As one of the most popular sports in the world, it is no surprise that many people enjoy betting on Formula 1. While there are not as many betting opportunities as there are in sports such as football and tennis, it is still possible to make a decent profit on Formula 1 betting.
We are experts in Formula 1 and provide tips for every single race weekend. However, this article is dedicated to general advice on how to win as an F1 tipster. Read on below!
Betting on Formula 1: Why and how
Motorsports are popular all over the world. And Formula 1 is the largest series within motorsports. It is the absolute peak, and this is where you will find the best drivers and the best teams.
Having an interest in Formula 1 usually means that you know more about it than most people. In that case, it also makes sense to bet on it, as you might be able to turn a solid profit.
The bookmakers often disagree A LOT when it comes to Formula 1. Even though the theoretical payouts are significantly lower than on sports such as football and tennis, it is quite easy to win on Formula 1 betting in the long term, and that is exactly why we recommend it. A lot of bookmakers provide odds that are clearly flawed – as a bettor you can take advantage of this.
Where can you bet on Formula 1?
Many bookmakers allow you to bet on Formula 1. Pinnacle and SBO have very high odds on their matchups. Betfair usually have decent odds on the outright winner. William Hill, Bet365, and several other bookmakers, have a bit of everything.
So there are several places where you can make your F1 bets.
If you do not have access to normal bookmakers, you can use a bet broker, or you can place your wagers with a Bitcoin bookmaker. Nitrogen Sports always have odds on the outright winner of each race, while Cloudbet provide matchups with very interesting odds.
Types of bets
Formula 1 is a unique sport. It’s not like a typical football match, where there are two teams. Instead, we have a field of 20 drivers from 10 different teams. That brings a lot more variation to the table, and it also means that you can bet on the race weekends from several different angles.
First of all, you can bet on who is going to win the race. This is the most obvious option, and it might also be the most popular one. While there can be occasional value in betting on the outright winner, it is not where most of the money is made. For that we have to look at matchups.
Matchups are where you are most likely to turn a profit. The bookmaker selects to drivers (will usually be two teammates, but can also be two completely random drivers), and you have to select which one of them you think will finish ahead. The odds are very often flawed in these matchups, and you should be able to find value on at least a couple of matchups for every race or qualifying.
You can also bet on whether a certain driver will finish on the podium, in the top 6, in the top 10, or whether they will even be classified at all. You can bet on fastest pitstop, fastest lap, amount of classified cars, and much more.
Overall, you have a lot of options when it comes to Formula 1. That is also the reason why betting on it can be highly profitable – but it requires strong insights, and it requires some general betting knowledge.
Use statistics when you bet
Thankfully, Formula 1 is a sport full of statistics. It makes very good sense to use these statistics when you analyze matchups and when you’re comparing drivers to each other.
Where do you find these statistics? Well, the best way is to keep them yourself. The most serious Formula 1 bettors do this. But you can also access Formula 1 statistics from several websites, such as the official F1 site, Wikipedia, Racefans, and many communities.
Look at factors such as current form, seasonal results, track history and compare that to the other drivers.
Try to find value
It’s all about value in betting. Let’s say we have a matchup between the Haas drivers, Kevin Magnussen and Romain Grosjean, for the Australian Grand Prix.
Both drivers usually do well around this track. Magnussen is a slight favorite and pays 1.75 to beat Grosjean. Grosjean, on the other hand, is offered at odds 2.10 to win the matchup. However, we notice that Grosjean has had a fair share of bad luck at this track in the past, and that he is capable of being equally fast as Magnussen. We believe it’s a 50-50 matchup, and with a 50% probability of Grosjean finishing ahead, we will take odds 2.10 at a theoretical value of 105.
The value is calculated by multiplying the probability with the decimal odds. If the result is above 100, it is a value bet, and you should put a wager on it. If it is below 100, do not play it, and see in turn if there is value on the opposite side. In case there is not any value to be found, don’t bet the matchup at all, and starting looking into another matchup instead.
For example, if we instead believed that Magnussen had a 54% chance of winning, and Grosjean a 46% chance of taking the matchup, then there would be value in neither driver.
Instead, we find a matchup between Lewis Hamilton and Vallteri Bottas, where Hamilton is a clear favorite. Bottas pays 3.15 to beat Hamilton in the race, and since we estimate that he has a 33% chance of doing, so, we spot a 103.95 value and happily bet him.
No matter what actually happens in the race, we have a value bet, and if we are right when we make our initial probablities, we can expect a profit in the long run.
Keep your records and adjust frequently
It’s important that you keep your statistics over your wins and losses. When you do that, you can easily tell if you are successful or not. Usually it takes a big sample size before you can conclude anything.
After approximately 100 bets you should start to get some kind of impression, and after 1.000 bets you will be able to tell with certainty if you are successful at it or not.
We have a spreadsheet you can use for keeping your records, and it is completely free to download.
If you notice that you are making mistakes in your probablities, then look into the reasons why, and try to adjust. We all make mistakes occasionally – there are no exceptions when it comes to Formula 1 betting. Try slowly to eliminate your mistakes. Don’t get blinded by the times you win – sometimes it is possible to estimate probablities wrongly, but still end up winning the bet. We recommend that you look into each matchup after the qualifying or race is over, so you can find out whether or not you were right in your initial analysis.
Follow our Formula 1 picks
On almost all race weekend, we provide picks for the Formula 1 races as well as the qualifying sessions. Over the course of several years, our main tipster Jacob has been very successful betting on Formula 1, and you can follow the picks completely free here on this site.
Aside from that, we wish you the best of luck with your betting, and we hope that this guide has been useful to you. Hopefully it supplies you with enough knowledge to be successful with F1 betting on your own – it is certainly one of the best sports to bet on!