Formula One was often a sport that was far more popular to watch than it was to bet on, although the gap between the two is now considerably closer. Each time we have a Grand Prix, many people will place their wagers on the different markets that are available to bet on. Betting on F1 is different to most sports, but that is due to the make-up of the sport, and anyone who watches the sport will understand why it is like this.
Firstly, the odds when betting on who will win a Grand Prix can often look strange. This is mainly because although the list of drivers taking part is long, realistically only a handful of drivers can win each race. The drivers who race for lesser teams are often simply trying to make the top ten, rather than actually trying to win the race because they know they have pretty much no chance of winning.
The second reason is that often the starting positions on the grid can have a huge impact. For example, if a Grand Prix takes place where overtaking is at a premium then the first two cars on the grid will almost certainly be the two favourites to win the race. This is something that followers of the sport will understand and be used to seeing, even if they don’t already bet on the sport. However, to those who are just getting into the sport, this may look strange and you may think there is huge value to be had on certain drivers.
There are many different markets to bet on and these can give you an interest in the entire race, not just on who will win the race. That is the great thing about betting on F1, you can give yourself a few drivers to cheer on, all with different targets and that makes everything exciting, even if the race for the lead is not an exciting one.
The most popular way to be on the Formula One is simply to bet on who will win the race itself. Those who are wanting to bet each way you must note that each way terms only pay the first two in Formula One, even though three drivers make the podium.
Something thing that puts people off betting on the outright win market is that often the favoured drivers are very short prices to win the races, especially if you put your bet on after qualifying and your chosen driver has qualified well. This means that a lot of people tend to look elsewhere when having a bet on the Formula One and it is these additional markets that I expect will continue to grow over the next few years.
Having said that, the outright win market is certainly the easiest place to start for newcomers to betting on F1 and it is the quickest way to have an interest in a race.
Podium Finish / Top 6 Finish / Points Finish
These three markets all work in the same way but just represent a different finishing position for the driver you choose. Betting on someone for a podium finish means you are betting on them to finish anywhere in the first three. Betting on a top six finish is as it says, betting on a driver to finish in the top six and betting on a points finish is betting on a driver to be in the top ten.
These markets are much better to bet on for those who are looking to back someone else other than the first couple of favourites for the race. Depending on the driver you choose and what you expect
him to do in the race will depend on which market you will use but all bookmakers will offer odds on each one. The higher the finish you are betting on the better odds you will get on your bet. For instance, you will be given much bigger odds on a driver to finish in the first six that what you would for a top ten finish so if you think he will finish in the top six then bet on that market.
This is an ideal market for those looking outside of the favourites and also for those who want to bet on their favourite driver every week, even if their favourite driver is not one of the fancied ones. I often find myself using these markets alongside backing someone to win the race, to give me an interest in the many different battles that are taking place throughout the race.
If you back someone to win the race, and another driver to finish in the top six it is likely that they are in completely different races by the end of the race so you can cheer each one on separately, hoping that both will win their respective bets for you.
Betting on the Formula One qualifying is something that is still evolving but most bookmakers offer it. For those who watch the qualifying and take an interest, you can bet on who will win qualifying along with a number of other markets surrounding where drivers will finish.
This market is still in its infancy, although I do expect it to grow, but for those wanting to bet on qualifying then it is out there. With so much TV coverage, including practice sessions and qualifying sessions, you can watch and bet on the race qualifying much easier than you used to be able to. That accessibility will only grow the market in years to come.
This is another new way to bet on Formula One that I expect will evolve even further over the next few years. In this market your bookmaker groups together drivers who are of a similar ability and you bet on which driver out of the group will finish the best in the race.
This is a great way to have a bet on the lesser drivers who will be out the back if you like one of those or fancy one to do well in a particular race. This is a market I would use when looking at drivers further down the grid as it gives me something to watch and get excited about even if the race has a clear leader that won’t be caught.
You can place a bet on the bigger names in this market but I feel it is suited to the lesser drivers and offers a great way to have an interest in the whole race and not what is just happening at the front. If your favourite driver is often near the back of the race then this is a great way to support them by backing them against the other struggling drivers, giving you a winning chance.
For those looking to bet on something firmly to do with the front of the grid, bookmakers have now started taking bets on the winning margins of a race. This is usually a spread of three different options and a potential betting market for those who think a particular driver is going to win a race very easily, but he is no value in the outright market. This is another new market when it comes to Formula One and a sign of how far betting on the sport is progressing.
The final market I am going to mention is the fastest lap market, again a new market that bookmakers are offering. This is a bet on which driver will record the fastest lap of the race, no matter where they finish. Although you could do some studying and look at who was fastest in qualifying, this is more of a small stakes novelty market for me.
The markets available for Formula One betting are growing by the year and it is only a matter of time before we see a lot of markets available to bet on. Up until then, we have a good range of different things to bet one and I am sure there is something out there for everyone.
For those looking to have an interest in the whole race, and not just those at the front, I recommend the group betting or betting on drivers for a top ten finish. I have done this with success in the past and not only is it a way to find an angle in a race, but it is a way to make the whole race enjoyable, regardless of what is going on at the front.
With so many different options you are sure to find something you love, but betting on F1 is much more than choosing who will win the race, you can do a lot more than that thanks to the markets we have. These markets are available with all bookmakers and we are sure to see more arrive as betting on F1 grows even further