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How to Bet on Formula 1, F1 Betting Guide

While NASCAR might be the most popular form of motor racing in the United States, Formula 1 has a larger international following. F1's popularity in America has been continuously increasing, and with that growth comes increased F1 betting odds interest, which is why we're here to assist you in learning how to bet on Formula 1.

The 2024 Formula 1 World Championship covers nearly nine months, beginning on March 3 with the opening Grand Prix in Bahrain and concluding on December 1 in Abu Dhabi.

This season, Formula 1 returns to Miami for the third time, hosting the fifth Grand Prix of the 2024 season. The Miami GP signals the expansion in the United States, with a third state-based Grand Prix in Las Vegas, and they plan to return to South Beach for the next several years.

While Miami is a relatively new venue for F1 drivers, the sport is not new to North America: Formula 1 drivers have regularly raced in Austin, Texas, as well as in Mexico and Canada.

How Can I Place Bets on Formula One Online?

BetPhoenix is your safe, secure, and trustworthy Formula 1 betting site. Test-drive our Formula 1 odds page and steer your way to all your F1 betting needs.

#1: Sign Up

Don't have a BetPhoenix.ag account? No problem, logging in only takes a few minutes, so getting started is simple. To create an account, you must provide your name, email address, country, and phone number.

Wait for an email or a link to confirm your account after submitting all required information.

Once you've completed the registration process, you'll be ready to place your Formula 1 bets.

#2: Make a Deposit

You have control over how much money goes into your account. Depositing requires you to choose the method that works best for you. BetPhoenix has one of the most extensive deposit and withdrawal options on the market, all of which are completely safe and secure. Bitcoin is the quickest and most convenient method of depositing and receiving funds at BetPhoenix.

Visit our Bitcoin Tutorial to learn more. If you have any questions or inquiries about the process, please visit our Help Center or use the Live Chat button to contact our support team.

#3: Place Your Bet

Select the Formula 1 race, driver, bet type, and dollar amount before submitting your Formula 1 ticket. You can now max out all your Formula 1 bets and drive through that F1 betting finish line!

Formula 1 Betting Guide, Odds, and Types

With 21 different drivers to choose from, 24 races to bet on, and so many kinds of bets to work with, the opportunities to make some serious cash are nearly unlimited. This betting flexibility and choice can quickly become confusing and leave you stuck in the pits, unsure where to begin.

Formula 1 Grand Prix events occur, separated by one to three weeks between events throughout the F1 season.

Formula 1 Racing Betting Options

To-Win Bets

Before jumping into the bet types that are likely strange to you, let's make sure we cover the most common type of bet that most people are already familiar with. The "to-win" bet is when you bet on a specific driver to win the race. It's as simple as that. Choose the driver you believe will win, place a to-win bet, and if that driver finishes first, you will win your bet.

The great thing about these types of bets is that the payout odds are usually much higher than even money, meaning that if you bet $10 and win, you will profit much more than $10 on that bet. We've seen in F1 racing that some drivers pay out huge sums, but only because there are so many drivers in races who have little chance of winning. In contrast to other racing organizations, F1 has had seasons where one or two drivers dominated every race, resulting in lower payout odds for those drivers but incredible payout odds for the rest of the grid.

Podium Finish

A podium finish bet is a popular F1 bet that you might be interested in. When you select one of these bets, you choose a driver you believe will perform skillfully and finish on the podium. For those unfamiliar, a podium finish is when the driver places first, second, or third. It makes no difference which of these three positions your driver ends up in.

You win if you place this bet and they finish first! You win if you place this bet, and they finish third! Payouts are the same regardless as long as they finish in the top three. Of course, the odds are lower on this type than those on to-win.

This is because picking a driver to finish in the top three is easier than picking a driver to win a race. Nonetheless, the odds on most or all drivers are likely to be better than even money. It's a great bet when you know a driver will have a strong performance but want to lower the variance or aren't confident that they can close or beat out a significant favorite for the top spot.

Driver Matchups

Driver matchups are one of the most entertaining and versatile bets available for F1 races, and you'll find a plethora of different options for these bets online. Driver matchup bets are wagers in which you select two drivers who you believe will finish first and second in an upcoming race. You win your bet if the driver you select finishes ahead of the other driver in the matchup!

Nothing else in the race is important. It makes no difference where the other drivers finish or even where these two finish. You win as long as the driver you chose beats the other driver. These bets are especially useful if you have a prediction about a driver who is unlikely to win the race.

For example, suppose you believe a particular driver will perform admirably in an upcoming race. You believe they will perform better than usual and finish much higher than the critics (and sportsbooks) expect. But you also believe that this driver has no chance of winning or even finishing on the podium. This information would be useless if you could only bet on race winners and podium finishes. However, with driver matchup bets, you may be able to wager on how well this driver performs against a comparable driver. This means you can profit from your prediction without worrying about whether or not the driver wins the race.

F1 Prop Bets

F1 prop bets can be both entertaining and profitable if you're a sharp bettor. Proposition bets are wagers in which something is predicted to happen or not happen. Sometimes you can predict these things with skill, and sometimes you just have to guess. However, if you're only looking for entertainment, you can bet on any F1 props you want and have a great time.

Note: A skilled prop bet may be a wager on which driver would lead the most laps in a race. Predicting this bet definitely demands talent. A well-thought-out prediction has a considerably better probability of winning than picking a driver based on laps led.

You must be familiar with the drivers and their track performance, as well as provide a forecast on how many laps you believe they will lead.

A rookie prop bet might be a wager on whether a race will have more or fewer than five flags. Sure, you could argue that you might be able to predict how recklessly the drivers will drive, but in reality, can you really?

Essentially, you'd be speculating. These types of wagers are great for entertainment.

Pole Position

In Formula One, the pole position bet is a wager on which driver will qualify for the first spot on the starting grid. This is yet another bet in the simple category. Choose a driver and place a bet on pole position. You win if your driver has the best qualifying time and takes the pole position. This wager cannot be overcomplicated.

The odds will reflect the difficulty of a correct bet here, as with all other F1 bets where you select an individual driver to do something. This is a fantastic bet to make if you believe a driver has a super-fast car but will struggle in traffic or under normal race conditions. It's also a great bet to place if you're looking for some betting action before the main event.

Futures Bets

Futures wagers are bets on which team will win the Championship at the end of the season. In Formula One, you can wager on which team you believe will win the Constructor's Championship and who you think will win the Driver's Championship. We close the action once the first race begins. The best time to place this bet is before the start of the season.

On the other hand, we will continue to accept bets on these two futures bets throughout the season. The difference is that the odds will be adjusted based on how likely a driver or team is to win the Championship. If someone has a solid start to the season, the payout odds will likely be lower than you could have gotten before the season began.

However, if a driver has a poor start, you could get better payout odds on them winning the Championship if you believe they'll recover.

2024 Formula 1 Calendar

The Formula 1 calendar for the 2024 season was revealed, with a record-breaking 24 Grand Prix schedule approved by the FIA's World Motor Sport Council.

2024 Grand Prix Schedule

  • Bahrain Grand Prix - Bahrain International Circuit, Sakhir - March 3
  • Saudi Arabian Grand Prix - Jeddah Corniche Circuit, Jeddah - March 17
  • Australian Grand Prix - Albert Park Circuit, Melbourne - March 31
  • Azerbaijan Grand Prix - Baku City Circuit, Baku - April 14
  • Miami Grand Prix - Miami International Autodrome, Miami Gardens, Florida - May 5
  • Emilia Romagna Grand Prix - Imola Circuit, Imola - May 19
  • Monaco Grand Prix - Circuit de Monaco, Monaco - May 26
  • Spanish Grand Prix - Circuit de Barcelona-Catalunya, Montmeló - June 2
  • Canadian Grand Prix - Circuit Gilles Villeneuve, Montréal - June 16
  • Austrian Grand Prix - Red Bull Ring, Spielberg - June 30
  • British Grand Prix - Silverstone Circuit, Silverstone - July 7
  • Hungarian Grand Prix - Hungaroring, Mogyoród - July 21
  • Belgian Grand Prix - Circuit de Spa-Francorchamps, Stavelot - July 28
  • Dutch Grand Prix - Circuit Zandvoort, Zandvoort - August 25
  • Italian Grand Prix - Monza Circuit, Monza - September 1
  • Singapore Grand Prix - Marina Bay Street Circuit, Singapore - September 15
  • Japanese Grand Prix - Suzuka International Racing Course, Suzuka - September 22
  • Qatar Grand Prix - Lusail International Circuit, Lusail - October 6
  • United States Grand Prix - Circuit of the Americas, Austin, Texas - October 20
  • Mexico City Grand Prix - Autódromo Hermanos Rodríguez, Mexico City - October 27
  • São Paulo Grand Prix - Interlagos Circuit, São Paulo - November 3
  • Las Vegas Grand Prix - Las Vegas Street Circuit, Las Vegas - November 17
  • Chinese Grand Prix - Shanghai International Circuit, Shanghai - November 24
  • Abu Dhabi Grand Prix - Yas Marina Circuit, Abu Dhabi - December 1

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