Best Formula 1 Betting Sites: F1 Betting Guide & Tips

The explosion of popularity in Canada regarding Formula 1 has been phenomenal. Since 2021, F1’s Canadian audience has increased more than 100%, making it one of the fastest growing sports in the country. Now, Formula 1 has become a staple for sports bettors and fans alike.

Featuring extraordinary personalities, fast-paced events, thrilling rivalries and the most fascinating locations, F1 is more than just racing. It’s an event that delights the senses, offering stunning visuals and spectacular frequencies. Those looking for an athletic experience mixed with the poetry of storytelling will love the world of Formula 1 Racing.

We’ve seen an increase in the popularity of Formula 1 in recent years. The Formula One scene has been a popular betting market, but the sport saw an injection of commotion thanks to Netflix’s documentary, Drive to Survive. It became an instant hit and is credited with the increase in popularity in North America and specifically, Canada.

As a global event, you’ll see Formula 1 action at various locations throughout the year. The most notable events include the upcoming Las Vegas Grand Prix (USA), Monaco Grand Prix, Italian Grand Prix, and Abu Dhabi Grand Prix!

The purpose of this page is to inform bettors on everything related to F1 betting. From the popular markets to the most notable racers and teams, we’ve got you covered with an informative guide to keeping you familiar with the world of Formula One racing!

So, start your engines, and let’s dive into the world of F1 betting.

Tons of bookmakers will offer Formula 1 odds. Finding F1 betting odds isn’t a challenge. However, finding proper bookmakers that will satisfy the needs of Formula One bettors is a hurdle everyone must go through. We run through a personal (unbiased) checklist to rate bookmakers, helping you gain knowledge without ever compromising integrity. Some of the things we look for include:

• Promotions and Bonuses: Bettors love treats and promotions/bonuses are the best thing since sliced bread. This doesn’t even need to officially factor in F1, either. We look at bonuses, promotions, and other events that F1 bettors can take advantage of. Having strong promotions and bonuses offering can go a long way.
• Markets: One of the biggest factors we look at are the markets offered for F1 bettors. Bookmakers need to have the best betting markets available because if not, then what is the point of registering for a site? Markets betting sites should include are odds for the next upcoming race, as well as futures on the Constructors’ Championship,
• Security: Betting on Formula One sites will include submitting compromising details like personal address, name and banking details. Bookmakers that want to be highly rated will need tons of security measures to protect users.
• Customer Service: While this may not directly impact F1 betting per se, offering the best customer service practices is something we hold in high regard. Bettors who wager on Formula One may run into troubles and need a pit stop (help). We see what services are offered by betting sites and how they can help those that bet on F1.
• General F1 Coverage: Is Formula One treated as an afterthought or is it just another sport added to bloat a sportsbook? When rating bookmakers, we want to see that F1 betting is a priority and not just added to a site so bookies can say they offer it! F1 bettors are passionate, and we want to ensure they are being treated with importance. 

Yes, it is legal to bet on Formula 1 in Canada! If the bookmaker you choose is licensed in your residing province, you should have no issues betting on Formula 1 action!

Opening an account is the next step in betting on F1 action. To successfully open an account, follow these instructions: 

1. First, you will need to click Register at the top right of the Betway home page. 
2. From there, you will enter your first and last name, and your date of birth. Click next once finished.
3. After you have clicked next, enter your Username and create a password. You will also need to send an e-mail and confirm your password with your account. Once that is all filled out, click next.
4. Lastly, you will enter your address and mobile phone number. If you choose to, you can also impose Daily, Weekly, or Monthly limits on your account.
5. Confirm the language you wish to play in and the currency you wish to deposit in. You will also need to enter your industry and occupation. Lastly, you can choose which welcome offer you want to participate in. 

If these steps are followed correctly, you will have officially registered an account!

Recommendations When Opening an Account

• When registering for a new betting site, ensure you are reading the terms and conditions of the site. As well, make sure you are familiar with ongoing promotions, terms of bonuses and customer service options. 
• Confirming banking methods and payment options is another way to prepare for betting sites and we also recommend scoping out the betting markets and sports you want to wager on!
• Researching the bookmaker, you want to join, and all of its pros and cons will help you make an informed decision when joining an F1 betting site. 

Alongside welcome bonuses, Formula 1 bettors can take advantage of various bonuses and promotions!! Bookmakers will offer bonuses and promotions to draw attention to their sportsbook and to give users a little freebie. Some of the most notable F1 betting site promotions and bonuses you’ll see are:

💰 Welcome Bonus: These are bonuses gifted to new users of a betting site. Often, welcome bonuses will come in the form of a matched deposit. This means that the bookmaker will match your first initial deposit up to a certain number. Virtually every F1 betting site will offer a welcome bonus for new users.

💰 Boosted Odds: Known as enhanced odds, Boosted Odds give bettors more value for popular lines. If Lewis Hamilton is listed at +125 to have a podium finish, they may give him even better odds than +125 (like +220) as a promotion to encourage betting! Boosted odds are increased odds on a specific bet and moves in favor of the bettor.

💰 Free Bets: These are exactly as they sound. Free Bets are wagers you can make that the sports book will return to you if you lose, normally in the form of bonus cash or site credit. This allows bettors to play without the stress of using personal money, since you’ll be gifted that back by the bookmaker.

💰 Grand Prix Promotions: Every bookmaker is different but certain betting sites will offer promotions based on upcoming Grands Prix. We have seen odds or promotions involving certain racers like Max Verstappen and Lewis Hamilton but there are also promotions based on popular events, like the Monaco Grand Prix! 

Like the action on the track, the world of F1 betting is intense, fast and exhilarating! Formula One has been a staple for sports books since its inception into the betting world. The names of Verstappen, Hamilton, Leclerc, Sainz and Alonso are popular picks among the crowd to win any event but it’s no secret every Grand Prix has fierce competition.

This guide will help you learn everything you need to know about F1 betting, including the betting markets, rules and we even provided betting tips to help you become successful!

Markets, betting types and odds

Outrights – This is one of the most common betting markets in F1. You can wager on which racer will win the F1 Drivers Championship and other events in the future. Likewise, you can also bet on which team will win the Constructors’ Championship. These bets are normally placed before the season begins.

Season Matchup – Known as a head-to-head battle, you are choosing which team will perform better than their opponent. The odds could be listed as individuals (Hamilton –150 vs. Ocon +250) and you can also bet on teams (Red Bull –120 vs. Williams +500).

To win – Simply put, you are wagering on which racer will win the upcoming Grand Prix. If you choose the correct driver, you win the bet!

Dual Forecast – Dual Forecast allows you to pick the top two drivers at a Grand Prix. You are wagering on two drivers that will finish in 1^st and 2^nd place. If they do so (in any order), you win your bet.

Winning Team – In a Grand Prix event, the winning driver is also linked to a team. So, when wagering on the winning team you are betting on which team will win the race!

Top Three Finish – This is as it sounds. Top three finish wagers involve betting on a driver to finish 1^st, 2^nd or 3^rd in a race, known as a podium finish.

Fastest Qualifier – You can wager on events before the actual Grand Prix! Wagering on the fastest qualifier is a growing market as it levels out the majority of cars. The only outlier will be how fast one can qualify and it is not determined by any other factors, such as finishing in the top three or finishing the actual race altogether.

Best F1 betting sites features

Live Streaming – The ability to watch the race you are betting on is a main feature everyone wants. If a bookmaker offers live streaming for F1 races, that is arguably one of the biggest features any bookmaker can enjoy.

News/Stats - One of the most underrated features of a betting site is news and stats. Not every betting site offers this so if an F1 bettor finds a bookmaker that offers live stats and news for the upcoming Grand Prix, that is huge!

Live Betting – The thrill of live betting means you can bet once the race has begun. This offers interesting odds, and the lines can shift at a moment’s notice! Bookmakers offering live betting to wager on F1 are a hot commodity.

Betting strategy and betting tips

Having a strategy is a great start for those looking to bet on F1 racing. To help create a strategy guide, we broke down some useful F1 betting tips!

Qualifying Sessions are Key: No one likes homework, but the qualifying sessions are a factor to consider. This will not only help you see which drivers are learning the track well, but you’ll also learn from starting grid positions. Qualifying determines the starting order for the race! While it’s not the be all and end all of F1 racing, how a driver qualifies could be a great indication to how they place in the actual event.
The Importance of Weather: Weather is a HUGE factor in F1 betting, as well as the races themselves. The potential for rain, humidity or other weather events could drastically change the outcome of a race. Before placing an F1 bet, ensure you check the weather.

Favourites Aren’t Too Shabby: While there can be value in betting underdogs, favourites can be a safe(er) play. There is a reason they are the favourites. Formula One can be dominated by an individual and backing the favourite isn’t considered a bad thing.

Read the News: Researching the news is another tactic to learn about upcoming races. Keeping up to date with the latest breaking news surrounding the world of F1 can give you insight into how a potential race will play out. Being in the know will help you become a more well-rounded F1 bettor.

Multiples Work: When wagering on Formula One, don’t shy away from betting on multiple racers. Realistically, you can find 2 or 3 drivers that will give you great odds (and payouts) if they happen to win. This will allow you to increase your chances of winning your bet and still earn money!

F1 rules & format

For new F1 fans, understanding the rules and format may be challenging. Below, we look at the main rules and the format of F1 to help you better understand the races!

Format:

• F1 consists of 10 teams with two drivers per team.
• Points are awarded to the top 10 finishers of a Grand Prix. The winner receives 25 points while spot 10 receives 1 point. Racers 11-20 receive 0 points.
• Race weekends are three-day events, consisting of two days of practice and qualifying events, followed by the Grand Prix on the third day.
• Qualifying is used to determine grid position for the final race. The faster time you earn in qualifying, the better starting position you will earn.
• F1 race circuits are usually between three to seven miles.
  

Rules:

• All vehicles must abide by restrictions set in place.
• Pit crews are no longer allowed to refuel during the race.
• Penalties include causing an avoidable accident, unfairly blocking a driver, speeding in the pit lane (and more).
• 300 kilometers plus one extra lap must be completed for a race to be deemed official.
• Technical rules include the number of engines allowed throughout the course of the year and their hybrid components.
  

F1 also has flags to indicate certain situations:

• Red – Race is halted
• Yellow – Hazard on track
• Yellow/Red Stripes – Caution, Oil/Liquid on track
• Green – Hazard removed, resume racing
• Blue – Lapped car must let faster cars behind pass
• White – Slow-moving car ahead
• Black – Driver disqualified
• White/Black - Driver warning
• Checkered Flag – End of race

F1 teams & drivers

2023 is set to be another top year for the sport. We’re seeing a ton of drama on and off the track, which should make for an interesting year. Entering the year, look at the following teams and individuals all vying for podium finishes in 2023.

Mercedes: One of the most notable names on this list, Hamilton had a down year in 2022 but is still looking to prove that he (and Mercedes) are a top dog on the track. The promotion of George Russell has done well for the team as well. Russell is only 25 but after joining Mercedes in 2022, Russell captured his first victory in Formula One under the Mercedes banner. Many are expecting Hamilton to resurge and Russell to improve, which is dangerous for other teams in 2023.

Drivers: Lewis Hamilton and George Russell

Alpine: It was a strong showing for Alpine in 2022. The team finished in 4^th, only behind top dogs, Mercedes, Ferrari and Red Bull Racing. Changes were made to the starting crew as Gasly jumps over from AlphaTauri. Ocon has shown gradual improvement between the 2021 and 2022 seasons, so many are projecting 2023 to be another breakout season. Ocon jumped three spots from 11^th to 8^th between 2021 and 2022, which has fans hopeful for another strong season.

Drivers: Pierre Gasly and Esteban Ocon

Haas F1 Team: Haas is a team with low-risk, high reward potential. The duo of Magnussen and Hulkenberg shows potential thanks to Magnussen's star power and Hulkenberg’s consistency. For a team that finished 8^th in the standings, we could easily see Haas improve in 2023.

Drivers: Kevin Magnussen and Nick Hulkenberg

McLaren: McLaren will be a team to watch in 2023. There is a ton of potential for this team as Piastri was a reserve last season but looks to mark his territory in F1. He has a dominant figure in Formula 2 and 3, so there is no reason his success won’t carry over. As for Norris, has matured as a racer but is still in search of his first victory in F1. This is a team to keep eyes on as the sky is the limit for this duo.

Drivers: Lando Norris and Oscar Piastri

Red Bull Racing: The Red Bull Racing Team have taken over F1 and have become an absolute force. Verstappen is a top pick to win the World Drivers’ Championship and teammate Sergio Perez is coming off one of his strongest seasons in 2022. Verstappen and Perez finished 1^st and 3^rd in driver standings respectively and team Red Bull are a top pick to be Constructors’ champions.

Drivers: Max Verstappen and Sergio Perez

Aston Martin: Fernando Alonso proved that he has a ton of success left in him. The 41-year-old has been decorated in Formula One for many years, leading bettors to believe that Aston Martin has great value in 2023. Stroll is nearly half the age as his partner but has shown promise. Under the tutelage of Alonso, Stroll could have a breakout year in 2023.

Drivers: Fernando Alonso and Lance Stroll

AlphaTauri: There are a ton of questions for AlphaTauri entering 2023. The departure of Pierre Gasly has many to believe they will be weaker as a team this season. de Vries has shown potential and Tsunoda has a lot to prove, which leads bettors to believe this team are considerable longshots. Still, as they progress in the season anything could happen, but AlphaTauri are considered longshots in 2023.

Drivers: Yuki Tsunoda and Nyck de Vries

Ferrari: Another popular pick among F1 bettors, the dynamic duo of Leclerc and Sainz might make the best team in 2023. One of the biggest contributing factors to Ferrari’s success is Sainz’s consistency and Leclerc’s speed. Either driver can win on any given day, meaning other teams will need to look out for Ferrari at every event. Some consider Ferrari a lock to be Constructors’ Champions at the end of 2023.

Drivers: Charles Leclerc and Carlos Sainz

Alfa Romeo: Bottas has been smooth like butter and the addition of Guanyu means Alfa Romeo could see improvement into the top 5. Guanyu dominated F3 and F2 and has a world of potential in him. Bottas is a veteran, and many believe that he can help Guanyu make the transition to F1, which means success for Alfa Romeo.

Drivers: Valtteri Bottas and Zhou Guanyu

Williams: Williams is another team full of unknowns. Albon showed promise in 2022 but the transition from F2 to F1 could be a large hill to overcome for Sargeant. This is a team that has GREAT potential in 2023 but will need to prove it to themselves and the rest of the Formula 1 world.

Drivers: Alexander Albon and Logan Sargeant

One of the marquee events on the F1 calendar is the Canadian Grand Prix. Regularly hosted in Montreal on Notre Dame Island, the Canadian Grand Prix has seen several winners throughout its event history. Michael Schumacher and Lewis Hamilton both have 7 victories under their belt entering the 2023 season, with Ferrari leading the charge with 14 victories as a team.

The event was first held in 1961 but the Grand Prix finally joined the Formula One World Championship in 1967. Jack Brabham (Australia) would be the first winner under the Formula One umbrella.

Since joining the Formula One World Championship, the Canadian Grand Prix has missed five events. In 1975, the event was not held and in 1987, there was a dispute between Labatt and Molson, two sponsors of the Canadian Grand Prix. 2009 was another year in which the Canadian Grand Prix did not host its event. And most notably, stops in 2020 and 2021 were cancelled due to the COVID-19 pandemic. 

The 2023 edition of the Canadian Grand Prix is set to take place between June 16-18 at Circuit Gilles-Villeneuve. With a circuit length of 4.361KM and 68 laps, the event is a test of reflexes. 

Max Verstappen (Red Bull) won the 2022 edition of the race. This was the first win for Verstappen at the event and it marked the first time since 2014 that team Red Bull won the event. 

Those that love to bet on F1 circle their calendar for the Canadian Grand Prix, as it is not only a betting phenomenon but one of the most entertaining races of the season.

The F1 season has several races that catch the eyes of bettors. With thrilling action at every event, F1 bettors have their calendar full all year long.

With that being said, certain events of the F1 season tend to see more action than others. Whether it’s the prestige of events or the popularity of the event, certain races stand out among the crowd. Below are some of the biggest F1 races to wager on!

Monaco Grand Prix: Deemed as one of the most prestigious races in the world, all eyes are locked in on this event. It is also one of the oldest races in Formula One and some of the highest rated drivers of all time have won the Monaco Grand Prix, including the likes of Michael Schumacher, Ayrton Senna and Lewis Hamilton. Max Verstappen won in 2021 and is poised to join an exclusive group if he captures a second Monaco victory.

Belgian Grand Prix: The Belgian Grand Prix is an interesting event on the F1 schedule because of the unpredictable weather. With the potential for heavy rain on race day, there is no telling what can happen when driver skirt through potential slippery conditions. Due to the unpredictability of weather, the Belgian Grand Prix has become an exhilarating market for F1 bettors!

British Grand Prix: As the oldest race in the Formula One World Championship calendar, the British Grand Prix has an interesting history. Held at Silverstone, the circuit is deemed fast and is held on the side of a Royal Air Force bomber station and has become more technical due to recent renovations. Lewis Hamilton has dominated the event and is a favourite every time. With 8 wins at the British Grand Prix, Hamilton’s spot atop the leaderboard (at this event) will be unmatched for decades.

Italian Grand Prix: For historical fans, the Italian Grand Prix holds a special place in the hearts of F1 fans. Along with the British Grand Prix, it is the only race to be held every year since the sport’s inception in 1950. Held at the famous Monza Circuit, the speeds reached are jaw-dropping. Despite being one of the longer races on the calendar, top speeds can reach well over 350KPH on straights. For bettors that love speed, the Italian Grand Prix is significant.

Some drivers (and teams) stand out among their peers. To provide you with quick knowledge of the most successful drivers/teams, we created an informative list of the best of the best!

Individuals (Grand Prix Winners):

• Lewis Hamilton – 103 Wins
• Michael Schumacher – 91 Wins
• Sebastian Vettel – 53 Wins
• Alain Prost – 51 Wins
• Ayrton Senna – 41 Wins
• Max Verstappen – 35 Wins
• Fernando Alonso – 32 Wins
• Nigel Mansell – 31 Wins
• Jackie Stewart – 27 Wins 
• Jim Clark/Niki Lauda – 25 Wins

Teams (Constructors’ Titles):

• Ferrari – 16 Constructors’ Titles
• Williams – 9 Constructors’ Titles
• McLaren – 8 Constructors’ Titles
• Mercedes – 8 Constructors’ Titles
• Lotus – 7 Constructors’ Titles
• Red Bull – 5 Constructors’ Titles
• Cooper/Brabham/Renault - 2 Constructors’ Titles