Guide to Betting on F1 Racing Smartly & Responsibly
Published:
Jun 16, 2024
With the third running of the Miami Grand Prix in the books, there’s no denying that F1 continues to be one of the most rapidly growing sports in the United States. The circuit returns to the states late in October with the United States Grand Prix in Texas and will complete the U.S. stretch in November with the Las Vegas Grand Prix.
With such high-profile races on the schedule, it’s also becoming even more important to have a guide to betting on F1 smartly and responsibly.
How and where can I bet on F1?
We couldn’t provide a proper guide to betting on the F1 circuit without sharing how and where you can bet on the races.
Location restrictions
First and foremost, let’s address where you can bet on F1 legally. Of course, that means taking into consideration the state in which you are located. For example, while the Miami Grand Prix draws in plenty of athletes and celebrities alike, sports betting is limited to just a single mobile app (Hard Rock Bet) in Florida.
It’s also important to note that sports betting comes in a variety of methods, such as in-person retail locations and online apps/sites. There are 38 states of the 50 that have some form of legal sports betting, with 30 of them offering online sports betting, which are listed below:
Arizona, Arkansas, Colorado, Connecticut, Florida, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Nevada, New Hampshire, New Jersey, New York, North Carolina, Ohio, Oregon, Pennsylvania, Rhode Island, Tennessee, Vermont, Virginia, Washington D.C., West Virginia and Wyoming.
The other eight states with just in-person retail sports betting include: Delaware, Mississippi, Montana, Nebraska, New Mexico, North Dakota, South Dakota, Washington and Wisconsin.
Age minimums
Along with being in a legal location, fans also need to consider the age requirement, which is 21 years or older in most states. However, the locations in which the age requirement is just 18 are the following: Kentucky, Montana, Rhode Island, Washington, D.C. and Wyoming
Keep in mind that you must abide by the age requirements in the state in which you are located. For instance, even if you are an 18-year-old from Montana but travel to Nevada for the Las Vegas Grand Prix, you cannot legally bet on the race.
Can F1 drivers bet on sports?
While the F1 drivers themselves may be in proper locations and old enough to legally bet on sports, they most certainly cannot bet on the race. As you’d imagine, that would completely negate the integrity of the sport, as drivers can directly manipulate outcomes.
We’ve unfortunately seen those types of occurrences in other sports, but those coming to light also means that they are being closely monitored.
Growth of F1 in the United States
It’s important to understand how to bet on F1 smartly and responsibly given how popular is becoming in the country. It was once a sport that was prioritized overseas and dominated by a British driver named Lewis Hamilton.
Since then, thanks in part to the popular Netflix show Drive to Survive, there has been a new monopoly in town - Max Verstappen and the Red Bull Racing team. The Dutchman has helped put the sport on the map thanks to his absolute dominance, drawing some of the biggest names in sports, such as Tom Brady, to the races.
That has also led to high-profile athletes and celebrities getting involved in terms of the teams. Perhaps the most notable of which is Patrick Mahomes joining an investor group for the Alpine team. While that may not be the Red Bull team that has taken a hold of the sport, it demonstrates the increased interest and investment.
Responsible Gaming tips for betting on F1 Racing
1: Set limits based on your bankroll
One of the most important tips comes before ever placing a wager. Set a limit for yourself, which is best done by choosing a total budget ( your “bankroll”) and then setting a unit size, which is your typical bet amount. A general rule of thumb is for your bet size to be 1-4% of your total bankroll.
2: Understand the rules of betting on F1
You also want to make sure that you are aware of exactly what you’re betting. With the increased popularity of sports betting comes more wager types, so be sure that you’re aware of the differences. For example, a “podium finish” for a race means being one of the top three drivers.
3: View F1 betting as entertainment
While all bettors’ goal is always to win their wagers, that can never be assumed. So it must be viewed as pure entertainment. In other words, not as a form of replicable, consistent income.
4: Don’t chase losses
One incredibly dangerous approach when betting is chasing losses, which involves placing more and/or bigger bets in hopes of winning back what was lost previously.. Not all wagers are going to win, but trying to make up for a loss will very likely only make things worse in the long run, often resulting in compounding losses and losing much more than anticipated.
5: Never gamble under the influence
To help ensure that you don’t chase losses and keep a sound mind to follow each of the tips above, be sure to never gamble while under the influence of drugs or alcohol. Those only hinder your decision-making, which will likely only lead to more losses over time.
Gambling Addiction treatment and resources
Gambling addiction continues to be a serious issue for too many bettors, which is why Birches Health is here to help. To better accommodate for today’s world, Birches provides their services completely online, and of course 100% confidentially. This means that you can take full advantage of Birches’ care options on your own schedule, with 90% of patients having reported a better quality of life following treatment.
If you or someone you know feel that Birches Health could help, please call (833) 483-3838 or email hello@bircheshealth.com for more information.
Sources:
Patrick Mahomes invests in Formula One team, 'always looking around' at ownership opportunities
