s still a popular betting market.
Live betting: F1 live betting refers to all wagers placed after the race has started. Odds are updated throughout the race.
Top 6 finish: You can wager on a driver to record a top-six finish. This bet makes the most sense for midfield drivers.
Points finish: A driver only needs to finish in the top 10 to record a points finish.
How to place an F1 bet
Once you’re confident you know how to bet on F1, you can create a Betway account by visiting our account registration page. You will then be asked to provide your details, including your name and date of birth. Remember, you may be required to verify this information through a personal document.
Providing you have completed this stage, it’s time to deposit funds into your account: pick your preferred banking method and enter your information when prompted. Decide how much you want to deposit and confirm the transaction.
Then, it’s simply a case of choosing which F1 bet you want to place, entering your desired stake, and placing your bet.
Where to bet on Formula 1
Look no further than Betway’s F1 betting markets if you’re deciding where to bet on Formula 1. Betway has odds out well in advance of each race and consistently updates its outright markets to reflect the latest performances and news. Bettors can delve deep into different F1 bet types, with odds that are always highly competitive.
Related to F1 betting
Want to find tips for an upcoming race? Keen to read some expert analysis? We’ve got you covered with our F1 blog, featuring an array of articles, including a look at the chance of Lando Norris leaving McLaren and much more.
