F1 Betting — F1 Sportsbooks, Betting Odds & Favourites 2023

Formula 1 returns every year with a vengeance. While it’s great that the pinnacle of motorsport has come back to our screen, you should know what you’re getting into when it comes to betting on F1. Of course, you can just bet on the winner of a Grand Prix with a particular betting bookmaker if you wish to do so. But we also feel that it’s important to highlight what different Ontario online sportsbooks offer as far as Formula 1 is concerned and what betting services are readily available.

🆚 Comparing Formula 1 Betting Sites in Ontario — Available F1 Betting Markets

For your convenience, we have made a side-by-side comparison of the top five sportsbooks for Formula 1 betting in Ontario based on available betting markets. Here are our findings! The most common F1 markets include outright winner, podium finish, pole position, fastest lap, and head-to-head bets. But, let’s see in detail what Ontario F1 betting sites have to offer.

🏆 BetMGM

BetMGM offers a variety of Formula 1 betting markets. We were really impressed by the variety of bets. Below, we have tried to include all the types of bets that we know will be of interest to our readers and F1 enthusiasts.

🏁 Futures – Race

🏁 Futures – World Championships

🏁 Futures – Constructor Championship 2023

🏁 Events

🏆 BetVictor

At BetVictor Sports, we will find the same type of bets but more compact. This is especially appealing to bettors who don’t want to get into deep water.

🏁 Outrights

🏁 Qualifying

🏁 Podium/Points

🏁 Top 6 Finish

🏁 Retirements

🏁 All Markets

🏆 RoyalPanda

Royal Panda Sports is not in any way inferior to the previous two F1 betting sites. A quick look at the betting tables below will convince you.

🏁 Outrights – Free Practice

🏁 Outrights – Qualifying

🏁 Outrights – Race

🏁 Race Specials

🏁 Other bets

🏆 LeoVegas

For you, who choose the LeoVegas Sports site to place F1 bets, we can tell you that the bet types are quite similar to those found above at Royal Panda. Therefore, the final call is up to you!

🏁 Most Popular

🏁 Winner

🏁 Matchups

🏁 Performance

🏁 Fastest Lap

Race Specials

🏁 Other bets

🏆 Unibet

Unibet is another big name for F1 betting. At this bookmaker, you will find all the usual bets but also some specials!

🏁 Race

🏁 Qualification

Free Practice

🏁 Specials

Note: The specials are all for individual drivers and these markets are set out separately.

🎟️ Season Bets

F1 season bets are wagers placed on the outcome of the entire Formula 1 season, rather than just a single race. Here are some common types of F1 season bets that you’ll come across at most bookmakers:

• Constructors Championship Winner: a bet on which team will win the Constructors Championship at the end of the season. When betting on the Constructors Championship in Formula 1, spend some time to look at the performance of the teams in the past and their current rankings, as well as their drivers. Teams such as Mercedes, Red Bull, and Ferrari tend to be the most successful, though in recent years some smaller teams like McLaren and Racing Point have made impressive showings. When betting, you can make a wager on a specific team to win the championship, or you can bet on the team to reach a certain spot in the race (e.g. top three). Additionally, you can make bets on the performance of individual drivers within a team. However, this does not affect the results of the Constructors Championship directly.

• Drivers Championship Winner:a bet on which driver will win the championship at the end of the season. When betting on the Drivers’ Championship, take into account a driver’s prior history and their current form, as well as the quality of their car. Consider established drivers such as Lewis Hamilton, Max Verstappen and Sebastian Vettel, as well as the quality of their car. You can bet on which driver will win the championship or to predict the outcome of individual races.
• Best finishing position (second market for Drivers): a type of wagering market that gives you the opportunity to wager on which racer will place at the highest point in a particular competition. For example, if Lewis Hamilton is expected to win the race, but you feel that Max Verstappen has a solid chance of finishing second, you can put a bet on Verstappen to have the best standing among all the other competitors in the race apart from Hamilton. In this kind of bet, it does not matter which position the driver will finish in, as long as it is higher than all the other racers besides the competition victor. For instance, if Verstappen ends up in second place and no other contender surpasses him apart from Hamilton, then you would win the bet.
• To win the Constructors Championship (second market for Drivers): A type of F1 wager in which one can place a bet on which team will have tallied the most points from the performances of their two drivers throughout the season in the Constructors Championship. This involves forecasting which driver will deliver the most points for their team in the Constructors Championship. For example, if you have a feeling Valtteri Bottas could score more points than Lewis Hamilton for Mercedes over the course of the season, you could bet on Bottas to be the driver who contributes the most points to Mercedes’ total points for the Constructors Championship.

📌 How We Rate Sites with F1 Betting — Additional Criteria

How we effectively rate these sites will be as follows:

1. Fair terms of use
2. Licence & Security
3. Mobile app
4. Customer support
5. Banking options

If a sportsbook does all of the above well, then we consider them to be an excellent source for betting. You must choose the one that is right for you, the easiest to operate and finally, what you feel is the most trustworthy. Sure, that’s not to say some are more worthy of your trust than others. This piece aims to lay out the respective sportsbook policies and betting markets in detail.

📝 Fair Terms of Use, Licence & Security

All of the following betting sites need to be licensed, by law, by AGCO and iGO, both of which are responsible for ensuring the businesses abide by safety and legal gambling laws in Ontario before being handed their licences.

Fair and explicit conditions of service should be included in sports betting sites with F1, such as providing specifics regarding the services provided and any related costs, rules regarding prohibited activities, information concerning user data security, deposit, withdrawal and payout policies, dispute resolution methods, liabilities, and terms and conditions for types of bets. It is wise to review the specific terms of service for a particular platform as they may differ.

Sportsbooks should have numerous features and tools in place to assist users with responsible gambling. These may include establishing deposit limits, wager limits, taking a break through time-outs, self-exclusion, reality checks, a cooling-off period, and providing resources to get help with gambling addiction.

Specifically, these five sportsbooks have the following fair terms in place:

• Regulated betting platforms: All five sportsbooks are licensed and monitored by the appropriate regulatory authorities, AGCO and iGO.
• Transparent odds and rules: The odds and rules for betting on Formula 1 are transparent and clearly stated, with no hidden charges or conditions.
• Protection of personal information: All five bookmakers have such a highly-regarded reputation because they protect users’ personal information, including data privacy policies and secure payment systems.
• Anti-fraud measures: They have measures in place to prevent fraud and ensure the integrity of the betting market, such as monitoring betting activity and investigating any suspicious activity.
• Responsible gambling tools: They offer responsible gambling tools and features to promote safe and responsible betting behaviour.
• Fair and timely payouts: They offer fair and timely payouts to F1 bettors.

It’s important to note that the specific elements of fair betting at sportsbooks with Formula 1 may vary depending on the platform. Therefore, it is always a good idea to carefully review the responsible gambling features of any online sportsbook you use, and to seek support if necessary.

📱 Mobile App

From what we’ve seen, all mobile apps have received positive feedback. However, this is all down to personal preference. Once you decide which of these sportsbook sites matches you F1 betting preferences the best, you may want to download their dedicated mobile apps for an easy on-the-go betting experience.

• BetMGM – iOS & Android
• BetVictor – iOS & Android
• RoyalPanda – iOS & Android
• LeoVegas – iOS & Android
• Unibet – iOS & Android

💬 Customer Support 24/7

One of the most critical points we always consider is whether the bookmaker offers 24/7 service. For us, it is imperative to recommend betting companies that can provide you with support at all hours so that you never feel insecure while betting or withdrawing your winnings.

• BetMGM has 24/7 live chat support. Furthermore, customer service can be contacted via their web portal or email.
• BetVictor offers 24/7 live chat and email contact available for further help. It also has an informative FAQs section which covers a variety of areas where users could struggle.
• Royal Panda gives you the option of speaking to one of Royal Panda’s Customer Support representatives via live chat 24/7. A help centre, with detailed FAQs and a Customer Support team, is also available.
• LeoVegas makes it clear from the outset that their support is available 24/7 via live chat. A Help Centre that features an FAQ is also available.
• Unibet has four ways in which you can access support. However, support is not available 24/7: live chat (8 am – 11 pm, 7 days a week), phone(8 am – 11 pm, 7 days a week), email, and help centre.

💳 Banking Options That Pay Out Fast

Players generally prefer methods that offer fast and reliable payouts. Here are some of the most popular casino banking options that pay out fast: E-wallets like PayPal, Skrill, and Neteller offer quick and secure financial transactions with a processing time of 24-48 hours, making them a fast payout method. Debit and credit cards are widely accepted, and payout times are around 3-5 business days. If you can wait longer for the sake of receiving your winnings straight to your bank account, bank transfers are an effective and safe solution for larger payouts, typically taking 3-7 business days.

• BetMGM: VISA/MasterCard, PayPal, Interac e-Transfer, Apple Pay
• BetVictor: VISA or MasterCard, PayPal, Trustly, Neteller, Skrill, Paysafecard, Interac
• Royal Panda: VISA/MasterCard, MuchBetter, Interac e-Transfer, iDebit, ecoPayz, Neteller Skrill
• LeoVegas: VISA/MasterCard, PayPal, Interac, Interac e-Transfer, iDebit, MuchBetter, NeoSurf
• Unibet: VISA/MasterCard, Paysafecard, Skrill, Neteller, PayPal, Interac e-Transfer, Apple Pay, Paysafecard, WebMoney

🏎️ Formula 1 Bets

As with other sports, Formula 1 lets you bet on far more than who the winner of an event is. The variety of bets available online means that every punter can maximize their payout without increasing their stake. Here are some of the best bets in the sport.

🟢 Driver Matchups

You simply must choose which of two F1 drivers will finish a certain Grand Prix in a higher position. If your pick beats the other driver, you win the Driver Matchups wager.

🟢 To-Win Bets/Race winner

Go for glory by backing the driver you think is set for victory. Select which of the 20 racers will win the Grand Prix; if they do, your bet also wins. Correctly choosing an underdog will net you the biggest payout, while the prize for backing the odds-on favourite will be lower. Over 60% of Formula 1 bets are placed on the winning driver.

🟢 Podium/Top-three Finish

A top-three finish in Formula 1 means the driver will stand on the podium after the race. Placing money on a driver to clinch a podium is a popular bet for all customers, as there are three drivers with a chance to reach the podium in each race, not just one. If you pick a driver who wins a top-three trophy after the race, you win the bet. Over 90% of Formula 1 bets are placed on the top three drivers.

💨 Prop Bets

These are bets which aren’t necessarily tied to the outcome of a race but whether a specific event will or will not happen. Props include things like ‘will a safety car feature in the race‘ or ‘on which lap will a driver make their first pit stop.’ You may spot some Futures Prop Bets, too, letting you choose how many points or wins a driver or team might score over a season.

💨 Pole Position

Betting on which driver will claim pole position for a race means you can win before a single lap of the race begins. Make your choice for the driver to be the fastest in Qualifying, where the starting order for the race is decided. Over 5% of Formula 1 bets are placed in pole position.

💨 Future Bets

Futures Formula 1 betting is a way to gamble on the long-term outcome of the sport’s two championships. The drivers compete in the World Drivers’ Championship, while the teams compete in the World Constructors’ Championship. Whichever driver or team scores the highest over the season wins the championship title. Futures betting lets you wager on the outcome of each.

🟢 Dual forecast

Why back one driver when you can back two? A dual forecast requires a bettor to select any pair of the 20 drivers to finish in the top two places when the race is over. You will win only if both selections finish in first and second place.

💨 Fastest qualifier

F1 drivers can find themselves demoted after Qualifying for technical penalties, for example, using too many engine components over the season. Therefore, it’s possible the driver who nets the fastest qualifying lap won’t start the race with their car at the front of the grid. Betting on the fastest qualifier negates that risk, and the driver who sets the fastest time in the final qualifying session will count, which may differ from the driver on pole position.

💨 Not to finish

No matter how strong a driver is or how reliable the team they drive for usually is, crashes and mechanical issues affect every F1 competitor. No matter the details of the type of retirement they suffer, you can place a bet on any driver not to finish the race. Be aware that the rules state that a driver must complete at least 90% of the racing laps the winner completes (rounded down) for F1 to classify them as a finisher. So note that a retirement late in the race will still count that driver as finishing the Grand Prix.

💨 Drivers’ Championship winner

The ultimate prize for every motorsport driver is to be the F1 World Champion. Bet on who you think will top the championship standings when the season is over. As the year progresses, you may find a range of odds in the market, and the title fight ebbs and flows.

💨 Constructors’ Championship Winner

Correctly predict the best-performing team over the year to win a bet on the Constructors’ Championship. Every constructor (AKA team) has two cars that hit the circuit at each Grand Prix. You must pick which constructor will amass the most points from both of their drivers over the season. Although the winners of the Drivers’ and Constructors’ Championship often go hand in hand, there are some notable years when this does not happen. In 2021, for example, Red Bull’s Max Verstappen won the drivers’ crown while Mercedes took the teams’ title.

💨 Winning Nationality

Formula 1 is an international sport, with drivers hailing from across the globe. Bet on the nationality of the race winner to win this wager.

💨 Winning Team

Ten teams contest Formula 1, each running two drivers at all events. Betting on the winning team offers players gambling on any website’s sportsbook the chance to pick the team, rather than the driver, they believe will win. Should either of a team’s two drivers win the race, the bet is won, too. Over 25% of Formula 1 bets are placed on the winning team.

💡How to Bet On F1 Betting? — Strategies & Tips for Betting on Formula 1 Races

Just like betting on the NHL, NFL,NBA, Horse Racing, or the Champions League, knowing about Formula 1 will make your sports betting experience better. Things like understanding a pit stop strategy, the circuits which usually feature crashes or a safety car appearance, and the drivers who have done well in certain countries all offer chances to maximize your betting outcome.

✅ Know Formula 1 Rules

Some people incorrectly think that all racing is just cars going around in circles. Formula 1 racing couldn’t be further from the truth, with complex strategies and rules at play. Knowing a thing or two about these rules can help, especially in any in-race betting.

For example, each driver must complete the race on at least two different tire ‘compounds’ in a dry Grand Prix. Also, a system to aid overtaking called DRS exists and is allowed on some sections of the track. Some circuits have more or longer DRS zones than others, which means overtaking might be easier at some races.

✅ Read the Odds

Checking the odds is a surefire way to understand the likelihood of any result when placing your stake. If you see that a driver’s odds are sitting at 50 or above to win a particular bet, there’s probably a good reason for that. As with all sports, unpredictability is part of the appeal, and anyone can win, but oftentimes long odds are set for a reason.

✅ Research Drivers and Teams

Betting on any particular driver or team should come with a degree of knowledge. Some often do better at certain races, such as when Austria plays host to Formula 1 and Red Bull tries extra hard to win on home soil. Lewis Hamilton tends to up his level when racing at the British and Hungarian Grands Prix, too; he’s won each on eight occasions.

✅ Analyse Track Conditions

One of the most significant parts of Formula 1 racing is the weather and the changes to the track conditions that come with rain. Often called the great leveller, if rain is forecast to fall during a race or qualifying, drivers with slower cars have a higher chance of excelling, and frontrunners might fall back. Spins and crashes are more likely if wet and slippery conditions are to affect the local area around a race track.

✅ Understanding the Different Races

Formula 1 isn’t like NASCAR, where the winner of the Daytona 500 can be decided in the final moments of an event at the last corner. Some races are notorious for limited overtaking possibilities, meaning the driver starting on pole position will be the easy favourite to win — assuming he finishes the race!

With close-by walls and tight, twisty layouts, many street circuits, like Monaco, Singapore, and Miami, tend to handicap drivers starting further back. On the opposite end are flowing circuits like Mexico City, Britain’s Silverstone, and the Circuit of the Americas in Texas, where overtaking is easier, and a winner might come from further down the starting order.

✅ Keep Up to Date

As with any sport or game, fans who find out as much information as possible about an event will be at an advantage. Checking the news, watching teams’ and drivers’ social media content, and reading an article previewing a race might help you find some stats when wagering that allow you to make an informed bet.

✅ Check Who Qualified Well

Over 40% of Formula 1 races had the winner starting from the pole position. Although no two races are the same, any driver who excels in qualifying will likely bring that same speed to the race.

✅ Lookout for Penalties

A driver might enter a Grand Prix weekend with a penalty from a previous race or a place demotion after a qualifying session. As such, a driver who you may expect to do well might struggle due to starting the race further back than they usually would.

✅ Tire Advantages

The only parts of a Formula 1 car that touch the ground are the tires. The grip of the Pirelli tires’ rubber varies with its construction. Every race sees three of five types of ‘compounds’ available for each race, called ‘hard, ‘medium,’ and ‘soft’ tires. Pirelli and Formula 1 release this information well ahead of the Grand Prix weekend. Knowing which teams perform better on certain tire compounds or being aware of the track surface being particularly grippy or overly slippery can be advantageous for a punter.

🥇 Top F1 Drivers — Formula 1 Drivers to Bet On

Every Grand Prix will see 20 racers fight for victory, but it’s often the same elite people who end up with the winner’s trophy. So if you’re looking to bet on a winner, our selection below represents the drivers who have demonstrated a winning pedigree.

🔴 Max Verstappen (Red Bull)

The reigning world champion swept his competition away last season, finishing as either the winner or on the podium in 16 of 22 races. It’s no surprise that every bookmaker features Max Verstappen as a favourite for the 2023 F1 World Drivers’ Championship. Any winnings from the Red Bull racer may be less than the cash on offer from his rivals, but that’s for a good reason.

🔴 Lewis Hamilton (Mercedes)

Without question, one of the most-decorated drivers in the history books. After suffering his first winless year in a 15-year Formula 1 career last season, Lewis Hamilton will be looking to make a point in 2023. It would be foolish and premature to suggest the seven-time champion lost his form or his performance has dipped after a single disappointing season. The English racer will work hard to return to winning ways.

🔴 Charles Leclerc (Ferrari)

Ferrari’s golden child could’ve won many more races last year, but something seemed to stand in his way. Charles Leclerc will want to turn the page on his first real season as a championship contender and become Ferrari’s first world champion since 2007. He’ll send the entire country of Italy into rapture should he achieve what F1 legends Fernando Alonso and Sebastian Vettel didn’t do and win the title while wearing Ferrari red.

🔴 Sergio Perez (Red Bull)

If there’s any person whose career has turned around in Formula 1, it’s Sergio Perez. No one could’ve predicted that the Mexican racer would be a regular winning option a few years ago when he only occupied space in the midfield. Since switching to Red Bull in 2021, Sergio Perez regularly features at the front. While teammate Max Verstappen often benefits most from the team’s speed, there are rarely any times when Sergio Perez isn’t also at the front.

🔴 George Russell (Mercedes)

Experts argued long and hard about any predictions that George Russell could usurp Lewis Hamilton at Mercedes last season. In the end, Russell outscored his fellow UK racer and took a career-first victory at the Brazilian Grand Prix — one of Hamilton’s favourite races. Mercedes boast two British drivers with a winning pedigree in 2023, and they could score a decent haul of victories if their car design matches their drivers’ potency.

🔴Other Top F1 Drivers

Of course, anything and everything can happen in Formula 1, and even a driver at the back could defy the odds and win. Carlos Sainz scored his maiden victory last season, and he has it all to play for in 2023 with Ferrari. McLaren’s Lando Norris outshone the popular Daniel Ricciardo in their two seasons together and now just needs to get his first F1 win to match his esports and gaming triumphs. The likes of Aston Martin’s Fernando Alonso, Alfa Romeo’s Valtteri Bottas, and the Alpine duo of Esteban Ocon and Pierre Gasly have all tasted the winner’s champagne, too. They’ll be outside bets for wins in the 2023 F1 season, but any player looking to back them with wagers this season might find them in a sportsbook’s offers or Driver Matchup bets.

🚀 Top F1 Teams

Many Formula 1 teams go through periods of success and relative disappointment. While Red Bull, Mercedes, and Ferrari have become the ‘big-three’ teams in recent years, the likes of McLaren and Williams were once giants in the sport and boasted an illustrious history. Others took world titles under a different name, such as Alpine, which previously went by Renault.

At the start of the 2023 Formula 1 season, the most successful F1 teams from the 2023 grid are:

• Ferrari (16 World Constructors’ Championships, 1052 races, 242 wins)
• Williams (9 World Constructors’ Championships, 780 races, 114 wins)
• McLaren (8 World Constructors’ Championships, 924 races, 183 wins)
• Mercedes (8 World Constructors’ Championships, 271 races, 125 wins)
• Red Bull Racing (5 World Constructors’ Championships, 347 races, 92 wins)
• Alpine/Renault (2 World Constructors’ Championships, 444 races, 36 wins)

The other four teams may not boast any championship titles, but they still add value to the sport and account for wins or success of their own. As with Alpine, AlphaTauri previously went by a different name — Toro Rosso:

• Alfa Romeo (192 races, 10 wins, 26 podiums, 12 pole positions)
• AlphaTauri/Toro Rosso (329 races, 2 wins, 5 podiums, 1 pole position)
• Haas (144 races, 0 wins, 0 podiums, 1 pole position)
• Aston Martin (50 races, 0 wins, 1 podium, 0 pole position)

🗓️ F1 Schedule 2023 — Grand Prix Calendar

It’s a record-breaking number of races for Formula 1 in 2023, with 23 rounds facing the drivers. The championship kicks off in March and ends in November, visiting tracks all around the world, offering you plenty of chances to spot the best race odds.

• Round 1: Bahrain Grand Prix. Sakhir, Bahrain. 5 March
• Round 2: Saudi Arabian Grand Prix. Jeddah, Saudi Arabia. 19 March
• Round 3: Australian Grand Prix. Melbourne, Australia. 2 April
• Round 4: Azerbaijan Grand Prix. Baku, Azerbaijan. 30 April
• Round 5: Miami Grand Prix. Miami, United States. 7 May
• Round 6: Emilia Romagna Grand Prix. Imola, Italy. 21 May
• Round 7: Monaco Grand Prix, Monte Carlo, Monaco. 28 May
• Round 8: Spanish Grand Prix. Barcelona, Spain. 4 June
• Round 9: Canadian Grand Prix. Montreal, Canada. 18 June
• Round 10: Austrian Grand Prix. Spielberg, Austria. 2 July
• Round 11: British Grand Prix. Silverstone, United Kingdom. 9 July
• Round 12: Hungarian Grand Prix. Budapest, Hungary. 23 July
• Round 13: Belgian Grand Prix. Stavelot, Belgium. 30 July
• Round 14: Dutch Grand Prix. Zandvoort, Netherlands. 27 August
• Round 15: Italian Grand Prix. Monza, Italy. 3 September
• Round 16: Singapore Grand Prix. Singapore, Singapore. 17 September
• Round 17: Japanese Grand Prix. Suzuka, Japan. 24 September
• Round 18: Qatar Grand Prix. Lusail, Qatar. 8 October
• Round 19: United States Grand Prix. Austin, United States. 22 October
• Round 20: Mexico City Grand Prix. Mexico City, Mexico. 29 October
• Round 21: São Paulo Grand Prix. São Paulo, Brazil. 5 November
• Round 22: Las Vegas Grand Prix. Las Vegas, United States. 18 November
• Round 23: Abu Dhabi Grand Prix. Abu Dhabi, United Arab Emirates. 26 November

🎌 Expert’s Conclusion: Is it Worth Betting on Formula 1?

Betting on Formula 1 is a fun way to bring the excitement of this high-octane sport to wherever you are. If you are a sports fan who enjoys gambling on other sports like the NFL, NHL or MLB, betting on Formula 1 will be just as worthwhile. Before wagering on Formula 1, it is essential to analyze the risks involved, use a reputable and licensed bookmaker, and be sensible with your resources. You should also consider your ability to take on risk, money losses, and personal preferences when deciding whether betting on Formula 1 is a good choice. F1 betting is entertaining as long as it doesn’t pose a gambling problem addiction. Therefore, we advise you to play responsibly to enjoy F1 betting to the fullest!