How Betting on Formula One Has Evolved

January 15, 2021

  • Betting In Formula One

Anyone who placed a bet in the early days of formula one betting didn’t really have that much to choose from, and the deal on offer wasn’t great. Fast forward to the present day and that could not be much further from the truth.

The fact is that betting on Formula One has dramatically changed and the service on offer is of a very high quality.

Bookmakers allows you to bet for free on your favourite driver to win the championship, an individual race or even on qualifying in pole position as well as many other options.

On top of this, bets are no longer confined to before the race, you can also bet while the action is taking place, something that we have seen add a brand new dimension to many sports.

More Bookmakers Involved

In terms of the deal on offer, this is only at its very best when there is a competitive betting market. In the past, we didn’t have that, with only a handful of bookmakers getting involved and few people placing bets.

Now we have almost every bookmaker offering prices on Formula One, with plenty of people placing a wager too. This means the bookmakers have had to cut their margins and compete against each other, all of which is great news for people placing bets.

A look at the latest F1 race schedule will show you what is coming up next, and when we get to the week before racing, you can expect to see betting odds from pretty much every bookmaker you can think of.

Go back a decade or two and this wasn’t the case, showing just how good it is now for those who want to place a bet on their favourites.

New Betting Markets

Alongside more getting involved, we are also seeing bookmakers push forward brand new betting markets. This covers a lot more than just the winner of the race.

Many will offer betting on the qualifying session, to see who lands pole, they will offer outright betting on who wins each of the Championships at the end of the season plus many more.

Again, this is down to bookmakers competing with each other. They want to attract new business and to do that they have to offer something that no one else is. This can be done by creating new betting markets to get the upper hand.

If you look at the most popular betting sports such as football, a gambler has hundreds of markets to choose from on the big games. Formula One will likely never get there, but it is on its way to having a respectable choice for players.

Betting During the Race

In play betting has completely transformed the way in which some gamblers now place their bets, and it is great for many sports including Formula One.

For example, let’s say you are watching the British Grand Prix live but you are unsure who to bet on because there is a chance of rain during the early part of the race. Rather than guessing, you can wait until the weather develops and then place your bet during the race, depending on the weather.

The odds change during play to reflect the chances of each driver, but betting this way does give you more control and takes away the guessing in situations like this.

Many also use in play betting to re-invest if something goes wrong. For example, if your driver crashes on the first bend of the race, you don’t have an interest any more, but with in play betting you can bet on someone else to watch.