Formula 1 Betting at Bally Bet Sportsbook

The fastest of all the motorsports, fans are guaranteed a thrill-a-second ride with Formula 1.

There are a number of different ways to bet on the F1, be it on a race-by-race basis or via the futures markets (more on these shortly).

In this guide on how to bet on Formula 1, we’ll show you how to read Formula 1 odds, what the most popular wagers are, and – most importantly – provide you with some handy hints and tips that you can apply to your betting.

There’s the green light… let’s go, go, go!

How to Read Formula 1 Betting Odds

There are three different ways betting odds can be displayed:

• American

• Fractional

• Decimal

It’s likely that you will use the American odds format in your betting, so that's what we’ll focus on here.

When you fire up a Formula 1 betting market for a Grand Prix, you will see a list of drivers in descending order, based on the likelihood of them winning.

The favorite for the race may be "odds on," displayed with a negative number, or "odds against," shown with a positive number.

When it comes to reading a minus odds betting line, you would have to wager that specific amount to win $100. So, if the odds were -150, you would have to wager $150 to win $100 in clear profit.

The same applies for other combinations, such as -110, -133, -150, and so on. Of course, you don’t have to bet $100 specifically, that's just the common amount used to illustrate payouts and profits. For example, odds of -150 break down as follows:

• $150 wins $100

• $100 wins $66.67

• $50 wins $33.33

• $20 wins $13.33

• $10 wins $6.67

If the Formula 1 betting line you want to back is available at positive odds, the digits indicate the amount you would win from a $100 wager. For example:

• +110 - $110

• +150 - $150

• +300 - $300

• +500 - $500

Again, you don’t specifically have to stake $100, you can calculate your potential payout accordingly, e.g. $20 wager on odds of +150 would win $30 etc. ($100 and +150 divided by five).

Popular Types of Formula 1 Bets

While other sports have a lot more lines to choose from, Formula 1 markets make it nice and straightforward to dive right into the fun.

The best Formula 1 bets, or most popular at least, can be found in the futures category, which is predicting who will win a Grand Prix race or the Drivers’ Championship.

Race Winner

This is the simplest Formula 1 betting market to understand. Here you’re simply tasked with predicting who will win a specific Grand Prix.

Whether you look at the race’s history or the current form of the drivers and teams, see if you can spot a good value selection to take the checkered flag in first place.

Drivers’ Championship Winner

One of the most popular season-long betting lines in Formula One, your objective here is to predict which driver will win more points than any other during the campaign.

Constructors’ Championship Winner

As you might know, there's a separate championship for the teams where they earn points depending on where their drivers finish. In addition to that, you can wager on who you think will win the manufacturers’ title each season.

Pole Position

Each Grand Prix features a qualifying period a day or two before the race itself. The driver that qualifies in the fastest time will earn the right to sit in pole position, which in layman's terms is at the front of the starting grid.

You can wager on who you think will claim pole position; this is often a different driver to the one that ends up winning the proper race.

Sprint Race Winner

There are typically half-a-dozen or so sprint races each season which, as the name suggests, are shorter standalone races contested at breakneck speed. Here, you can wager on who you think will win the next sprint race.

To Finish on the Podium

As is customary in motorsports, the podium features three positions: first, second, and third. You can bet on who you think will secure a podium finish, without needing to get the exact order correct.

To Finish in the Points

Anyone that finishes inside the top 10 of the leaderboard now scores points toward the Drivers’ Championship. For this betting market, you are simply trying to predict who will finish 10th or above in a race.

Head-to-Heads

Before a race, you may have an opportunity to bet on head-to-head lines, where two drivers are pitted against one another. Simply back the individual you think will finish in the best position out of the two.

Prop Bets

There’s a whole host of prop bets available for each race, too. These include betting on whether the safety car will appear, the winning margin (in seconds) of the victorious driver, and who will do the fastest lap.

Live Betting

Sometimes, holding your bets until the race has started can be a useful strategy. You can get a closer look at the track as well as the weather conditions, which often shape the outcome of a race, especially when it comes to pitstop tactics.

Formula 1 Betting Tips

Although there’s some crossover from one Grand Prix to the next, each race should be treated individually. That’s the key piece of Formula 1 bet advice to remember.

Some Formula 1 tracks are long and straight, favoring those with speed to burn. Others are tighter and feature more bends, which tends to favor the more technically proficient drivers.

Some Formula 1 tracks are classic circuits, whereas others are street circuits like Monaco and Las Vegas. The skills required at each are different, and it’s noticeable that some teams thrive more than others in certain environments.

The best of the Formula 1 betting tips is to know the history of each race. It’s no coincidence that some drivers return to the same track, year after year, and perform at the highest level.

Another useful strategy in your Formula 1 bets is to keep a close eye on the weather for the city where the race is taking place. Whether it’s hot sun or pounding rain, the inclement conditions can have a significant impact on how a Grand Prix plays out and help determine if it'll be an out-and-out speed-fest, or if more advanced driving skill is required.

Some races take place at significant elevation above sea level too, which can have a major impact upon how the cars perform. Again, knowing your history will come in very handy here.

Information is king when betting on Formula 1. As well as knowing which drivers and teams handle particular tracks the best, it’s well worth bookmarking the Formula One website and social media for reference. That way you can learn more about time penalties that have been metered out as well as grid penalties — this information can have a huge bearing on the latest Formula 1 odds.

Sites like these are also useful for finding out more about car updates, which are the periodic mechanical changes that each team makes per season. Again, this information can help you to place more insightful bets.

If you intend to bet on an Formula 1 race, it can really pay to watch as much of the qualifying process as possible. You’ll see how well each car handles the track and how comfortable each driver appears to be. Check out the lap times, too. Just because a driver hasn’t taken pole position, that’s not to say that they haven’t excelled in qualifying.

And like with any sport, when betting on season-long futures, don’t get too carried away by one result. Just because a car has suffered mechanical failure or a driver has spun off the track, that’s not to say they won’t return to form next time out.

One of the more intriguing markets to bet on is the Pole Position market we mentioned earlier. It’s amazing how often the polesitter differs from the race winner. It happened eight times in 2023, meaning there's more variance, and that can be good news for bettors.

How to Use a Formula 1 Betting App

You can wager on the latest Formula 1 odds using any sports betting platform available in your state. It could be in person through a retail sportsbook, using a website or, as is becoming increasingly popular, with a betting app like ours.

Our betting app lets you bet on all of our Formula 1 markets and lines, and in just a few taps, too.

All you need to do is create an account, make a deposit, and – once we've verified your details – you will be free to place your Formula 1 bets with us.

The app is also essential if you plan to wager live, once the race has started. With our app, you can quickly bet in real time, which could be the difference that secures the best odds on a selection right before they change.