Formula 1 motor racing is one of the easiest sports to bet on, but just like any other sport, there are risks involved, and you are never guaranteed a return on your initial wagers.

With that said, let's dive straight in and take a closer look at how you can mitigate risk when placing a wager on any upcoming F1 Grand Prix betting markets.

What are the main betting markets usually available for Formula 1 events?

The most popular bet people tend to stick with when betting on F1 races is the 'outright winner,' either on an individual GP or a 'seasonal' winner (e.g., betting on F1 constructors teams or individual F1 drivers to win the championship outright).

However, there are many other opportunities to maximise your betting experience on today's safest online sportsbooks. Besides outright winner betting markets on individual Grand Prix races and seasonal champions, some of the other popular F1 bets you will also come across these days are the following:

• Constructor/team bets
• Fastest lap bets
• Pole position bets
• Top six finish bets
• Head-to-head bets
• Safety car bets
• Prop bets
• First retirement bets
• F1 driver performance bets, which some bet sites refer to as podium finish bets, typically include 'to win any qualification,' 'to win any F1 race at any point throughout the season,' and 'to finish any race on the podium'
You can place these types of bets long before an F1 GP has started, known as pre-match betting, or you can place bets as the action unfolds, known as in-play or live betting.

Understanding the risks of betting on the F1

Decisions made in the pit by the teams or by the drivers on the track, and various other technological issues and unforeseen events can significantly change the outcome of an F1 race.

The important thing to remember is that even when you bet on the favourites, you aren't always guaranteed to win, so only bet with money that you can comfortably afford to lose.

Highly competitive races with the world's best F1 drivers also increase the risks of accidents and incidents occurring on the track, which can win or lose races for drivers.

How to place strategic bets on Formula 1 races

If you are looking to make more informed betting decisions on any upcoming F1 races, the best thing to do is to find out what the odds are and the implied probability rate of an outcome actually occurring, but still remember that unforeseen circumstances can potentially occur to upset the odds.

Another way of mitigating risk and improving the chances of your bets returning a profit is by leveraging historical F1 data and the latest driver/team news and statistics. Arming yourself with as much relevant F1 data, statistics, and the latest news can help you decide which bets might be worth placing or avoiding.

For example, if a driver hasn't earned any points for his team in the past five races, there's a good chance that he won't earn any points in the next race. Similarly, if a driver has finished first or second in his past five races, there's a good chance he will finish in one of these positions in the next race.

Final thoughts

When betting on F1 GP races, you should also use an odds format that you are more comfortable with, whether that's American/moneyline odds, fractional odds or decimal odds. Also, stick to betting on legally permitted sportsbooks, like those currently featured on the official www.betting.co.uk iGaming review site.

Compare several of their reviews, starting with the top 10, and then pay attention to the F1 betting odds to see which site offers the most highly competitive odds for the next upcoming F1 race to ensure you get the best possible price. Therefore, if your bet wins, you will get more money than you would have if you had bet on another site.