Formula 1 racing is one of the most closely followed sports across the world. Most players follow the game for the thrill and adrenaline rush that comes with it. But, Nigerian players don’t follow the sport like they do football.

The few players that follow Formula 1 bet on different events. Some of them include the Abu Dhabi Grand Prix, Driver’s Championship, Constructor’s Championship, and Singapore Grand Prix.

This article will help you understand how Formula 1 betting works in Nigeria. So, let’s dive right into it!

History of Formula 1

The origin of Formula 1 can be traced back to the 20th century when there were different racing competitions in Europe. In 1904, the Federation Internationale de I’Automobile was established. It is a non-profit association established to represent the interests of motoring organizations and motor car users.  Then, in 1946, after the World War, the Federation Internationale de I’Automobile (FIA) standardized a set of rules and started a championship for drivers.

Argentina was the first country to host the first championship grand prix outside Europe in 1953. Then, in 1953, Morocco hosted the first Constructor’s Championship, and the first Grand Prix in Africa.

It can’t be said that anyone invented Formula 1 racing because no one did. The sport has been popular among people who loved racing as far back as the age of gasoline-fueled internal combustion engines.

Formula 1 was made official after the FIA standardized the rules and organized driver’s championships. So, Formula 1 was established on May 13 when they held the first race at the British Grand Prix at Silverstone.

In 1985, the first World Championship Grand Prix was held in Oceania, Australia. Then, in 2008, the Formula One Teams Association (FOTA), an organization representing the teams’ interests, was formed.

Why You Should Bet on Formula 1?

The first reason why players bet on Formula 1 is that it offers a wide range of betting options. For example, you can decide to bet on race winners, podium finishes, and fastest lap times. Another interesting thing about Formula 1 races is that they give players continuous betting options all year round. The sport has several events that will keep bettors busy throughout the year.

Betting on Formula 1 allows you to participate in the action actively. You want to be involved in every part of the game because you have something to lose if the game doesn’t end in your favour. 

Another reason why you should bet on Formula 1 is to showcase your understanding and knowledge about the sport. Of course, this is if you’re crazy about the sport and you follow the sport closely. You need to consider several factors to place a successful Formula 1 bet. Some of these factors include team dynamics, track characteristics, race strategies, and driver performance.

How to Bet on Formula 1

  1. Create a New Account

Get on your preferred betting site and create a new account, if you don’t have one already. Click on the “Sign up” button to begin your registration. Some information you might need to provide includes your mobile number, name, email, username, and password. Next, click on the verification link that will be sent to your email to verify your email address. You can now log in with your username and password to begin your gameplay. 

  1. Deposit Real Money

Fund your new account with your preferred payment option on the bookmaker’s cashier page. The payment option you can use to fund your account is different for different betting sites. Some popular payment options you can use to deposit into your account include bank transfers, Skrill, Flutterwave, Neteller, and Credit/Debit Cards. You can begin your gameplay once your payment is reflected in your account. 

  1. Select Your Preferred Betting Market

The next step is to find and select your preferred betting market. Some of these betting markets include Outrights, Fastest Lap, Fastest Qualifying Car, Top 6 Finish, Practice Session Winner, and First Constructer Retirement.

  1. Place your Bet

Place your bet once you decide on the betting market you want to bet on. Ensure you spread your bets across different markets so you don’t lose it all at once. Also, take your time to understand the betting market you want to choose before placing your bet.

  1. Withdraw Your Winnings

You can withdraw your winnings if you’re lucky and your bets go through. Use your preferred withdrawal method on the bookmaker’s cashier page. 

Best Markets to Bet on Formula 1

  • Futures

This betting market is also known as Outright betting. It allows you to predict the outcome of an event or competition before it begins. For instance, you can predict which driver will win the Formula 1 Championship way before the season starts.

  • Overall Race Winner Betting

It is a straightforward market that allows players to predict which driver will win a particular race. You must consider different factors before placing this kind of bet. Some of them include the driver’s recent form, track characteristics, driver skill, and car performance.

  • Head to Head

This type of betting market allows you to compare the performance of two drivers in a race. You have to choose which driver you believe will finish ahead of the other. Some factors you should consider before placing this kind of bet include track characteristics, weather conditions, team dynamics, and head-to-head records. You can choose this betting market if you want to compare the strengths and weaknesses of the two drivers in a race.

  • Fastest Lap

This betting market allows you to bet on which driver will set the fastest lap time during a race. Remember that the odds of Fastest Lap Betting might change throughout the race as drivers might make tire changes and pit stops, which might affect their abilities to set fast laps.

  • Podium Finish

This betting market allows players to predict which drivers will finish top three positions of a race. The good thing about this market is that it considers drivers who might not win the race outright, but still end up securing the podium finish. Some of the factors bettors consider before placing this kind of bet are recent form, track history, and driver’s consistency.

Quick Tips for Good Formula 1 Bets

Formula 1 is a popular sport in different countries of the world. But, Nigerian players will still pick football above any other sport. You must do your homework before placing a Formula 1 bet. Do your research and take your time to analyze the performance of drivers and teams. Additionally, do a weather and track analysis before placing your bet. The weather of the day is one of the factors that determines the result of the game. So, you need to do your homework before the game. Some cars and drivers perform better in a wet track while others do well in a dry track. Check the history of the drivers to know their strengths and weaknesses before placing your bet.