Formula 1 Betting in Ireland 2024

You will agree that the extension of the gambling industry into the digital sphere has brought about a lot of advantages to the industry. The most significant benefit is the availability of sports betting, including F1 racing betting on online bookmakers. 

Ever since the first online betting site came up in the late 1990s, hundreds of other betting sites have offered their services to sports betting enthusiasts across the globe. Due to this, punters today can conveniently place wagers on their favourite F1 racing events from the comfort of their homes or while on the go with just a few clicks on their desktop or mobile devices.

 As such, when it comes to the question of where you can bet on F1 races, the simple answer will be any sports betting site that features F1 betting on its platform. That being said, our team of betting experts at Irishluck has reviewed many of the best sports betting sites that accept bets from Irish punters. Some choices are William Hill, Ladbrokes, Boylesports, and Betfair - among many others. You will find the relevant information about these sportsbooks above.

Formula 1 Explained

While Formula 1 is a pretty popular sport today, not everyone understands what it is all about, how it originated, or what it entails. So, if you don’t know much about Formula 1 or F1 betting, you are not alone. Formula One, also known as Formula 1 or F1, is the topmost international racing class for open-wheel single-seater racing cars. The race is sanctioned and monitored by the Fédération Internationale de l'Automobile (FIA), which happens to be a body that governs auto racing events across the world.

The term “formula” refers to a set of rules and regulations that all participating drivers and their motors must conform to. The Formula 1 season consists of a series of races in various places worldwide, known as the Grand Prix. Each of these Grand Prix is hosted on either purpose-built circuits or closed public roads. 

It is mainly encompassed in two annual world championships; one for the drivers and one for the constructors. A point system is used to score players and constructors during the season. Each driver is scored based on the position they finish a race in. The first place gets the highest points, while the last-placed driver receives the lowest. The Constructors championship, on the other hand, involves teams of drivers driving for a particular constructor like Mercedes, Ferrari, Ford, and many others. Each constructors’ points are calculated by adding all the points scored by the drivers racing for them.

Brief History of F1 Racing

The Formula One series can trace its roots in Europe since as far back as the 1920s and 1930s when the European Championship of Grand Prix motor racing was the rage. Formula One, a set of rules that all participating drivers and cars must meet, was a new formula agreed upon in 1946. 

The first non-championship races took place that same year at the 1946 Turin Grand Prix.  While the World Drivers' Championship became formalized in 1947, the first Formula One world championship race took place in the United Kingdom at the Silverstone circuit.

Most Popular Grand Prix

As we have mentioned earlier, Formula One consists of a series of races called the Grand Prix, which is raced in purpose-built circuits and closed city streets in different places across the globe. This has been going on since as far back as 1950 when the first Grands Prix started. Even recently, São Paulo Grand Prix in Brazil, Saudi Arabian Grand Prix in Saudi Arabia, and a few others started in 2021. 

The table below contains some information about some of the most prestigious Formula One Grands Prix in the world today.

F1 Betting Odds

Like any sports betting market, a punter needs to know how the F1 betting odds work before they can stand a chance of being successful in F1 betting. This is because Formula One odds express the profit a punter stand to gain on any market they wager on, which essentially lets them know whether a bet has good value or not.

That being said, the odds format generally preferred by punters in Ireland is the fractional odds format, which displays Formula 1 odds as 9/2, 3/1, 5/3, and so on. This format simply expresses the ratio of the profit a punter will gain against any wagers.

For example, let’s say a sportsbook displays a 4/1 F1 odds price for Lewis Hamilton to lead in a matchup between him and Max Verstappen in the French Grand Prix. The 4/1 F1 betting odds price essentially means that a punter will receive €3 for every €1 wagered on the market. 

So, if you are to place a €100 stake on the market and your prediction prove accurate, you will receive €400 (€300 profit and €100 returned wager). The same principle goes for any of the other F1 betting odds you will most likely come across. In theory, lower odds will bring small payouts, while higher odds will potentially bring bigger payouts.

F1 Betting Markets

Once you have figured out how the F1 betting odds system works, the next thing to do is understand the type of bets you can place on F1 motorsport races. 

You will agree that F1 motorsport racing is unlike football, basketball, and many other popular sports. If anything, it is only similar to horseracing in that, more than two opponents in the race. The betting markets available for F1 racing are unique and not as extensive as most sports. However, there are more than enough F1 bet types that F1 betting enthusiasts can enjoy when betting on F1. 

You can place wagers on almost all aspects of the game, from who will win the race to which driver or team will win the championship. Our team of betting experts at Irish Luck has some experience in this area and has provided a list of some of the most popular bet types that Irish punters can access for Formula One betting.

Race Winner Bet

You will agree that the simplest form of sports betting is betting on who you think will win a race, match, or tournament, which is the same for Formula 1 racing. With this type of bet, you need to select the driver you think will win the race. Typically, the drivers with high chances of winning come with relatively low odds, and those with low odds come with high odds. This market is a pretty good one to bet on, especially for bettors new to the world of Formula 1 betting.

Podium Finish Bets

Another fun way Irish bettors can bet on Formula 1 races is through podium finish bets. Podium finish bets work similarly to the race winner bets but with better chances of winning. Here, punters will place a bet on a driver to finish in the top three positions, called podium. The best part about this bet is that it doesn't matter which of the three positions the selected driver finishes in. If you place a wager on a driver and the said driver finishes first, second, or third, you win the bet. Plus, there is no difference in the payout you will receive for whatever position the driver finishes. That being said, we should mention that the odds that accompany these markets are usually much lower than that of regular win betting. This is because it is far easier to accurately predict a driver to finish in the top three positions than picking one driver to achieve victory and take the top spot.

Driver Matchup Bets

Another exciting form of bets for F1 betting is driver matchup bets. In this market, sports betting sites will post different driver matchup pairs, and punters will have to place wagers on which of the two drivers of each market will achieve a better position than the other in the race. The best part about this market is that nothing else but the performance of the two paired drivers matters. As long as the driver you select beats the other driver, you win. These bets are pretty helpful, especially if you believe that one driver is better than another in a sportsbook matchup pair.

Pole Position Bets

One of the best wagers that an Irish punter can place is the pole position bet. The position a driver starts is important in F1 racing, which is why the driver with the best qualifying time will have the number one spot, called the pole position. The market that utilizes the unique scenario of the pole position in motorsport racing is the pole position bets. Here, you will be betting on the driver that you think will earn the pole position. You win the stake if your selected driver has the best qualifying time and makes the pole position. As is with all the other Formula 1 bets, the odds in these markets will reflect the chances of any selected player earning the coveted spot.

Future Bets

As is typical of many other sports betting options out there, future betting is available to Irish punters when it comes to betting on Formula One action. With these types of bets, you will be betting on a future outcome often weeks or months away. The most common F1 future bet is betting on which driver or team will be the champion at the end of the season. For example, you can place a bet on who you think will win the Driver's Championship or which team you think will win the Constructor's Championship. The most popular and often available time to make this type of bet is before the start of the season, as many sportsbooks will close the action as soon as the first race starts. However, many other sportsbooks keep the market open and allow punters to make wagers throughout the season. These sports betting sites do differently by adjusting the odds prices based on the probability of a team or driver winning the championship.

Fastest Lap Betting

Formula One motorsport racing is all about speed. The faster a driver is, the quicker they will finish the race and end up in the top spot if they are lucky. So, another exciting market that Irish punters can bet on when it comes to F1 betting is the fastest lap bets. Here, punters will have to select which driver will complete an individual lap in the quickest possible time.

Prop Bets

Another form of excitement that Irish punters can enjoy when betting on Formula One betting is wagering props bets, also known as proposition betting. With proposition betting, you will be placing bets on markets that are slightly different from your standard wagers. Before the start of any F1 event, most sportsbooks would propose that something will happen during or after the race, and you are expected to bet on whether the props will happen or not. Within this market, you will find dozens of betting options that you can place your wagers on. Many of these bets are ones you can predict with good knowledge of F1 racing and F1 betting and skill, while others only require flat-out guess. 

Some standard options when it comes to F1 include

• Driver to lead the most laps in a race

• Will there be more than three cautions flags during the race

The range and specific options available in proposition betting usually range from one sportsbook to another. So, it is always a good idea to check out what your F1 props betting options are.

Winning Margin Bets

Another popular option for F1 betting is betting on the winning margin of the races. The winning margin in F1 racing is the time difference between the first drivers that cross the finish line. So, in this type of bet, you can predict the margin to which the first-placed driver will beat the second finisher. This can be in the form of time ranges like "1 to 3 seconds", "3 to 6 seconds", and so on. Alternatively, it could come in the form of over/under wager, where the sportsbooks will post a time they think the margin will be. In this case, you will have to predict whether the actual winning margin will be over or under that predetermined number.

Other Markets

Asides from the markets we have just mentioned, there are dozens of other bet types that players in Ireland and beyond can place when it comes to betting on F1. 

Some of the other betting markets that deserve mention include

• Top 6 finish: Involves placing wagers on a driver to win in the top 6 positions

• Nationality of winner: Involves placing bets on the country where the winner of a race comes from

• Safety Car appearance: Involves placing bets on whether or not the safety car will be deployed during a race.

F1 Live Betting

You will agree that the most exciting form of Formula One betting is live betting. Nothing beats making betting decisions based on what you observe while the race is already underway, and this is what F1 live betting offers. With the live betting option, experienced F1 betting enthusiasts can watch the flow of the race and make sound and informed decisions. One significant difference between F1 live betting and standard pre-match betting is that punters will have to be on their toes and constantly reevaluate their judgment on the race in in-play betting. All F1 racing drivers must make a pit stop at least once during the race to change their tires, and predicting when this will happen can be an excellent way of gaining an edge when betting on F1 races live.

How Did We Find The Best Sites for F1 Betting

As mentioned, hundreds of betting sites offer their services to punters, with more coming up regularly. Due to the almost endless options available, it can sometimes be challenging for punters to find the best option for them. To find the best option for them, F1 betting enthusiasts need to be selective and consider many options before making a choice. 

Our team of betting experts at Irishluck has thoroughly researched this area and has provided a few factors that they have used while they selected the top sites for you.

• Licensing: The mark of approval that shows that a betting site is legit and authorized to operate is a gaming licence. So, you want a licensed and regulated site by a reputable authority.

• Reputation and history: You want a site that has a good reputation and track record on the market and not a site known to cheat or scam its players.

• Availability of F1 betting: Although F1 betting is a popular sports betting option in the gambling market today, not every betting site provides it to their punters. So, before making your choice, make sure that the site offers F1 betting.

• Coverage of Formula 1 wagers: While the F1 betting markets are not as extensive as football, American football, and other sports, there are still plenty for Irish punters to choose from. So, you want a site that will provide many betting options.

• Competitive F1 betting Odds: Odds determines how much profits a punter can make from any betting market, and the odds offered by each sports betting site often vary from one to another. So, you want a site that provides the very best odds.

• Banking option: you want a site that features several methods for deposits and withdrawal purposes

• Mobile Compatibility: You want a site that will allow you to place F1 bets on the go.

• Bonuses and Promotion: You want a site that provides its players with generous incentives.

How do I Bet on F1 Online

Now that you know how F1 betting odds work and the available markets for betting on F1 races, we should look at the process of betting on Formula 1 races. 

Thankfully, the process is quite simple and doesn’t require any strenuous effort on your part as the punter.

• Pick a betting site: If you don’t already have an account at a sports betting site or if your site does not provide Formula 1 betting, you need to find a bookmaker that catches your fancy.

• Create a betting account: Once you find a suitable site, the next step is to sign up with the site and create a betting account.

• Make a deposit: Like all other forms of sports betting, betting on F1 races requires money. So, once you have successfully created an account, you need to fund the account with cash.

• Make your selections: This is the step where a punter will select the competition and markets that they want to bet on. Here, you will need to navigate to the Formula One betting section of the sportsbook, click on the competition you want to bet on, and click on the specific markets that interest you. As you click the selections you want, the bets will automatically be added to your betting slip. You should note that this is an essential step of the betting process, so you need to do thorough research and analysis before making your selections.

• Do a final check: You will agree that when it comes to F1 betting, mistakes on betting slips can be costly. So, once you are done with your selection of wagers, do a final check to make sure that there is no error.

• Add your wager: Once you are satisfied with your selection of bets, you can enter the amount you want to wager and submit the betting slip.

F1 Betting Tips & Strategies

Like most sports betting, no F1 betting tips or strategies guarantees a win. This is because F1 betting is also a game of probabilities, and anything can happen during a race. However, there are certain practices that many F1 betting experts adhere to when they are betting on Formula 1 races. While these tips and practices don't guarantee a win, they significantly improve bettors' winning chances. 

Our team of betting experts has thoroughly reviewed this area and has found some of the most useful ones.

• Understand the F1 betting market: There are multiple betting markets that Irish punters can use when it comes to betting on F1 races. So, you need to understand how the betting markets work to succeed in Formula 1 betting.

• Check the weather: There are different weather conditions in Formula 1 races. So, before you make a wager on any Formula One race, you should check the weather condition to make it is favourable.

• Do thorough research: Before you make any selection for your bets, do a detailed analysis of the teams and players involved. Check out their present form, previous stats and performance, and anything that might influence the match’s outcome.

• Go for quality odds and not attractive odds: As a punter, you will undoubtedly get tempted to stake on some markets just because they come with beautiful odds. However, often than not, these markets usually have lower chances of winning. So, it would be best to stick with bets with quality odds that have better winning chances.

• Keep track of the latest F1 betting news: If you want to improve your chances of winning when you bet on Formula One races, you need to follow the latest trends and news on the vehicles, drivers, rules, and events. Doing this will help you to make informed decisions.

• Consider both the car and driver’s skills: The two determining factors that usually influence winning during an F1 race are the cars and drivers’ skills. So, before you make a betting decision, you need to consider the cars' performance and the drivers' skills in the race.

Closing Thoughts

To sum up, betting on F1 races can be an excellent way for Irish punters to have fun online while also standing a chance of earning some decent profit. For those new to the concept of F1 bets, this guide to F1 betting covers most of the basic things you need to know about it. While it will probably take some practice to be an expert, you have all you need to get started.

References

• Formula 1
• Federation Internationale de l'Automobile