Formula 1: How to read and understand betting odds
By Asher Fair
Sports betting is taking off in terms of popularity in states where it’s legal, and Formula 1 is no exception. Here’s how to understand Formula 1 betting odds.
Formula 1 may not be as popular in the U.S. as other racing series such as the NASCAR Cup Series, but with sports betting on the rise in more and more states and it continues to be legalized, betting on the world’s premier open-wheel racing series is seeing a drastic increase in popularity.
Cars and horses are two things that bettors generally can’t resist, and Formula 1 certainly fits the bill when it comes to the former.
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But as betting continues to increase in popularity, there are a few things to know when it comes to Formula 1 betting before you go placing bets and putting money on drivers or teams.
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First of all, you have to know how to read odds. Let’s use this Sunday’s race, the British Grand Prix at Silverstone Circuit, as an example.
The favorite is Red Bull’s Max Verstappen, who is listed at -125 odds. This means that a successful $125 bet on Verstappen pays out $225, so winnings of $100.
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As the heavy favorite, Verstappen is the only driver for whom the winnings can be less than the initial bet. This won’t always be the case. For instance, he could still be the favorite at +150, which means that a $100 bet would pay out $250, so winnings of $150. Another way of writing these odds is 3:2.
The second favorite is Mercedes’ Lewis Hamilton, who is listed at +200 odds. This means that a successful $100 bet on Hamilton pays out $300, so winnings of $200. Another way of writing these odds is 2:1.
One thing to consider is that when you factor in all of the drivers, the implied chances of winning will always, always, always total more than 100%. Likewise, the implied chances of finishing on the podium will always total more than 300%.
The reason for this is simple: bets are paid based on the implied chances by the individual odds. Otherwise, the bookmakers would be out of business.
So if a driver has +200 odds to win, his implied chances to win the race are 33.33% [100/(100+200)]. However, with the implied chances of each driver winning totaling more than 100%, he really may have just a 25% chance to win. But your payout would be based on a 33.33% chance (x3), not a 25% chance (x4).
Another driver could be the favorite at -250, meaning his implied chances to win the race are 71.42% [250/(250+100)]. In a two-man race, these could be the odds, since the implied chances total more than 100%.
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In the long run, this is designed to keep the bookmakers in business. Otherwise, this surge in sports betting and this surge in companies getting in on it wouldn’t be a thing.
But of course, that doesn’t mean you can’t win a ton of money if you put the right amount on the right driver at the right time.
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The British Grand Prix is set to be broadcast live on ESPN from Silverstone Circuit beginning at 10:00 a.m. ET on Sunday, July 18.