One of the most exciting sports in the world to place a real money wager on is Formula 1 (F1) motor racing. If you’re new to F1 betting or looking to improve your F1 betting strategies, you’ve come to the right place.
Before placing a real money wager on any upcoming F1 betting markets, there are several important factors you should take into consideration. First of all, you must find a licensed sports betting site that has F1 betting markets with competitive odds.
In recent times, the platform veikkauskertoimet.com rebranded itself to vedonlyontiyhtiot.com, and it’s a great place to start. This trusted website has reviews for some of today’s best Nordic sports betting sites available online today.
Top 10 F1 betting tips in 2023
Here are 10 useful F1 betting tips to keep in mind in 2023 when you next place a wager at your favourite online sports betting website.
Although these tried and tested methods have proven to work for some people, don’t forget that no matter how certain the betting odds may seem at first, no bet is ever guaranteed to return you a profit.
The top 10 F1 betting tips include the following in no particular order:
- Only ever sign up to a licensed betting site controlled by a reputable operator with a proven track record and solid reputation
- Learn the different Formula 1 bet types and markets
- Understand the different odds for each betting market, and choose a betting format (e.g., American/moneyline, fractional, or decimal) that is easiest for you to understand
- Bet on more than one driver in a race (don’t forget that you don’t have to just bet on one driver)
- Stay current with the latest F1 team news and other updates from the sport
- Get to know the history of the circuits- some drivers also fare better on certain tracks
- Don’t forget to check the weather for the day (some drivers, for example, perform better than other drivers in certain conditions)
- As well as placing bets before the event has started, remember that in-play betting as the action unfolds is also now possible
- Compare the odds – it doesn’t hurt to compare the odds from several sports betting websites to get the best odds
- Don’t forget that qualifying times don’t always tell us how the actual race will pan out, but they are a fair indication of the driver’s skill and the car’s reliability
Useful information about F1 betting
At most betting sites today, customers have the option to display the odds in one of three different formats – American/moneyline, UK fractional odds, or European decimal odds.
For example, a bet that comes with 4/7 fractional odds is the same as saying -175 in American/moneyline odds or 1.57 in decimal odds. It also means that this bet has a 63.60% implied probability rate of winning.
Therefore, if you were to place a $/€/£50.00 wager (or equivalent currency value) on a bet with 4/7 (-175, or 1.57) odds, and this bet wins, your total returns would be $/€/£78.57 (which includes your initial $/€/£50.00 stake returned and a $/€/£28.57 profit).
If you were to place a longshot bet on an outsider to win the race with 80/1 odds, it’s the same as saying 8000 in American/moneyline odds or 81.00 in decimal odds. It also means there’s only a 1.2% chance of this bet actually winning.
If the driver with these long odds does win, and you placed a $/€/£50.00 bet with 80/1 odds (8000, or 81.00), your total returns would be $/€/£4,050.00 (which includes your initial $/€/£50.00 stake returned plus a whopping $/€/£4,000.00 profit).
Latest F1 Constructors Championship 2023 betting odds
At numerous highly recommended online sports betting sites, such as 20Bet, Bankonbet, iBet, Excitewin, 24Bettle, Tonybet, and 18Bet, to name just a few, you are currently looking at the following average odds:
- Red Bull Racing are the current odds-on favourite F1 racing team to win the Constructors Championship 2023 outright. If you were to bet on them right now at any of the licensed online bookmakers mentioned above, you would receive average odds of around 4/5 (which is -125 in American/moneyline odds or 1.80 in decimal odds), with a 55.60% implied probability rate of winning
- Mercedes are the current second odds-on favourite team to win at 7/5 (which is 140, or 2.40) with a 41.70% chance of winning
- Ferrari are the current third odds-on favourite team to win at 5/1 (500, or 6.00) with a 16.70% chance of winning
You then have teams Alpine and McLaren, who are both priced at 100/1 (10,000 or 101.00) with only a 1% chance of winning. Teams Alpine Racing, Alpha Tauri, and Aston Martin are all equally priced at 500/1 (50,000 or 501.00). Team Haas F1 are priced at 1,000/1 (100,000, or 1,001.00), and team Williams are currently priced at around 2,000/1 (200,000, or 2,001.00). In other words, a safer bet would be on team Red Bull Racing to win.
What about the drivers?
A sensible bet on the individual ‘F1 drivers Championship 2023’ betting market would be on the odds-on favourite, Max Verstappen, who is currently priced at around 3/4 (-133, or 1.75). He has a 57.1% chance of winning the championship outright.
The second odds-on favourite at the time of writing is Lewis Hamilton at 5/2 (250, or 3.50) with a 28.60% chance of winning, and then it’s Charles Leclerc at 6/1 (600, or 7.00) with a 14.30% chance of winning.
If you can remember some of these useful tips and learn to understand what the odds are telling you, it can help you place strategic bets more likely to return you a profit. However, don’t forget that no bet is ever guaranteed.