Qualifying Bets – The qualifying bet allows you to wager on what you believe the driver’s starting position before the official race will be. Here you will often get better odds than simple outright winning bets on the actual race. For instance, Lewis Hamilton might have odds of $10 to win the qualifiers and start in P1, but then have odds of $2.50 to win the race. Note that qualifying heats usually take place the day before the actual race.
Outright Winner – Here you are simply wagering on a particular racer to win that specific event; the overall winner. Each racer will have certain odds adjacent to their name and you can place your wager according to those odds.
World Drivers Championship (WDC) and World Constructors Championship (WCC) Bets – The overall F1 championships run on a points system so for the WDC and WCC bets, you are placing a wager on the driver (WDC) or constructor (WCC) who you think will finish with the most points at the end of the year, thus winning the championship. This is classified as a future bet as you will be wagering prior to the close of the season. Constructor (engine/car) examples include Red Bull Racing-Renault, Ferrari and Mercedes.
*Note: Championship bets are not offered in F1 racing when the season is nearing the end. Also, if towards the end of a season it is quite obvious who the champion will be, then bookmakers will often open a new market that excludes the clear leader and pits the other drivers/constructors who are trailing the leader against one another.*
Podium Finish – The podium finish is a top three finish; so the bet you are considering is which driver (or drivers) will place in the top three. If you only bet on one driver, then you ultimately can have him place 1st, 2nd or 3rd and win your bet. If you bet on more than one driver, then you will need each of those racers to finish among the top three for your wagers to pay off.
Points Finish – Drivers who place in the top 10 at the end of a Grand Prix race receive points so in each individual event you have the luxury of being able to place a bet on a driver for a points finish. Odds here are not a strong as a podium finish bet or outright winner bet, but chances are high that you will win. Something would have to go very wrong for a driver in P1 not to place in the top 10. These types of bets can work well in a multi.
Fastest Lap Time – Choosing the driver who notches the fastest lap time is going to largely depend on the car, circuit and the pit crew. Take all these factors in to consideration before placing a bet such as this one.
Winning Distance – What is the winning length you feel the winner will finish ahead of the driver who places second? An entertaining way to bet on races but also very difficult so look at this bet as an enticing exotic wager but not necessarily as a way to make a steady profit.
Money Management – Don’t go broke wagering all your savings on one race, or on any other sport for that matter. Agree on a total amount you are willing to spend and then wager a certain percentage of that total amount on the bet types you wish. If it is a high risk bet, then using a low percentage of your total bankroll is advised. Give your bet some thought rather than making a rash decision you will regret later on.
Track Conditions and Weather Forecasts – If you’re serious about punting on F1, check track conditions and weather forecasts prior to the race. If it has been raining, then a slick track will without a doubt make a big difference to the performances of the drivers and their cars. Or maybe a certain track’s maintenance is not up to scratch. The heat of the track also affects the tyres of racing cars.
History of the Racer on the Track – Some drivers race brilliantly on certain tracks and not as well on others. Have some prior knowledge of the history of drivers on the specific track before making your bet. Current points leader and three-time defending world champion Sebastian Vettel has 30 Grand Prix titles and won for the very first time on his home soil (the German Grand Prix) in 2013.
Understand Your Bet – Confirm before submitting your bet that you have the correct type of wager whether it be a first-place finish, a top-three finish, or a top-10 finish. For instance, if Fernando Alonso has odds of $4, make sure you know if those odds are for a victory or for a top-three finish.