While betting on Red Bull to win the 2023 Formula 1 world constructor championship may seem like easy money, it has become counterproductive.
Seven races into the 2023 Formula 1 season, Red Bull remain the only team to win a race. Two-time reigning world champion Max Verstappen has won five races while Sergio Perez was won two.
With four 1-2 finishes, Red Bull have opened up a massive 135-point lead in the constructor standings over Mercedes.
The Milton Keynes-based team have nearly twice as many points as Mercedes overall, with Verstappen himself having outscored the Silver Arrows 170 to 152 through seven events.
There may still be 15 races remaining on the 22-race schedule, but it certainly seems like a foregone conclusion that Red Bull are poised to repeat as constructor champions in 2023.
So the fact that there are still sportsbooks offering odds on Red Bull to win the title may seem like an easy way to make money.
But because of how big of a favorite Red Bull are, betting on the Formula 1 world championship is effectively counterproductive.
Given the strength of the RB19 at all types of circuits, betting against Red Bull to win the title appears to be nothing more than a roundabout way of throwing away money.
But even betting on Red Bull isn’t the smartest idea. At FanDuel Sportsbook, they are listed as a -8000 favorite to win a third consecutive world championship this season.
So if you want to win $100 on the team winning their second straight title, you would have to set aside $8,000 until they mathematically secure it. Even assuming they do, that won’t happen for several months.
You’d literally be better off taking that $8,000 and putting it into a savings account, considering the current high interest and APY rates. And we can’t ignore the fact that there is still technically a chance that Red Bull will be beaten. So you’re better off taking the safer route and racking up more than another $100 by the time they do.
Of course, there are still quite a few other betting markets to take advantage of on FanDuel Sportsbook. With 15 races left on this year’s schedule, there is still great value to be had.
There are still individual race weekend odds for poles, wins, podium finishes, top six finishes, and points finishes, plus some interesting odds on teammate matchups.
The next race on the 2023 Formula 1 schedule is the Canadian Grand Prix, which is scheduled to take place on Sunday, June 18 at Circuit Gilles Villeneuve. ABC is set to broadcast the race live beginning at 2:00 p.m. ET. Start a free trial of FuboTV now and don’t miss it!