Crypto Sports Betting in Formula 1 - Coindoo
Crypto Sports Betting

Crypto Sports Betting in Formula 1

Editorial Team Avatar
Dec 1, 2021
5 min reading time

Various racing sports exist, of which the most popular include NASCAR, MotoGP, and Formula 1. However, amongst them all, Formula 1 easily takes the lead as the most prestigious. Over the years, It has been able to establish itself as the best on the globe. 

Interestingly, sports betting with crypto has also been mainstream over recent years. This invariably means that Formula 1 betting also has its share in the world of crypto sports betting. So, you can bet on it with cryptocurrency coins such as Bitcoin, Bitcoin Cash, Ethereum, Litcoin amongst others. This comes with certain benefits such as quick withdrawals, better deals, and user anonymity that betting with fiat currency doesn’t offer. This post is meant to be a guide to individuals curious about crypto betting in Formula 1. As we continue, we will try to consider the various issues that are to be looked into for a better grasp of the subject matter.

Understanding the Nature of Formula One as a Sport

The sport has the highest category of single-seat motor racing in the world. The rules of the game are known to be flexible and volatile. They change on a regular basis and this is geared towards enhancing the appeal and safety of the sport. Despite the incessant change in rules, Formula 1 remains a racing event that tickles the excitement of its audience, especially when the race is a really competitive one.

In recent times, Formula One has risen the ladder in the gambling industry. We now have so many bettors gambling on Formula 1 events and the reasons for this are not far-fetched. 

First, being a racing sport, Formula 1 has shown that it is a sport that is easily understandable, and of course; sports that are easy to understand tend to be easy to bet on. Secondly, the sport is one with a lot of depth. Tier-1 Formula One sports bettors spend a significant amount of their time in a day to research the teams, their drivers as well as the hardware they use so as to have an edge over the bookies.

Formula 1 Championship Scoring

Wagering on Formula 1 with cryptocurrency requires you to understand how formula 1 championship scoring works and this is provided here. 

After a race, the driver taking the first position gets 25 points. The other two drivers that are on the podium (second and third) get 18 and 15 points respectively. Furthermore, the drivers finishing fourth, fifth and sixth get 12, 10, and 8 points respectively while those that finish seventh, eighth, ninth, and tenth get 6, 4, 2, and 1 point for their respective positions. This means that drivers that finish below tenth get no points.

Now, you have a series of racing sessions making up a season and at the end of the season, the driver with the highest amount of points wins the world championship. After each race, the points of a driver are also given to the team. Thus, at the end of the season, the team with the highest amount of points from their drivers wins the constructors’ championship.

What Are the Options Available in Formula 1 Crypto Betting?

Wagering on Formula 1 with crypto requires you to understand the available options. This will help you make an informed decision by betting on the option that suits you the most. Some of such formula 1 betting options offered by crypto bookies include betting on the results of an individual race or the results of the season. Also, you could make simpler bets such as whether the safety car will appear or not. The options are not limited to these. Some of the other popular options include the following:

  • Drivers’ Champion – a bet on the person that will win the Driver’s Championship.
  • Constructors’ Champion – a bet on the team that will win the Constructors’ Championship.
  • Race Winner – a bet on which driver will win a particular race.
  • Podium Finish – a bet that a driver will finish a specific race in a podium position; that is, in the top three.
  • Any Race Podium Finish – a bet on a driver to finish in a podium position in any race in that season.
  • Driver vs Driver – a bet on which individual will finish the season in a higher position among two given drivers
  • Pole Position – a bet on which driver will qualify with the quickest time and thus start in pole position. The pole position is the front-most in the starting grid.
  • Fastest Lap – a bet on who will have the fastest lap time during the race (this does not include qualifying)
  • Safety Car – a bet on whether or not the safety car will appear in a specific race. A safety car is a car that warns the drivers that there is a danger on the course.

Final Opinion

Making money from Formula 1 crypto betting is very real. However, you should take your time to understand the workings before jumping on it. 

Apart from this guide, there are many relevant guides on our site. They provide you with detailed information which will be beneficial to you if you wish to know more about crypto betting in Formula 1.

Lastly, you don’t have to get everything right from the start. Crypto betting in Formula 1 can be a lot of fun so long as you understand how it works and you gamble responsibly.

Check out some of the Best Gambling Sites from WeGamble as well!

* The information in this article and the links provided are for general information purposes only and should not constitute any financial or investment advice. We advise you to do your own research or consult a professional before making financial decisions. Please acknowledge that we are not responsible for any loss caused by any information present on this website.
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