With Canada now well represented on the track, and Netflix’s “Drive to Survive” creating a whole new fan base on this side of the Atlantic, F1 betting is growing fast.
A myriad of F1 odds can be found at online sportsbooks for every race and most Canadians who follow the sport are eager to dive in.
Here’s how you can bet on Formula One Racing online in Canada, including the World Drivers’ Championship, the next F1 Grand Prix and more.
Best F1 Betting Sites Canada
Now that private online sportsbooks are live and posting F1 betting odds, you’ll find the best sportsbooks listed here along with exclusive sign-up bonuses for new bettors.
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How to bet on Formula 1
Formula One Racing consists of 10 teams and 20 drivers who compete in 23 Grand Prix races held around the world.
Mercedes, Red Bull, Ferrari, and McLaren dominate F1’s Grand Prix races. Plus, seven-time World Champion Mercedes driver Lewis Hamilton wins the majority of the time.
If he doesn’t, Mercedes teammate Valtteri Bottas or Red Bull’s Max Verstappen likely will. That means F1 podiums are largely predictable, making it a great sport to bet on. Plus, it’s a wide-open race to become the best of the rest in F1, which means there’s something else to bet on if the odds on the perennial favourites aren’t too favourable.
Betting on Formula One Racing is mostly about picking winners. You can bet on who will win the F1 Drivers Championship or F1 Constructors Championship (teams) in F1 futures markets.
Just pick who you think will win either and lock in your bet at the currently posted moneyline odds. You can also bet on who you think will win the next Grand Prix in the F1 outrights market. Once again, just pick who you think will win and lock in your wager at the currently posted moneyline betting odds.
Of course, you can also go beyond just picking race and championship winners. Each-way betting allows you to double your stake and bet on a driver to finish first or second in a race at reduced odds. Podium Finish, Top 6 Finish, and Points Finish betting allows you to bet on a driver to finish in the Top 3, Top 6, or Top 10 at reduced odds.
Plus, you can give the odds a big boost betting on Exact Podium Finishes, which involves the tough task of picking the Top 3 in a Grand Prix in exact order.
There are also a variety of F1 props markets that go beyond race results, including:
- Fastest in Practice: Bet on who will post the fastest lap time in the first practice two days before a Grand Prix.
- Fastest Qualifier/Pole Position: Bet on who will win pole position in qualifying the day before a Grand Prix.
- Qualifying Winning Margin: Bet on whether the fastest lap in qualifying will be under 0.15 seconds, between 0.15 and 0.25 seconds, or over 0.25 seconds faster than the second-fastest lap time posted.
- Lap 1 Leader: Bet on who you think will lead after Lap 1.
- Fastest Lap: Bet on who will post the fastest lap time in a race.
- Winning Margin: Bet on whether the race winner will be under 5 seconds, Between 5 and 10 seconds, or over 10 seconds ahead of second place.
- Winning Car: Bet on which team the winning car will represent in a Grand Prix.
- Driver vs Driver Match Bets: Bet on one drive finishing ahead of another on various head-to-head matchups.
- Safety Car Period: Bet on whether or not the safety car will have to come out during a Grand Prix.
- Driver Specials: Bet on things like a driver getting a time penalty, leading at the end of any lap, being the first or last driver to make a pit stop, or retiring on the first lap.
- Number of Classified Drivers: Bet that under 13, 13, and 14, or Over 14 drivers will be ‘Classified’ in a race (completed 90% of the race distance before retiring).
- To Be Classified: Bet on whether or not a driver will be classified.
- First Driver to Retire: Bet on any driver to be the first to retire from a race or that no driver will retire.
- First Constructor Retirement: Increase your chance of winning by betting on which team the first to retire from a race will represent.
Finally, there’s live F1 betting, with most of the markets above still available for betting during a race at odds that change with the action on the track. Of course, live F1 betting odds can change in an instant, making online sportsbooks the best place to get a bet down fast enough.
Bet on Formula 1 drivers
Any discussions about betting on F1 drivers must begin, and can usually end, with Lewis Hamilton. That’s because Hamilton has won seven F1 Drivers Championships, including the past four straight with Mercedes.
Hamilton is the favourite to win the F1 Drivers Championship every year and a favourite to win every race he enters during the season. For example, he won 11/26 in 2020, 11/21 in both 2019 and 2018, and 9/20 in 2017. He holds the record for the most F1 Grand Prix wins in history.
But while Hamilton has won almost 50% of the races he’s entered over the past four seasons, that means some other driver also wins 50% of those races. Just remember, if you have to lay money on Lewis Hamilton winning again, there’s a huge jump in the odds after the top three drivers, and these sportsbook lines will change with each result throughout the season.
Lewis Hamilton
- Born: Jan. 7, 1985, in Stevenage, Hertfordshire, England
- Nationality: British
- Teams: McLaren (2007-2012), Mercedes (2013–present)
- F1 Championships: Seven (2008, 2014, 2015, 2017, 2018, 2019, 2020)
Max Verstappen
- Born: Sept. 30, 1997, in Hasselt, Belgium
- Nationality: Dutch
- Teams: Scuderia Toro Rosso (2015) Red Bull Racing-Honda (2016-present)
- F1 Championships: One (2021)
Valtteri Bottas
- Born: Aug. 28, 1989, in Nastola, Finland
- Nationality: Finnish
- Teams: Williams (2013-2016) Mercedes (2017-present)
- F1 Championships: None
Sergio Perez
- Born: Jan. 26, 1990, in Guadalajara, Mexico
- Nationality: Mexican
- Teams: Sauber (2011-2012), McLaren (2013), Force India/Racing Point (2014-2020), Red Bull Racing-Honda (2021-)
- F1 Championships: None
Daniel Ricciardo
- Born: July 1, 1989, Perth, Australia
- Nationality: Australian
- Teams: HRT (2011), Scuderia Toro Rosso (2012-2013), Red Bull (2104-2018), Renault (2019-2020), McLaren (2021-)
- F1 Championships: None
Bet on Formula 1 teams
There are 10 teams in F1 Racing. Each can enter up to two identical cars, for which they have built the chassis, in each Grand Prix race. These teams can purchase engines for the cars. As a result, only Ferrari, Honda, Mercedes, and Renault engines are featured in F1 cars in 2021. The name of each team usually represents the main sponsor, and chassis and engine constructors.
Each car competes for points in each Grand Prix, awarded on a sliding scale (25-18-15-12-10-8-6-4-2-1) to the top ten finishers in each race. The teams collect these points throughout the season and the team with the most at the end is awarded the World Constructors’ Championship. Mercedes-AMG Petronas has won seven straight World Constructors’ Championships from 2014 to 2020.
Here’s a look at all 10 teams in F1 right now:
Mercedes-AMG Petronas
- Country: Germany
- Championships: 7 (2014-2020)
- Chassis: F1 W12 E Performance
- Engine: Mercedes M12 E Performance
- Team Drivers: Lewis Hamilton, Valtteri Bottas
Red Bull Racing-Honda
- Country: Austria
- Championships: 5 (2010-2013, 2021)
- Chassis: RB16B
- Engine: Honda RA621H
- Team Drivers: Max Verstappen, Sergio Pérez
McLaren-Mercedes
- Country: UK
- Championships: 2014-2020
- Chassis: MCL35M
- Engine: Mercedes-AMG F1 M12 E Performance
- Team Drivers: Daniel Ricciardo, Lando Norris
Scuderia Ferrari
- Country: Italy
- Championships: 15 (1952, 1953, 1956, 1958, 1961, 1964, 1975, 1977, 1979, 2000, 2001, 2002, 2003, 2004, 2007)
- Chassis: Ferrari SF21
- Engine: Ferrari 065/6
- Team Drivers: Charles Leclerc, Carlos Sainz Jr.
Scuderia AlphaTauri-Honda (formerly Toro Rosso)
- Country: Italy
- Championships: 0
- Chassis: AlphaTauri AT02
- Engine: Honda RA621H
- Team Drivers: Pierre Gasly, Yuki Tsunoda
Aston Martin-Mercedes (formerly Racing Point, Force India)
- Country: UK
- Championships: 0
- Chassis: Aston Martin AMR21
- Engine: Mercedes M12 E Performance
- Team Drivers: Sebastian Vettel, Lance Stroll (CAD)
Alfa Romeo Racing-Ferrari
- Country: Switzerland
- Championships: 0
- Chassis: C41
- Engine: Ferrari 065/6
- Team Drivers: Kimi Räikkönen, Antonio Giovinazzi
Alpine-Renault
- Country: France
- Championships: 12 (1992-1997, 2005-2006, 2010-2013)
- Chassis: A521
- Engine: Renault E-Tech 20B
- Team Drivers: Fernando Alonso, Esteban Ocon
Williams-Mercedes
- Country: UK
- Championships: 9 (1980-1981, 1986-1987, 1992-1994, 1996-1997)
- Chassis: FW43B
- Engine: Mercedes M12 E Performance
- Team Drivers: Nicholas Latifi (CAD), George Russell
Haas-Ferrari
- Country: US
- Championships: 0
- Chassis: FW43B
- Engine: Mercedes M12 E Performance
- Team Drivers: Nikita Mazepin, Mick Schumacher
F1 live betting & F1 props
F1 live betting and props are where F1 betting gets exciting. Instead of just picking winners before a race, live Formula One betting allows you to adjust your thinking during a race and bet on different drivers to win at odds that change with the action on the track.
Plus, while there are already a ton of F1 props available for betting before each race, allowing you to bet on more than just who wins the race, there are even more available live. Instead of just betting on who will post the fastest lap, you can bet on who will be the fastest in the next lap, and every lap after that.
And instead of betting on the first driver to retire, or which constructor built the car, you can bet on the next driver to retire. The possibilities are almost endless.
Essential F1 betting tips
If you want to bet on F1 races effectively, you’re going to have to do more than just punch in Lewis Hamilton’s name on your bet slips all the time. Particularly since the price on Hamilton winning is rarely ever worth the risk he might not. You can easily take your F1 betting to the next level by developing a better understanding of the sport.
That means watching races, researching teams and drivers, and developing your predictions for individual Grand Prix races. The following three basic F1 betting tips might help:
- Watch the weather: Weather can have a huge influence on the outcome of any Grand Prix. Rain causes accidents and accidents can lead to unexpected outcomes. Even Mercedes and Lewis Hamilton can have issues in the rain. Watch the weather and you might be able to find a time to bet against these and other perennial F1 race favourites.
- What driver where: Finding out how well a driver has performed on a specific Grand Prix track in the past can be the difference in turning your bets into educated guesses versus throwing darts at a board while blindfolded.
- Watch the qualifying and practise sessions: Starting grid position will have a huge influence on the outcome of most Grand Prix races, especially on tracks where there are very few opportunities to overtake other cars. However, knowing pole position and the grid is different from understanding how it ended up that way. Sometimes things happen in qualifying that might prevent the best cars and drivers from gaining the pole or moving up the grid. If you had watched, you’d know about it and can bet accordingly. Take it a step further by watching practice sessions from the day before and you might even be able to tell who is the fastest that weekend.
How do F1 odds change between sportsbooks or races?
For the most part, Formula One Racing is a UK and European sport. But if you think F1 lines are going to be different at online sportsbooks in Canada versus high street bookmakers in the UK or popular online sportsbooks available exclusively to customers in the EU, think again. Most F1 lines look the same everywhere at the outset. After all, it’s mostly the same sports betting tech companies setting these odds, and even those that don’t use the same oddsmakers play copycat to stay competitive.
Of course, sportsbooks on the other side of the Atlantic use fraction or decimal odds, while Canadian sports betting operators employ American odds. However, a quick conversion will show you most F1 lines start the same everywhere. The thing is, betting can change that. When someone walks into a sportsbook at some random EU casino and drops down a wad on Lewis Hamilton to win, that sportsbook might move the line to try to attract betting to other drivers. Their goal is to even out the betting across the board, so they can make a profit without sweating the outcome of a race.
However, other sportsbooks, including those in Canada, won’t make that same change, unless a big bet is also placed there. That’s why you may find differences in F1 lines from sportsbook to sportsbook as it comes closer to race day for any Grand Prix.
Who sets F1 odds?
It appears as though global sports data intelligence provider Sportradar is setting most Formula One Racing odds these days. The company inked an exclusively official F1 data deal ahead of the 2020 F1 season and now offers a comprehensive range of pre-race and in-race markets to sportsbook operators around the world. Even those that don’t deal with Sportradar directly are likely taking their pre-race F1 lines just to stay competitive.
Those that do get the lines directly from Sportradar get access to at least 20 in-race markets for every F1 Grand Prix, all based on live data taken directly from the track on a race day and during practice and qualifying sessions. Markets include outright winner, podium, and top 10 finishes, constructor markets, group winners, head-to-heads, pole position head-to-heads, and drivers to be classified. Sportradar also delivers driver and standings info and enhanced weather updates amongst other live track data.
Major F1 events
The F1 season includes 23 Grand Prix races from March through December. Here’s a look at five of the most prestigious:
Monaco Grand Prix
- Track: Circuit de Monaco (City Streets of Monte Carlo and La Condamine)
- Location: Monaco
- Race Distance: 260.286 km (78 Laps)
- Dates: Held annually on the last weekend in May
- History: Run since 1929 and considered one of the most prestigious races in the world.
- Most Wins: Ayrton Senna (6)
- Most Team Wins: McLaren (15)
Canadian Grand Prix
- Track: Circuit Gilles Villeneuve
- Location: Notre Dame Island, Montreal, Quebec, Canada
- Race Distance: 305.270 km (70 Laps)
- Dates: Scheduled for June
- History: First held in 1961. Part of F1 since 1967. Held originally at Mosport Park in Bowmanville, Ontario, and alternated between Mosport and Circuit Mont-Tremblant, Quebec. Moved to Mosport alone in 1971 and then to its current home in 1978.
- Most Wins: Michael Schumacher (7), Lewis Hamilton (7)
- Most Team Wins: Ferrari (14)
British Grand Prix
- Track: Silverstone Circuit
- Location: Silverstone, Northamptonshire, England
- Race Distance: 306.198 km (52 Laps)
- Dates: Scheduled for July
- History: First held in 1926. Part of F1 since 1950. Considered the oldest race in the Formula One World Championship.
- Most Wins: Lewis Hamilton (7)
- Most Team Wins: Ferrari (16)
Italian Grand Prix
- Track: Autodromo Nazionale di Monza
- Location: Monza, Italy
- Race Distance: 306.720 km (53 Laps)
- Dates: Scheduled for Dec.
- History: Held since 1921. Part of F1 since 1950. Considered Ferrari’s home race.
- Most Wins: Michael Schumacher (5), Lewis Hamilton (5)
- Most Team Wins: Ferrari (20)
Abu Dhabi Grand Prix
- Track: Yas Marina Circuit
- Location: Monza, Italy
- Race Distance: 305.355 km (55 Laps)
- Dates: Scheduled for Sept. 12
- History: Held since 2009. Day-night race now the traditional F1 season finale.
- Most Wins: Lewis Hamilton (5)
- Most Team Wins: Mercedes (6)
Why bet F1 over other sports?
Formula One Racing is exciting and with live F1 betting, the wagering opportunities are almost endless, adding to that excitement.
Mercedes and Red Bull dominate the podium these days and seven-time World Champion Mercedes driver Lewis Hamilton wins close to 50% of the time which means F1 is fairly predictable and easy to bet on. The odds on the favourite might make it hard to earn big profits but extending your betting out to the rest of the field and more than just the outright winners markets can remedy that fast.
Add it up and there are plenty of opportunities to make money and have an exciting level of fun betting F1 Grand Prix races.
F1 vs NASCAR
Formula One Racing is faster and more technologically advanced than NASCAR. F1 cars are the fastest cars in the world, going about 235 mph while NASCAR is stock car racing, which puts limits on the tech so the cars only go around 212 mph. F1 races are also much quicker, taking about 1.5 to two hours compared to four.
The street-style tracks are more exciting compared to NASCAR’s ovals. However, passing is rare and the top teams have such an advantage, F1 races can almost seem fixed. The bottom line is: NASCAR is pure Americana, and F1 is automotive science for billionaires, both of which are enhanced by the introduction of live betting the past few seasons. In the end, it’s a personal choice as to which one is better.