The sports betting industry could have a value of more than USD 140 billion by 2028, and with the increasing popularity of Formula 1, it’s no surprise many gamblers want to bet on this exciting sport.
But what should you know before you bet on Formula 1? If you place wagers without having a coherent strategy, you could quickly lose your bankroll and give your money to the bookmaker.
While there are no guarantees of winning when gambling on Formula 1 races, you can give yourself a better chance of success by following a few simple tips.
Let’s dive in and find out more about betting on F1.
Learn the Different Betting Types
There are many different types of Formula One bets that can keep you entertained over the course of an F1 weekend. For example, you could start by betting on the F1 qualifiers and then place an outright wager on who you think will be the race winner.
While watching the race live, it’s also possible to gamble on aspects such as when a driver will make a pit stop. This can be exciting and add an extra edge to your betting experience.
Keep an Eye on the Weather
The weather can have a huge effect on F1 races, and you should factor this into your betting decisions. While Lewis Hamilton is well-known for being an excellent driver in wet conditions, you may prefer to bet on another racer if the track is dry.
Be sure to read up on how each driver tends to perform in various types of weather and look up the forecast before placing a wager.
Study Both the Car and the Driver
Formula 1 is a complex sport, and the best driver doesn’t always win. This is because the quality and set-up of the car can make a big difference to the outcome of a race.
While you should study how the drivers are performing, it’s also vital to consider if their racing team has been able to develop a top-class car.
Watch Out for Rule Changes
When you bet on sports there is a lot of unpredictability, and in F1 rule changes can have a dramatic effect. Look out for any amendments, and listen to how each team responds to get a better idea as to whether they will struggle to cope with the new rules.
Now You Know How to Bet on Formula 1
You can have a lot of fun and potentially make some extra money when you place a bet on Formula 1, but you should know what you are doing before you part with your cash. Take some time to understand the various betting types, and study multiple factors such as the weather, car, and driver form. You should also stay up to speed with any rule changes that could affect the results of upcoming races.
You could perhaps place a winning bet while watching the next Grand Prix!
Before you rush off to bet on Formula 1, check out more of our Entertainment posts.