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Formula 1 Betting Guide: How to Bet on F1 in 2024
Written by: Eddie Griffin
Last Updated:
Read Time: 8 minutes
In recent years, Formula 1 has had a significant increase in popularity in the United States. That increase in popularity has carried over to sports betting, as F1 odds are available at are many of the best U.S. online sportsbooks.
Over the last few seasons, Max Verstappen and Red Bull have dominated F1. Last season, Verstappen won 19 of 22 races on the way to claiming a third consecutive World Drivers’ Championship, while Red Bull finished 451 points clear as they captured a second straight World Constructors’ Championship.
In the 2024 season, a fourth consecutive title for Verstappen looks likely despite increased competition, but with teammate Sergio Perez struggling to produce results and McLaren on the rise, the race for the constructors’ crown is much wider open.
With some level of parity existing again following the most dominant season in Formula 1 history, betting on F1 races may be much more appealing for some than it may have been in 2023.
With that in mind, we have put together this Formula 1 betting guide. This guide may be most helpful for those who are new to or inexperienced with Formula 1 betting, but it can also be very beneficial for experienced bettors as well.
Best Formula 1 Betting Sites: Where to Bet on F1 in 2024
As mentioned above, odds for Formula 1 are now widely available for North American bettors.
If you are interested in betting on odds for F1 races or F1 futures odds, here are some of the online sportsbooks we recommend for Formula 1 betting:
Best F1 Betting Sites
At these sports betting sites, you can find odds for every Formula 1 race, as well as a variety of Formula 1 futures odds.
Would you like to learn more about any of these betting sites? Check out our in-depth sportsbook reviews for each of them.
- BetOnline Sportsbook Review
- BetUS Sportsbook Review
- Bovada Sportsbook Review
- MyBookie Sportsbook Review
- Sportsbetting.ag Sportsbook Review
What do our sportsbook reviews cover? They cover some of the features and factors that a lot of sports bettors seek out and evaluate when deciding where to place bets. That includes available betting options, deposit and payout options, sportsbook bonuses and promos, mobile betting, and overall user experience.
F1 Structure: What Is Formula 1 Racing?
Currently, there are ten F1 teams, and each team has two cars that take part in each race. So, barring any mechanical issues or possible suspensions, which are very rare, 20 drivers are on the starting grid in each race.
2024 Formula 1 Teams and Drivers
- Alpine: Pierre Gasly & Esteban Ocon
- Aston Martin: Fernando Alonso & Lance Stroll
- Ferrari: Charles Leclerc & Carlos Sainz Jr. (Ollie Bearman substituted for Sainz at the Saudi Arabian Grand Prix)
- Haas: Nico Hulkenberg & Kevin Magnussen
- Kick Sauber: Valtteri Bottas & Zhou Guanyu
- McLaren: Lando Norris & Oscar Piastri
- Mercedes: Lewis Hamilton & George Russell
- RB (formerly AlphaTauri): Daniel Ricciardo & Yuki Tsunoda
- Red Bull: Sergio Perez & Max Verstappen
- Williams: Alexander Albon & Logan Sargeant
Sargeant is the lone American driver on the 2024 grid, though this is his final season with Williams.
Currently, the top teams on the grid are Red Bull, McLaren, Mercedes, and Ferrari.
Who Are the Top F1 Drivers?
Max Verstappen (Red Bull)
Verstappen is the three-time defending Formula 1 World Drivers’ champion, and he is heavily favored for a fourth consecutive title this season.
Verstappen made his Formula 1 debut at 17, became the youngest winner in F1 history (18 years, 228 days) when he won the 2016 Spanish Grand Prix in his Red Bull debut, and currently owns F1 records for most wins in a season (19, set in 2023) and most consecutive wins (10, also set in 2023), among others.
Last season, Verstappen won 19 of 22 races and finished on the podium in all but one race (the Singapore Grand Prix, where he finished fifth) on the way to winning the championship by 290 points over Red Bull teammate Sergio Perez.
Lewis Hamilton (Mercedes)
Hamilton, who will join Ferrari next season, is looking to end his 12-season tenure with Mercedes on a high note before embarking on a new adventure with F1’s most storied team.
At 39, Hamilton is the oldest driver on this year’s F1 grid, and he is also the most decorated. Were it not for a controversial finish to the season-ending Abu Dhabi Grand Prix in 2021, he would stand alone with eight World Drivers’ Championship titles, but as it stands, he remains tied with Michael Schumacher with a record seven titles. He also holds records for most all-time wins, most all-time podium finishes, and most pole positions.
Lando Norris (McLaren)
Norris appears to be Verstappen’s closest championship challenger this season, and he picked up his first career Formula 1 win at the Miami Grand Prix in May.
Charles Leclerc (Ferrari)
Leclerc, who made his F1 debut in 2018, finished runner-up to Verstappen for the championship in the 2022 season. This season, he became the first driver from Monaco to win the Monaco Grand Prix since 1931.
There are 24 races on the 2024 Formula 1 calendar, which is a record for most races in an F1 season.
Here is a rundown of this season’s schedule, which includes three races in the U.S. and two other races in North America:
2024 Formula 1 Schedule
- Bahrain Grand Prix (March 2)
- Saudi Arabian Grand Prix (March 9)
- Australian Grand Prix (March 24)
- Japanese Grand Prix (April 7)
- Chinese Grand Prix (April 21)
- Miami Grand Prix (May 5)
- Emilia Romagna Grand Prix (May 19)
- Monaco Grand Prix (May 26)
- Canadian Grand Prix (June 9)
- Spanish Grand Prix (June 23)
- Austrian Grand Prix (June 30)
- British Grand Prix (July 7)
- Hungarian Grand Prix (July 21)
- Belgian Grand Prix (July 28)
- Dutch Grand Prix (August 25)
- Italian Grand Prix (September 1)
- Azerbaijan Grand Prix (September 15)
- Singapore Grand Prix (September 22)
- United States Grand Prix (October 20)
- Mexico City Grand Prix (October 27)
- Sao Paulo Grand Prix (November 3)
- Las Vegas Grand Prix (November 23)
- Qatar Grand Prix (December 1)
- Abu Dhabi Grand Prix (December 8)
The Belgian Grand Prix, which lasts for 44 laps, is the only race this season that is fewer than 50 laps. The Monaco Grand Prix, which is 78 laps, is this season’s longest race lap wise.
If you are accustomed to betting on NASCAR, for example, the length of races may be an adjustment, as most NASCAR races are 200+ laps.
Additionally, if you are accustomed to NASCAR betting or even IndyCar betting, there are strategic nuances to keep in mind with Formula 1 that will be covered further below.
Types of F1 Bets
There are several ways that you can bet on Formula 1 races, and as with other sports, leagues, and events, futures bets are a big part of F1 betting.
As with NASCAR betting, the most popular F1 race bets are outright winner (driver and team) and finishing position bets (top three, top six, and top ten).
Additionally, there are many team and driver markets available at betting sites like BetOnline and Bovada, such as head-to-head matchup bets and bets on who will record the fastest lap or which driver will be the first to retire from the race.
Along with the many types of race bets, F1 betting sites also offer a variety of futures odds, including World Drivers’ Championship winner futures and World Constructors’ Championship futures.
Formula 1 Betting Strategies and Tips
When betting on Formula 1, it is important to remember who the top F1 drivers and teams are.
Surprising results do happen in races from time to time. However, those top teams and top drivers will win most of the races and dominate most of the podium places over the course of a season.
During a season, the order of those top teams and drivers may change. That is due to upgrades that teams are able to make throughout the year.
Also, it is important to remember that team strategy typically wins out over individual choices. In NASCAR, there are teams that may have two to four drivers, but within those teams, the individual race teams operate more on an individual basis when it comes to race strategy and competition.
Other Sports Betting Information
Throughout the 2024 season, we will have betting analysis, predictions, and picks for F1 races like the Monaco Grand Prix, British Grand Prix, United States Grand Prix, and the season-ending Abu Dhabi Grand Prix.
If you are interested in betting on Formula 1, bookmark Betting News so you can catch our F1 content.
This F1 betting guide is one of many sports betting guides we offer. From how to bet on sports, leagues, and events, to types of bets and betting strategies, we are here to help you become the best bettor you can be.
Here are some of the other betting guides you can find on Betting News:
- NFL Betting Guide
- NBA Betting Guide
- MLB Betting Guide
- NHL Betting Guide
- College Football Betting Guide
- College Basketball Betting Guide
- WNBA Betting Guide
- NASCAR Betting Guide
- Super Bowl Betting Guide
- When Should You Hedge Your Bets?
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