How to Bet on F1

Formula 1 (F1) has become among the most popular and watched sports worldwide, even among Nigerian sports fanatics. Its many drivers and races have attracted plenty of sports betting enthusiasts. However, most punters might be clueless on how to bet on F1. F1 offers a more sophisticated and elevated car racing sporting experience.

F1 has been hosted in cities like Las Vegas, London, and Monte Carlo, but with a global live stream. Players must also develop an effective F1 betting strategy before diving into Formula 1 wagering. The 2024 F1 competitions kicked off on March 5th with the Bahrain Grand Prix, followed by the Australian Melbourne Grand Prix Circuit. 

Picking the Best F1 Betting Platform

Nigerian F1 enthusiasts should opt for the best F1 sportsbooks. Sportsbooks should be licensed and regulated by federal and state regulatory bodies. They should also have simple and speedy payment systems for the players.

The best F1 sportsbooks will have F1-specific bonuses and promotions, like free bets, and provide the highest odds for players. Novice F1 punters should prioritise sportsbooks that provide additional information on the races, like fixtures, statistics, insights, and how to bet on F1.

Registering on the F1 sportsbook

Once you have identified your preferred F1 sports betting site, open an account with the platform. The registration process is straightforward. Players above 18 are the only ones allowed to open an account. When signing up, the sports wagering platform will request your personal information. The information will be used to create a unique player’s account using your username, password, and contact information.

You shouldn’t avail your login details to anyone to avoid unauthorised access to your account. Sportsbooks have different ways of confirming your registration request. They can send you an activation link via email or an activation code via SMS or email. After successfully registering on the platform, you can log in to your player’s account.

New players can access various welcome bonuses depending on the sportsbook they use. It’s best to fully understand the eligibility and wagering requirements before opting for them. Always look for bonuses and promotions which are F1 oriented. F1 oriented bonuses can help your Formula 1 bankroll. Finding the best sportsbook for your F1 betting needs is essential, especially when they have plenty of information, insights, statistics, and auto racing odds.

Depositing Funds to Your Account

Betting on F1 is only possible if you have funds in your account. Sportsbooks in Nigeria offer sports betting enthusiasts various methods of funding their accounts. Punters are advised to use one payment method to avoid delays when depositing and cashing out funds.

Players can only use payment methods after registering for the payment services of the provider. Most payment methods use the Nigerian Naira as the primary currency for payment transactions, but bank transfers, online transfers, payment through sportsbook agents, mobile money, and e-wallets are also available. 

Click on the payment section of the sportsbooks and select the deposit option. Select the payment method you are most familiar with, and input the preferred amount you want to deposit. The sportsbooks will have different deposit limits, which you must adhere to.

If the sportsbooks have a welcome deposit bonus, they will have a minimum and maximum deposit for one to be eligible for the bonus.

The deposits are instant, with most payment methods offering free deposits for punters. Once your funds are reflected in the sportsbooks player’s account, you can explore the F1 betting markets. Players who make large deposits might be required to submit KYC information for verification. Sportsbooks won’t request your banking information for payment purposes, and they will only ask for information to verify your identity.

Going Through the F1 Betting Markets

The sportsbook will comprehensively list the ongoing and upcoming F1 races. F1 has various betting markets, and punters aren’t limited to wagering on only one bet. Combining betting markets increases the chance of winning, but players should only stick to the bets they are familiar with. Popular betting markets available for F1 racing include:

  • Outright winner
  • Podium finish
  • Pole position
  • Driver matchups
  • Prop bets

The outright winner is the most straightforward betting market in F1 racing and predicts which driver will win the race. The racers have specific numbers which punters pick when placing their outright winner bet. Novice F1 wagering enthusiasts are encouraged to opt for this betting market.

Punters can also bet on multiple drivers using this betting market. F1 punters can find the T&Cs of every betting on the sportsbook or contact customer support for clarification. If you need more clarification on what betting market to opt for, you can look at the F1 bets placed by experienced F1 punters.

Placing the Bet

Sportsbooks provide players with different odds. High odds mean greater wins when the outcome of the bet is successful; low odds result in lower wins. Most F1 betting fanatics prefer wagering on platforms that offer the highest odds. Select the preferred amount you want to wager and the best odds. After that, you can place your bet.

Sportsbooks offer different betting options. Most will have the option of betting before the F1 race begins, but some allow live betting. Players can wager on an ongoing F1 race and even make adjustments based on how the race is progressing. There are no limitations on the number of bets a player can place on a particular F1 race or driver.


The Nigerian online gaming commission ensures only licensed and credible sportsbooks operate, regulated at the federal and state levels to ensure reliability to all Nigerian punters.

The various Nigerian sportsbooks provide welcome bonuses and are only eligible for new players. The welcome deposit bonus is only available to players who make their first deposit, which is higher than the minimum deposit of the bonus. Sportsbooks with welcome deposit bonuses allow players to use the bonus to wager on their preferred F1 races and drivers.

Sportsbooks have various bonuses for new and existing players. The eligibility requirements refer to the criteria used to determine if the player can be granted a specific bonus. Every bonus has different eligibility requirements ranging from only new players and minimum deposit limit to making deposits at a particular time. The sportsbook can adjust the eligibility requirements at any time.

Sportsbooks have payment limits dictating the minimum and maximum amount a punter can transact within a specific period. The limits can be daily, weekly, monthly, or annually. The operator can install the deposit bonuses’ payment limits (minimum and maximum deposit). Additionally, the payment limits can vary from one payment method to another, depending on the operator.

Sports betting using smart devices, like mobile phones and tablets, is easy thanks to mobile optimization. Some platforms even have dedicated mobile applications which allow players a seamless sports betting experience similar to the web version. Therefore punters can enjoy wagering on Formula 1 races and other sports from the palms of their hands 24/7.