Author:
Greg Likens
Last Updated:
05/24/2022
Table of Content
- Most important reasons to compare odds – get the best value
- How do bookmakers determine their odds? – a peek behind the curtain
- Why do odds vary between bookmakers? – shouldn’t the calculations agree?
- Most popular odds formats explained – why some bookies display fractions
- How to calculate the expected value – simplifying the math
- Why loyalty doesn’t always pay – and what to do instead
- Other factors to consider when comparing odds – leaving no stone unturned
- Odds comparison vs. live betting – getting good odds on limited time
- Conclusion – crossing the checkered line
- Formula 1 Odds FAQ
Most important reasons to compare odds – get the best value
Betting sites offer impressive signup bonuses to new customers. That is a good thing. However, once the welcome reward has depleted, motorsport fanatics cannot enjoy real value unless they get competitive F1 betting odds. Odds determine how much money you’ll pocket if your bet wins. They also reflect the probability of various event outcomes. So, if you take a moment to evaluate these numbers, you can enjoy a more rewarding betting experience.
As you’ll soon find, not all bookmakers present favorable offers. Professional and well-established bookmakers typically present significantly higher Formula 1 odds than newer brands. However, it’s not unusual to see a smaller sportsbook offering great deals on niche markets. It helps to compare several options before settling on a particular bookie.
You will notice that a bookmaker may have the best hockey odds while F1 races have the worst odds on the market. It is advantageous to join multiple betting sites and take advantage of these variances. Another important note is that odds are subject to change. As a bettor, you should always compare several betting sites based on the most up-to-date information.
How do bookmakers determine their odds? – a peek behind the curtain
When sportsbooks set Formula 1 odds, a lot of information and statistics go into consideration. Odds compilers and motorsport experts are always on call to collect data related to each market, and bookmakers’ research is focused on aspects such as previous results and recent developments. For example, Lewis Hamilton won more than 7 drivers’ championships between 2010 and 2020, meaning he’ll be a favorite. The odds for a Hamilton win, in this case, will be lower.
Bookmakers arrive at the prevailing odds after calculating the probability of all outcomes. However, other markets are a bit more complicated and require more than just some mathematics. Prop bets, for example, are impossible to determine by calculation. The experts will, therefore, have to go with their gut to set up the best F1 odds.
Now, another critical issue is that sportsbooks are in business to make profits. Odds compilers factor what’s known as vigorish when they set the prices. As such, the bookie will always make money in the long run, whichever side bettors put their wagers on. As we mentioned before, Formula 1 betting odds can change, depending on any changes that would have occurred mid-season.
Why do odds vary between bookmakers? – shouldn’t the calculations agree?
Numerous online bookies launch each year, and this has created immense competition. Each sportsbook tries to attract new customers uniquely. One of the most effective ways to grab motorsports fans’ attention is by lowering the house edge and offering the best F1 odds. That is why you will see a rainbow of varying odds for the same market. Another reason why odds typically vary is that different sportsbooks estimate the true odds of an out differently. Bookies also work out the odds using different information and datasets.
Most popular odds formats explained – why some bookies display fractions
As we previously mentioned, odds represent the probability of a particular outcome for a race. They will also tell you the returns you stand to get if your bet is successful. Before you can effectively compare Formula 1 betting odds, you must understand some jargon.
There are 3 different formats in which sportsbooks express F1 betting odds. These are decimal odds, also known as European odds, fractional odds, synonymous with British bookmakers, and Moneyline odds, also known as American odds. In the following three segments, you will learn how to interpret odds.
How to calculate the expected value – simplifying the math
Expected Value (EV) is one of the most important aspects to consider when carrying out an F1 odds comparison. EV is the amount that a bettor anticipates to win or lose if they repeatedly bet on the same odds. To calculate Expected Value, multiply the probability of a win by the winnings you can get from a bet, then subtract the probability of a loss times the amount you lose per bet. Here is the formula.
- EV = (Probability of a win × Winnings per bet) – (Probability of a loss × Lost amount per bet).
To ensure that you get the best F1 odds, you must make an effort to understand this idea. Let’s look at the easiest example, a coin toss which has the probability of 50% or 0.5 for either Heads or Tails. Both outcomes would theoretically have 2.0 odds. However, if the bookmaker prices Tails at 2.20, the EV for a $100 bet on Tails would be;
- (0.5 × 120) – (0.5 × 100) = 10
We can deduce that the Expected Value is $10 for every $100 wagered at 2.20 odds. This is a positive EV. A negative EV means you’ll lose money in the long run, placing such a wager. If you learn how to compute Expected Value, you will be able to find more value in your bets every time.
Why loyalty doesn’t always pay – and what to do instead
Many sportsbooks are very professional and offer quality services and a wide range of markets. It’s expected that players will get emotionally attached to these bookmakers as they receive some really cool incentives. All this is great, but sometimes the pastures may be greener elsewhere. That is why we encourage our readers to take their time and compare odds at different bookmakers. You can always use more than one operator to get the best F1 odds every time.
Long-term real value
Well-established sportsbooks typically offer better Formula 1 odds, but, on some occasions, smaller bookies will provide much better prices on particular races. So, before making a bet at your favorite betting site, always take a few moments to consider the odds from other operators.
Some bookmakers favor specific bet types
If you are just starting out, you will probably go for the most basic bet types like outrights and totals, but pro bettors know that switching up their wagers adds excitement to the whole experience. If you spend enough time on odds comparison, you will notice that some bookmakers set their odds higher on selected bets. For instance, a betting site may set floppy odds for win bets but offer higher Formula 1 odds on prop bets. The bottom line is loyalty will cost you if you do not shop around.
Other factors to consider when comparing odds – leaving no stone unturned
Whether it’s football, F1, or basketball betting odds, the numbers are always crucial, as they determine how much you get paid. Value is always the primary goal. However, there are other facets to consider when picking out the best site to place your wagers. You can realize significant value from other features that a particular website offers.
For example, a betting site may give you an extremely generous bonus. This means that you can still get value from using such an operator even if they have slightly less appealing odds. After effectively comparing odds, you may also want to take a step back and look for other incentives like loyalty rewards or VIP programs. The selection of banking options, alternative betting opportunities, and mobile gaming options also matter. The great thing about these incentives is that you get to enjoy them in the long term. So, while getting great F1 betting odds will make your day, you need to look at the bigger picture.
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Odds comparison vs. live betting – getting good odds on limited time
Shopping for F1 betting odds or finding the best football odds seems pretty simple, but when it’s live betting, you will need to think on your feet. It would require you to master all the rules and traditions of the sport. In formula 1, bettors must understand the drivers and their vehicles.
The weather is a critical factor and can have negative or positive effects on the outcome of a race. A tricky thing with live betting is that the weather may take a drastic turn just as the race starts, causing some odds to shift. You must, therefore, try to figure out when a driver will make a pit stop. Some drivers may make a stop too early, giving their opponents an advantage. You should anticipate the odds to shift at this point.
Once a particular racer takes on a significant lead, you may notice the odds shifting across different sportsbooks. This would be a great time to place the pole position or the win bet. With live betting, several other factors drive F1 betting odds in different directions in an instant, and you have to be ready.
Conclusion – crossing the checkered line
One of the most critical things in motorsport gambling is getting the best F1 odds. To get optimized value, bettors must compare offers from different betting sites. But before you can compare betting odds efficiently, gamblers must understand how the different formats work. You must also know how to read Decimal, Fractional, or American odds. Comparing live betting odds may be challenging, especially for newbies, but you can get a real kick out of it if you understand all the rules and traditions of F1 racing. Although a particular bookie may offer the best Formula 1 odds, bettors must also consider factors like bonuses and banking options before signing up.
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