Sports Betting Formula 1
Betting on Formula 1 (F1) auto racing can be both entertaining and profitable if you know what you’re doing. Don’t know what you’re doing, or just looking to improve? You’re in the right spot! Our team of betting experts has compiled their top list of F1 betting tips and strategies to help you crush the books. Here’s the formula: If you want to bet your $10 on Alvarez, multiply that sum by the quotient of 11 ÷ 8 (1.375). Your winnings would be $13.75 ($10 x 1.375). Your payout would be $23.75 ($10 initial stake + your winnings of $13.75).
Formula 1 Betting in the US. The Formula 1 betting market is a growing market that offers US bettors an exciting, competitive and fast-paced experience in the professional sports league. F1 is one of the most-watched sports in the world. Bettors are spoilt for choice when it comes to choosing drivers, races and different bets to work with. — Formula 1 (@F1) July 20, 2020 Indeed, the heightened respect that Racing Point is receiving extends to the odds on which team’s car will take the pole position.
Formula 1, or F1, racing has long been one of the most closely-followed sports in the world, but in recent years it has grown increasingly popular in the eyes of bettors. Thanks to the sports’ global following—races are held in various countries around the world—and the growing popularity of sports betting, F1 has become arguably the top option for racing bettors. F1 racing may significantly different than conventional sports such as basketball or baseball, but that only serves to make it more exciting to watch, follow, and bet on.
Understanding F1 Racing Lines and Odds
There are different types of F1 racing bets, however they do not resemble the spread, moneyline, and totals betting you will encounter with other, traditional sports. Instead of there being just one or two options to choose from, most F1 betting lines will feature a host of different options from which to choose. Even more confusing is the fact that there might only be only one or two favorites accompanied by a host of underdogs. Compared to lines where there is always a clear cut “favorite,” this is assuredly different. An example of a betting line for the winner of a race, such as the German Grand Prix, might looks as follows:
Lewis Hamilton (-167)
Valterri Bottas (+250)
Sports Betting Excel Formula
Max Verstappen (+700)
Charles Leclerc (+800)
Without delving into it too much further, it is clear to see that the Englishman Lewis Hamilton is the favorite to win. Beyond that however, it does not seem like many other drivers have much of a chance. This is not true, but to the untrained bettor it may seem like there is no other choice than Hamilton. In reality, Lewis Hamilton does not win nearly every race and other drivers may have a genuinely good chance even if their odds do not reflect that.
Thanks to odds that can reach +800 or higher for a driver who has a good chance of placing in the top five, there are a bounty of opportunities for bettors to turn a massive profit without risking much. This is both a good and bad thing, as bettors can be deluded into thinking a long shot has a better opportunity to win than they really do.
Types of F1 Racing Bets
When it comes down to it, every F1 bet is a moneyline bet of some sort, or at least that is how it will be represented. In fact, the example used in the section above is great because it is how most F1 bets will be constructed. We will break down the different types of bets below.
Winner of the Race
In the above section, we provided a great example of what a F1 race winner bet will look like. F1 betting in general is fairly simple and easy to understand, but a bet regarding the outright winner is the simplest of them all. Being that Formula 1 is typically dominated by two or three drivers, you will see the same faces listed as the favorites, but this presents an opportunity to win large if an underdog has his day.
Finish in the Top 3
This betting market requires the bettor to pick a driver who they think will finish within the top three when the race comes to an end. The odds here will not be quite as good for the outright favorites, however there will still be plenty of value for bets on other drivers.
Pole Position Wager
A wager on the eventual pole position winner is a bet that occurs before the actual Grand Prix, during qualifying. Simply, bettors are attempting to choose the driver who posts the fastest single lap time during qualifying.
Fastest Lap
Not to be confused with a pole position wager, the fastest lap betting market is about who can achieve the fastest lap during the Grand Prix itself. While this often times ends up being the same driver who qualified fastest, such does not always prove to be the case.
Season-Long Propositions
There are two different kind of season-long propositions that are also often one in the same. One of these wagers pertains to the top-performing team of the year, while the other pertains to the top-performing single driver. In Formula 1, there are teams (such as Ferari, Red Bull, etc.) that are comprised of multiple drivers. Though there have been plenty of times where the top team lays claim to the top driver, but the two are not always one in the same.
Season-long propositions can be placed at any point during an F1 season, and the odds will change according to race results.
Live Betting on Formula 1
Most of the betting markets mentioned above are also available during the Grand Prix themselves, allowing you to place wagers while the races are happening. Many bettors prefer live betting on F1 races because it allows you to take in a lot of variables that simply are not available before the race starts. A bettor can notice something like an underdog outperforming his odds, or a favorite falling behind in a hurry.
For others, live betting F1 races is a great way to add a little bit of excitement to one of the most exciting sports in the world.
Juice/Vig on Formula 1 Bets
The juice, or vig, attached to F1 wagers is something that generally varies from sportsbook to sportsbook. With that being said, it is important to note that proposition bets are juiced higher than what we consider standard bets, such as those pertaining to who will be the outright winner of a Grand Prix. Propositions can be simple, such as who will emerge as the season’s top driver, but they can become more specific than that. For example, you might see propositions regarding how many laps a specific driver will lead, or which driver will lead a segment of laps (for example, laps 20-40).
Limits on Formula 1 Bets
Despite Formula 1 betting growing significantly in recent years, it is still a long way away from being as popular as sports like basketball and hockey. As a result of this, the betting limits for F1 wagers are often a good bit lower than they are for more mainstream sports. At BetOnline, for example, the maximum allowable F1 wager is only $500, regardless of the type of wager you are making. This is the general theme as it relates to F1 betting because you do not see the same amount of regular, high-dollar wagers being placed on things like the Monaco Grand Prix as you do on even a regular weekend of the NFL.
Top Sportsbook for US Bettors
5Dimes
5Dimes.eu, despite its web address, is regularly one of the top betting options for bettors in the United States. Not only do they consistently have the lowest juice on all of their lines, their betting limits are as expansive as you will find anywhere. Some of their lines, as the site name implies, can allow for wagers as small as $0.50. The maximum betting line is generally $5,000, however 5Dimes can alter this limit as they see fit.
Seeing as you will not find another US site that even comes close to the lower or upper ends of 5Dimes betting limits, them being the top choice for folks in the United States is a no-brainer for us. The site itself is simple in its presentation and design, but what it lacks in aesthetics it makes up for in an unbelievably wide selection of betting markets, including for Formula 1.
Last but not least, 5Dimes is heralded as one of the best operators in the United States thanks, in part, to its longstanding track record of positive customer experiences. 5Dimes has been in business longer than just about any other US sportsbook and has accrued a sterling reputation along the way.
Top Sportsbook for Non-US Bettors
Intertops.eu
Intertops is consistently the top option for bettors who are located outside of the United States. Similarly to 5Dimes, Intertops is known for lax limits that allows bettors to place bets that are as big or small as they would like. Being a European brand that has been around for some time now, Intertops is no stranger to F1. This is something that most newer sportsbooks cannot say, as most of them did not place much of any focus on F1 until recently.
Intertops is great because they are a brand name you can trust and one that is recognized both in Europe and around the world. The sportsbooks lends itself to user-friendliness and does well to provide players with a lot of banking options to go along with the wide variety of sports betting markets.
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You don’t need to be a statistician to bet on esports, but it would certainly help. If you want to get into esports betting and you can’t do quick math, a calculator might be a great investment. Whether you’re calculating odds or simply wondering how much return you should expect on a bet, you will be doing math at some point in your esports betting career. Some strong math can reduce your costs of esports betting, maximize your profits, and simply make it easier to understand what you’re actually doing when you place a bet.
I feel that it’s important at this point to disclaim that this article will in no way teach you how to “game the system.” Esports betting websites rely on people often losing their bets and wouldn’t be around if you could simply use a few simple formulas to prevent this. While these formulas can help prevent you from losing extraneous money and make bets more confidently, the odds of a bet will never reach 100%. They may hit 99.99999%, but that 0.00001% chance can always occur. Understanding the formulas contained within this article will make you one of the more informed esports bettors, but not a money-making machine.
Calculating Winning – The Most Important Formula
You’ll be happy to hear that the most important formula you need to know is also one of the simplest. Are you ready for it? You can calculate the success rate of your betting with the formula Y=X(Z).
In this formula, X represents the average odds of betting. While these can vary from book to book, you are most likely betting on 2.0 odds. To determine this number for yourself, simply add up the numbers on both sides of a bet. If you are betting using a book that uses ratios, it will be easiest to plug them in as a percentage. For example, 2:1 odds are 66.64% in favor of the “2” side. On the other hand, if the odds are written out as “1.77 vs. 0.33,” you can use 2 for X, although this is also a notation for a percentage.
Z, in this formula, represents the percentage of bets that you have won. If you don’t have exactly 100 bets to count on, calculating this number for yourself is fairly simple, as well. First, put the number of bets that you have won over the number of bets that you’ve placed. Let’s say for example that you have placed 45 bets, and of those, you’ve won 27. You’ll write this as 27/45. Then write an equation where the number equals X over 100. In this example, the equation now looks like 27/45 = X/100. We’ll then cross multiply (multiply the bottoms by the top) to get a new equation that looks like 2700 = 45(X). We can then divide both numbers by the number with X to find our percentage. In this case, we’ll divide 2700 by 45 to have a final equation of 60 = X. After all this math, we have a winning percentage; in this case, it’s 60. If you are less mathematically inclined, you can use a percentage calculator for this.
You do, unfortunately, have a little bit of math to do after this, but it is incredibly simple. For this formula, we’ll want to express the percentage as a decimal. Simply move the decimal two places to the left (if you don’t have a decimal, it’s at the end of the number). So, in our example, we would be using .6 for X.
Formula 1 Betting
Finally, multiply the two together to get Y. Assuming that we have 2.00 betting odds in our example, we’ll end up with Y=1.2. This tells us not only whether or not we are successful, but just how much of a success we are. If you have a number larger than 1, you are doing well. If you have a number smaller than 1, you are losing money. The further you get from 1, the truer this becomes. So, for example, a 1.8 means you are doing exceptionally well, while a .12 means you are losing 78% of your money. In this example, you’re getting a 20% return on your investment.
Sports Betting Formula Excel
This formula is incredibly important for finding your metric of success, but also for determining what your breaking point is. If you are several digits away from 1, you may want to consider putting betting down for a while.
Expected Value – The Most Exciting Formula
If Y=X(Z) can tell you how well you’re doing, then Expected Value formulas are the way to convert that number into cash. For those unfamiliar, Expected Value is pretty much exactly what it says. Essentially, Expected Value tells you how much money you can expect to win or lose if you were to make a bet over and over again ad nauseam. For example, a bet of $5 for a return of $6 on a coin toss has an expected value of $0.50 if you were to make the bet repeatedly.
Expected Value, again, is fairly easy to calculate. The formula looks like this:(Probability of Winning) x (Amount Won per Bet) – (Probability of Losing) x (Amount Lost per Bet). So, in our example we would plug in these variables, a 50% chance of winning, winning $6, a 50% chance of losing, and $5 lost. This makes our formula look like .5(6)-.5(5). Remembering the order of operations, we’ll multiply first to get, 3-2.5. Subtraction is simple, and we get an expected value of $0.50. Easy, right?
Betting Formula One
Of course, the math gets increasingly complicated as more factors come into play; most esports matches will not boil down to simple percentages. That’s what’s most important about this formula. Knowing how to interpret expected value is one of the major differences between the average esports better and the professional. We will never be able to bet on the same game over and over again, so a high expected value means nothing and neither does a negative one. Instead, Expected Value can be used to determine risk. The closer the EV reaches to a median, the more we can expect that bet to be positive. You don’t want an event that sometimes has an EV of $100; you want an event that has many games with an EV of $10. A negative EV is rarely a good bet, but you may occasionally find places where the EV of winning is worth the risk of losing, which is the case in most “underdog” situations.