Sports Betting Formula 1
— Formula 1 (@F1) July 20, 2020 Indeed, the heightened respect that Racing Point is receiving extends to the odds on which team’s car will take the pole position. Sports Betting Odds. Remember at the beginning when we talked about the magic number necessary to guarantee a break-even week in sports betting? If you read enough about sports betting, you’ll hear this number repeated often: 52.4%. If a bettor can win 52.4% of his bets, he’ll break even. Where does that number come from?
Formula 1, or F1, racing has long been one of the most closely-followed sports in the world, but in recent years it has grown increasingly popular in the eyes of bettors. Thanks to the sports’ global following—races are held in various countries around the world—and the growing popularity of sports betting, F1 has become arguably the top option for racing bettors. F1 racing may significantly different than conventional sports such as basketball or baseball, but that only serves to make it more exciting to watch, follow, and bet on.
Sports Betting Formula 14
Understanding F1 Racing Lines and Odds
There are different types of F1 racing bets, however they do not resemble the spread, moneyline, and totals betting you will encounter with other, traditional sports. Instead of there being just one or two options to choose from, most F1 betting lines will feature a host of different options from which to choose. Even more confusing is the fact that there might only be only one or two favorites accompanied by a host of underdogs. Compared to lines where there is always a clear cut “favorite,” this is assuredly different. An example of a betting line for the winner of a race, such as the German Grand Prix, might looks as follows:
Lewis Hamilton (-167)
Valterri Bottas (+250)
Max Verstappen (+700)
Charles Leclerc (+800)
Without delving into it too much further, it is clear to see that the Englishman Lewis Hamilton is the favorite to win. Beyond that however, it does not seem like many other drivers have much of a chance. This is not true, but to the untrained bettor it may seem like there is no other choice than Hamilton. In reality, Lewis Hamilton does not win nearly every race and other drivers may have a genuinely good chance even if their odds do not reflect that.
Thanks to odds that can reach +800 or higher for a driver who has a good chance of placing in the top five, there are a bounty of opportunities for bettors to turn a massive profit without risking much. This is both a good and bad thing, as bettors can be deluded into thinking a long shot has a better opportunity to win than they really do.
Types of F1 Racing Bets
When it comes down to it, every F1 bet is a moneyline bet of some sort, or at least that is how it will be represented. In fact, the example used in the section above is great because it is how most F1 bets will be constructed. We will break down the different types of bets below.
Winner of the Race
In the above section, we provided a great example of what a F1 race winner bet will look like. F1 betting in general is fairly simple and easy to understand, but a bet regarding the outright winner is the simplest of them all. Being that Formula 1 is typically dominated by two or three drivers, you will see the same faces listed as the favorites, but this presents an opportunity to win large if an underdog has his day.
Finish in the Top 3
This betting market requires the bettor to pick a driver who they think will finish within the top three when the race comes to an end. The odds here will not be quite as good for the outright favorites, however there will still be plenty of value for bets on other drivers.
Pole Position Wager
A wager on the eventual pole position winner is a bet that occurs before the actual Grand Prix, during qualifying. Simply, bettors are attempting to choose the driver who posts the fastest single lap time during qualifying.
Fastest Lap
Not to be confused with a pole position wager, the fastest lap betting market is about who can achieve the fastest lap during the Grand Prix itself. While this often times ends up being the same driver who qualified fastest, such does not always prove to be the case.
Season-Long Propositions
There are two different kind of season-long propositions that are also often one in the same. One of these wagers pertains to the top-performing team of the year, while the other pertains to the top-performing single driver. In Formula 1, there are teams (such as Ferari, Red Bull, etc.) that are comprised of multiple drivers. Though there have been plenty of times where the top team lays claim to the top driver, but the two are not always one in the same.
Season-long propositions can be placed at any point during an F1 season, and the odds will change according to race results.
Live Betting on Formula 1
Most of the betting markets mentioned above are also available during the Grand Prix themselves, allowing you to place wagers while the races are happening. Many bettors prefer live betting on F1 races because it allows you to take in a lot of variables that simply are not available before the race starts. A bettor can notice something like an underdog outperforming his odds, or a favorite falling behind in a hurry.
For others, live betting F1 races is a great way to add a little bit of excitement to one of the most exciting sports in the world.
Juice/Vig on Formula 1 Bets
The juice, or vig, attached to F1 wagers is something that generally varies from sportsbook to sportsbook. With that being said, it is important to note that proposition bets are juiced higher than what we consider standard bets, such as those pertaining to who will be the outright winner of a Grand Prix. Propositions can be simple, such as who will emerge as the season’s top driver, but they can become more specific than that. For example, you might see propositions regarding how many laps a specific driver will lead, or which driver will lead a segment of laps (for example, laps 20-40).
Limits on Formula 1 Bets
Despite Formula 1 betting growing significantly in recent years, it is still a long way away from being as popular as sports like basketball and hockey. As a result of this, the betting limits for F1 wagers are often a good bit lower than they are for more mainstream sports. At BetOnline, for example, the maximum allowable F1 wager is only $500, regardless of the type of wager you are making. This is the general theme as it relates to F1 betting because you do not see the same amount of regular, high-dollar wagers being placed on things like the Monaco Grand Prix as you do on even a regular weekend of the NFL.
Top Sportsbook for US Bettors
5Dimes
5Dimes.eu, despite its web address, is regularly one of the top betting options for bettors in the United States. Not only do they consistently have the lowest juice on all of their lines, their betting limits are as expansive as you will find anywhere. Some of their lines, as the site name implies, can allow for wagers as small as $0.50. The maximum betting line is generally $5,000, however 5Dimes can alter this limit as they see fit.
Seeing as you will not find another US site that even comes close to the lower or upper ends of 5Dimes betting limits, them being the top choice for folks in the United States is a no-brainer for us. The site itself is simple in its presentation and design, but what it lacks in aesthetics it makes up for in an unbelievably wide selection of betting markets, including for Formula 1.
Last but not least, 5Dimes is heralded as one of the best operators in the United States thanks, in part, to its longstanding track record of positive customer experiences. 5Dimes has been in business longer than just about any other US sportsbook and has accrued a sterling reputation along the way.
Top Sportsbook for Non-US Bettors
Intertops.eu
Intertops is consistently the top option for bettors who are located outside of the United States. Similarly to 5Dimes, Intertops is known for lax limits that allows bettors to place bets that are as big or small as they would like. Being a European brand that has been around for some time now, Intertops is no stranger to F1. This is something that most newer sportsbooks cannot say, as most of them did not place much of any focus on F1 until recently.
Intertops is great because they are a brand name you can trust and one that is recognized both in Europe and around the world. The sportsbooks lends itself to user-friendliness and does well to provide players with a lot of banking options to go along with the wide variety of sports betting markets.
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How Sports Betting Could be Good for Formula 1: 2020 saw a big move towards opening up Formula 1 to sports betting.
Although many markets have been available for some time, until now they have all focused on static results – group winners, podium finishers, constructor champions and the like. Now for the first time live, in-race betting has started, opening up many new possibilities.
Despite the reservations that many feel over betting there is no doubt that it has had some benefits for other sports, and the same should apply to F1. Here we take a look at what the new betting option could mean for the sport.
More options for viewers
Sports Betting Formula Excel
The most obvious change will be the number of betting options now available to punters. F1 live odds make for a much more dynamic viewing experience, with thirty or more new markets now open. If you’re not yet sure about what it all means, find an introductory free bet or no deposit bonus at MrCasinova to try it out.
Spectators can bet not just on winners but on dramatic or unpredictable events such as mechanical failures, crashes and unscheduled pit stops – plus much more. This added aspect is anticipated to be instrumental in raising viewership and drawing in new fans.
More ways to watch
In many places, F1 is only available to watch via expensive subscriptions services. These quickly add up, and only very dedicated fans are willing to shell out. This could change with live betting. If online bookmakers take the same approach as they have with other sports, viewers will have a less expensive option.
For any event with live betting, many bookies also provide a live stream so long as you place a bet. Making a small bet still adds up to a lot less than the subscription fees, and there’s even a chance to win some money back.
Boosting revenues
For the sport itself, widening the scope of sports betting should have some very positive effects. Other sports that have benefited from investment from the gambling industry include hockey, soccer and rugby.
In the UK, more than half of the teams in the Premier League have gambling companies as sponsors. In a sport with as many expenses as F1, the inevitable boost in revenue should be a great advantage.
The new live betting options go hand in hand with increased sponsorship, as gambling providers engage further with the market.
The future
The start of the year saw the first ever gambling sponsorship deal in F1, marking a break with the past when such deals were prohibited. Bosses in the sport have high hopes for the impact of making a closer alignment between sports betting and F1.
As well as a new source of revenue, the expectation is that live betting and sponsorship will increase fan engagement and raise the profile of the sport around the world.
Another potential effect further down the line could be in supporting new challengers. Joining F1 as a new team is an incredibly expensive undertaking, and betting firms have the financial power