While NASCAR may be the most popular form of motor racing in the United States, Formula 1 has a worldwide appeal that racing fans have cherished for years. With F1’s popularity steadily growing in America, sports bettors are looking for ways to get in on the action and wager on the next Grand Prix. With this guide, we'll give you a few tips for the next race and help you better understand how to bet on Formula 1!

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HOW TO BET ON FORMULA 1

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Before diving into the specifics, F1 bettors must understand the odds you'll be paying for. Because F1 categories don't resemble the typical moneyline, spread, and totals options across most leagues, here's a refresher.

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OUTRIGHT WINNER BET​

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This one is nice and simple -- in the same vein as picking an NFL team to win the game straight-up, choosing the outright winner for a grand prix is placing a bet on the 1st place finish.

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There will usually be just one favorite to win the race in F1 -- in this case, due to his dominating performance over the last few years, Verstappen is our favorite. You'd need to wager $200 to earn $100 on his outright win; a fair price for an excellent driver. As we progress down the table, the odds will grow more and more between each contestant. This is because F1 is a fairly static sport when it comes to top-place finishers -- looking further down the table teases a high payout, but comes with added risk.

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PODIUM FINISH: TOP 3 FINISH

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You can give yourself a bit of breathing room by wagering on podium finishes instead of an outright winner. If your selected driver places anywhere in the top three, you're a winner. Because of this, the odds for each driver will drop heavily - drivers at the top of the table will be favored to wind up on the podium, but even underdogs can sneak in now and then.

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POINTS FINISH: TOP 10 FINISH

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We'll make this quick since it's very similar to podium betting. Betting on a points finish expands the criteria for a winning bet by an even greater margin than a podium placement -- if your driver finishes in the top 10, you're a winner. As you can imagine, the odds for drivers at the top of the table fall heavily. If Verstappen was already a -200 to win the race outright, then placing inside the top 10 is practically a guarantee, reflected accordingly by the odds.

 

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F1 QUALIFYING: BETTING ON POLE POSITION

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Qualifying races are held before each grand prix to determine where the drivers will be lined up to start the race. The best placement is at the front of the pack and closest to the inside, otherwise known as pole position. Qualifiers are a three-stage knockout -- depending on the number of cars, a group of the slowest drivers is eliminated in Q1, another group is eliminated in Q2 and 10 cars are left to race for pole position in Q3.

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The odds for pole position is a great betting market to look at during Formula 1 qualifying. At this point, you would have had several chances to see a driver’s performance at the circuit during free practice and should have a pretty good idea of who could potentially win the race.

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PROP BETS: A GRAB BAG OF OPTIONS

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Moving away from the importance of where drivers finish, F1 boasts a handful of prop bets for bettors who want to keep it light and wager on a few external factors. Offerings for prop bets will vary depending on the F1 sportsbook you're using, but a few examples of props include:

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• Winning Margin (seconds between the 1st and 2nd place drivers)

• Winning Team (RedBull, Alpine, etc.)

• Fastest Lap

• Will the safety car appear during the race?

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The list goes on -- fastest lap is a notable favorite for F1 bettors, as you don't have to be the #1 driver to record the quickest time of the day. Consider starting with props and a top-10 finish bet if this is your first race, they both make betting on F1 that much more approachable, and your odds of winning will be slightly higher.

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FORMULA 1 LIVE BETTING

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Live betting is a feature that's offered by most major sportsbooks nowadays -- it allows you to wager anytime from the first lap to the final stretch. You'll be able to wager on most of the options listed above, although some props like the fastest lap may no longer be available.

The difference between live betting on F1 and some other sports is that you’re constantly reassessing your judgments during a race. Drivers need to make crucial pit stops during the race and there's always a chance your existing bet spins out early on. Monitoring these situations is vital if you're looking to put down a new bet halfway through the race.

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Commentators are also very valuable when viewing Formula 1 races -- listening to these experts will help you monitor timings throughout the race. If you believe that a particular driver is pitting at the wrong time, this could be the deciding factor as to whether or not you bet on them. On the flip side, it could be the perfect time for you to back that driver’s rival in the race.

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FORMULA 1 FUTURES: THE LONG GAME

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Futures are any wager on the long-term outcome of a competition. For F1, that's usually betting on the F1 Championship or the Constructor's Championship. The F1 Championship has you select the overall points winner at the end of the season while betting on the Constructor's Championship is wagering on the make of the winning car (ex. RedBull).

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Odds will be released before the start of the season and change with the outcome of every grand prix. If you're looking to wager on futures, the best odds are the ones you select early -- waiting for the results of the first few races isn't a bad idea, but it's important to remember that the favorite's odds will likely only go down as they rack up wins.