Formula 1 Odds 2023

Betting Guide, Strategy, And How To Bet

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While NASCAR is currently the most popular motorsport in the US, Formula 1 is quickly gaining the attention of American racing fans. This is evidenced by the US hosting two 2022 F1 circuit stops for the first time in the sport’s history.

Drivers will come to Miami in May and then return for a circuit in Austin in mid-October.

The 2021 Formula 1 season was filled with drama. Max Verstappen and Lewis Hamilton battled it out for the title of world champion all the way to the last race. Verstappen and Hamilton entered the Abu Dhabi Grand Prix tied on points. Max was looking to clinch his first world title with Lewis looking to secure his fourth-consecutive title and eighth overall.

Hamilton had a generous lead on Verstappen throughout most of the race. However, a crash late in the Grand Prix brought out a safety car, allowing Max to close the gap on Lewis and get fresh tires. The safety car exited and the drivers battled it out in a final one-lap shootout for the title.

With fresh tires, Verstappen overtook Hamilton on the last lap to secure the win in Abu Dhabi. Despite Mercedes filing multiple protests over the result, Max Verstappen was officially declared the world champion on Dec. 12, 2021.

With massive rule changes and driver lineup shifts coming in the 2022 F1 season, betting on Formula 1 should be more exciting than it has ever been.

Formula 1 betting markets

Most online sportsbook operators offer a variety of Formula 1 betting options. These range from futures bets on your favorite drivers to individual race winners, fastest lap winners, pole position, and a driver’s finishing position.

Some sportsbooks also offer head-to-head matchups within the race.

2022 F1 Championship Odds

Championship odds have been pulled from most legal online sportsbooks. You can still wager on the ante-post winner without Verstappen, and Charles Leclerc leads the odds for that market.

2022 F1 opening futures

Here’s where 2022 F1 futures odds opened at BetMGM Sportsbook for 2022 season. These hit the board on Dec. 13, 2021. Although Verstappen took home the title in 2021, sportsbooks opened Hamilton as the slight favorite to win his eighth championship.

Driver Odds 2021 Finish
Max Verstappen-5001st
Charles Leclerc +4007th
Lewis Hamilton+40002nd
Carlos Sainz Jr.+66005th
George Russell+660015th
Sergio Perez+100004th
Lando Norris+1000006th
Fernando Alonso+10000010th
Daniel Ricciardo+1000008th
Vallteri Bottas+1000003rd
Esteban Ocon+15000011th
Yuki Tsunoda+20000014th
Pierre Gasly +2500009th
Mick Schumacher +25000019th
Sebastian Vettel +25000012th
Alex Albon+300000N/A
Guanyu Zhou+400000N/A
Lance Stroll+40000013th
Nicholas Latifi+40000017th

In addition to betting on the winning driver, you can also place a futures bet for the Constructors’ Championship. There are ten racing teams in Formula 1, each consisting of two drivers. Teams accrue points based on the finishing position of each driver in the individual races throughout the season.

At the end of the season, the team with the most points will win the Constructors’ Championship. In 2021, Mercedes took home the title.

As of Dec. 13, 2021, Mercedes was a -165 favorite at BetMGM to take home the title again in 2022.

Formula 1 race winner

Betting on the outright winner of each Formula 1 race is the most standard bet you can make. In recent years, Lewis Hamilton and Max Verstappen have been heavy favorites in each race, with their fellow Mercedes and Red Bull teammates following closely behind.

After that, most of the other drivers in the circuit are heavy underdogs.

For example, in the Bahrain Grand Prix, the first race on the 2022 schedule, you might see Hamilton listed at -150 to win the race with Nikita Mazepin sitting at +10000.

You would need to bet $150 on Hamilton to win $100 plus your original stake back since sportsbooks view his win probability at around 60%.

On the other hand, a $100 bet on Mazepin would earn you $10,000 if he won the race since he is a long-shot. At those odds, sportsbooks feel he has about a .99% chance of winning the race.

Betting on the fastest lap

Drivers that finish in the top-1o can secure a bonus point for completing the fastest lap during the race. These bonus points can make the difference when it comes to close battles for the Drivers’ Championship.

If you’re not entirely sure who will win the race but like the way a certain team’s car is performing, you can bet on which driver will earn the fastest lap.

Pole position bets

Pole position is the position at the front of the grid before the race. Generally speaking, drivers in pole position have an advantage when it comes to getting out in front of the pack and leading the race.

A driver’s starting position on the grid is determined by how he performs during qualifying. There are three qualifying sessions for each race. During the first session, the five-slowest cars are “eliminated” and will occupy grid slots 16-20.

In the second session, the next five-slowest cars are again eliminated and will occupy grid positions 11-15.

In the third and final qualifying round, it’s a fight to be the fastest. Each driver determines their grid position based on how fast they complete the lap, with the fastest driver getting pole position.

This means that a pole position wager is a pre-race wager and will be settled before the race begins.

More often than not, Mercedes and Red Bull are dueling it out for pole.

Wager on finishing position

It’s been rare lately that any driver besides Lewis or Max takes the top spot on the podium. However, there is a lot of talent in the middle of the pack. McLaren and Ferrari battled it out this season for the third podium spot. Both teams secured five podiums each during the 2021 season.

That’s where betting on a driver’s finishing position comes into play. If Norris has impressed you and you think he can make the podium, you can bet on him to finish in the top three.

If you’re not sure about a podium spot but are still impressed with his driving, you can wager on him to finish in the top six.

Some sportsbooks might offer more or less variety when it comes to wagering on a driver’s finishing position.

Driver matchups

While the 2021 season gave us amazing drama for the championship, there were other exciting battles happening on the track. McLaren and Ferrari battled all season for third place in the Constructers’ Championship. Ferrari came out on top after the last race of the year.

That competition between the two teams isn’t going anywhere, and you can bet on it with driver matchups.

Instead of betting on the winner of the race or an exact finishing position, you wager on who performs better out of a pair of drivers.

The sportsbook may pair Lando Norris up against Charles Leclerc. When you wager on a driver matchup, you are choosing which driver out of the two finishes better in the race.

Sportsbooks may also allow for matchups against a group of drivers as well, instead of a pair.

2022 F1 rule changes

The FIA has planned significant technical changes for the 2022 F1 season. Many feel that these changes, which will greatly impact the car’s design and safety features, will also help level the playing field a bit.

Now, we aren’t expecting Haas to take a podium, but it may help teams like Ferrari, Alpine, and McLaren catch up to Mercedes and Red Bull.

The changes will help cars race closer and promote more overtaking.

Drivers will be racing with new tires. Pirelli will debut 18″ wheels that are low profile. These tires should overheat less when they slide, promoting close racing.

The return of wheel covers should also help teams increase their downforce.

The improvements in aerodynamics and the ability to overtake more should factor into your handicapping for the next racing season.

The FIA has worked to try to eliminate as many loopholes as possible when it comes to car construction. This should help prevent one or two teams from having an overly dominant car while the rest struggle to keep up.

While many previous championships have been decided halfway through the season, this year should provide healthy competition until the very end.

2022 Formula 1 schedule

The 2022 Formula 1 schedule has been released and will feature a record-breaking 23 races. The season will start in Bahrain and end in Abu Dhabi.

Miami will host the first of two races in the United States.

Date Grand Prix Venue
March 20BahrainSakhir
March 27Saudi Arabia Jeddah
April 10AustraliaMelbourne
April 24Emilia RomagnaImola*
May 8MiamiMiami**
May 22SpainBarcelona*
May 29Monaco Monaco
June 12AzerbaijanBaku
June 19Canada Montreal
July 3United KingdomSilverstone
July 10AustriaSpielberg
July 24France Le Castellet
July 31HungaryBudapest
August 28BelgiumSpa
September 4NetherlandsZandvoort
September 11ItalyMonza
September 25RussiaSochi
October 2SingaporeSingapore*
October 9JapanSuzuka
October 23USAAustin*
October 30MexicoMexico City
November 13BrazilSao Paulo
November 20Abu DhabiAbu Dhabi

* Subject to contract

** Subject to FIA circuit homologation