Sports betting has been one of the biggest growth industries in the 21st century, but where does Formula One fit in?
For some reason, a lot of gamblers do not even think to place a bet on the big race, with sports such as football and horse racing instead being much more popular with the punters.
But Formula One betting looks to be on the rise and it has already been targeted as an area where the sport can develop over the coming months and years.
Always at the Top
With the sport under new ownership after Liberty Media completed a big-money takeover, lots of changes are likely to be in the offing.
Where does Formula One betting come into the reckoning? Let's take a look.
Formula One Betting
Lots of bookmakers already offer wagering on F1 races, but the odds are rarely featured prominently on their websites.
So while the prices are up for grabs if you are willing to hunt them out, a casual fan is unlikely to be prompted to have a bet on the Formula One.
Bookie websites usually focus strongly on sports like horse racing and football that have a dedicated audience, with racing in particularly being intrinsically linked to gambling.
When you watch any live sport on television and you will soon notice how many of the advertisements are for gambling websites, but they rarely if ever focus on Formula One betting.
So while it has been proven that there is a large target audience for Formula One, the profile of the sport in terms of betting is currently quite low.
Opportunities for Growth in Formula One Betting
Although it is fair to say that in terms of betting Formula One is currently quite niche, the sport's new owners have been keen to acknowledge there is work to be done in this department.
Liberty Media chief executive Greg Maffei has revealed that only one per cent of Formula One's revenues are currently from digital, which is something that has to change quickly in the sport.
"There's an enormous amount of video feed and data about the races that we are already capturing that we are not in any way processing incrementally for the dedicated fan, or opportunities around things like gambling," Maffei was quoted as saying in 2016.
"Outside of the United States there is a huge gambling opportunity in the sport, none of which we capitalise on."
Maffei was speaking at the Goldman Sachs Communacopia investment conference in New York ahead of Liberty's takeover of Formula One, but it is a positive sign that he has targeted gambling as an area where the sport can be developed.
Formula One Betting Options
When you browse the Formula One betting options it is obvious that there are nowhere near as many markets to choose from when compared to a sport like football.
Even cricket and tennis are covered by a lot more choices and if you want to place a bet on the Formula One you are restricted to just a few markets.
Currently, you can bet on the winner of a race, the winner of the driver's championship and which constructor will come out on top at the end of the season.
But away from those you are going to struggle to find something to bet on in Formula One.
Improvements are being made, however. Some bookies now allow you to bet on a driver finishing on the podium in a particular race. Others may run markets that give you the chance to bet on a driver beating one of their rivals in a Grand Prix.
More markets are regularly being launched to tempt Formula One fans and if Maffei and Liberty are to be successful in boosting the profile of Formula One betting, this will have to continue.
Linking Gambling with Formula One
Among the challenges facing the sport of Formula One in the coming years is developing a link with the gambling industry that feels natural rather than being forced upon motorsport fans.
There is already an obvious place to start with the Monaco Grand Prix being hosted in a location that is famous all over the world for its casinos.
Liberty is also reportedly keen to bring a new race to Las Vegas, another gambling mecca, which would seemingly be an obvious way to introduce gambling into the sport.
Sponsorship might well be another route, with Formula One still trying to replace the loss of tobacco companies after they were blocked from sponsoring teams.
A lot of bookmakers have used sponsorship in football to boost their profile, so it stands to reason that they could consider getting involved in Formula One in the future.
After all, hundreds of millions of people watch Formula One every year, so there is a massive audience waiting to be tapped into, as long as it is done in the right way.
The latest available figures show the Great Britain gambling industry was worth an incredible £13.8 billion between October 2015 and September 2016, so the demand is certainly there.
How to Bet on Formula One
Although Formula One betting is nowhere near as popular as gambling on sports such as football, horse racing, cricket, golf and tennis, there is still money to be made here.
Just as with any other type of betting, research is the best way to get ahead of the bookies. Study the history of the race, check the weather forecast and see which drivers it suits best.
Form is also an important consideration, of course, especially as the same group of three or four drivers tend to share out the vast majority of race wins over the course of the season.
But a statistical quirk of Formula One betting is that drivers find it extremely hard to win three GPs in a row, so it is often profitable to oppose someone who has won back-to-back races.
Before you even think about placing a bet on a race you should also try to find a bookmaker that is offering promotions on their Formula One betting. Some bookies run offers such as a money back promotion that hands you a refund if your driver crashes out of the race, for example.
And as any sports betting fans will already know, it is crucial to shop around for the best odds so you are making as much money as possible from your winning punt.
Formula One Betting in the Future
The comments from Liberty's Maffei indicate betting has a very big part to play in the future of Formula One. But what could Formula One betting look like in a few years?
Live in-play betting has become increasingly popular and if statistics are made available to gamblers this could see plenty of new markets being created.
For example, you may be able to bet on who will be the fastest driver on the next lap, adding extra interest to the race while you tune in.
This is good news for Formula One fans, as the more you know about your favourite sport, the more chances to win money from betting on it you are going to have in the future.
F1 statistics and data is still in its infancy compared to a lot of the big sports in betting, but this looks set to develop a lot, especially if Maffei from Liberty is to get his way.
While researching important betting factors such as race history, the current performance of a car and driver form can be a time-consuming habit right now, this should become a lot easier as data from the sport is gradually opened up to the public.
What is for sure is that there are bound to be a lot of big changes in Formula One as a result of the takeover from Liberty.
Exactly what the impact will be on Formula One betting is hard to predict at this stage of their reign, but it looks like there is a bright future.
