These are busy times in the world of sport.

Not only is Formula 1 back from its summer break, but the NFL season is also getting underway. With F1's new-found popularity west of the Atlantic and the NFL's huge following in Europe, there are thousands of sports fans who will be greeting both with equal relish. Many of them will be looking to lay down a few dollars - or Euros - on backing a winner, too. It begs the question of just how similar or different the betting strategies are for sports that are so inherently different.

Bankroll management - the common denominator

There are some common factors that apply to both F1 betting and NFL betting, and the most important one is bankroll management. Allocate a specific bankroll for your sports betting and stick to it. This might be a weekly amount or a sum that is set aside for the season.

Let's say you decide to set aside a $2,000 bankroll for the season. The golden rule is to use between two and five percent of your bankroll per wager. That equates to laying down between $40 and $100 per bet. Stay lower for ones you are unsure about and bet more on the ones you really feel good about.

The other common factor, which is also related to bankroll management, is to always bet sober. If you enjoy a few beers while watching the game or the race, that's fine - but get your betting done and finished before you head for the fridge!

Backing a winner - NFL

Moneyline is the simplest form of bet, in which you simply place a wager on who will win a game or race. In NFL betting, the moneyline is ostensibly simpler as there are only two teams to choose from. Back the favorite or the underdog, the choice is yours.

Here, timing can be important. If plenty of people will be backing the favorite and you want to do the same, get in early before the weight of bets drives the odds even shorter. Conversely, if you're backing the underdog under these circumstances, it's worth holding back and placing your wager at the eleventh hour.

Backing a winner - F1

In F1, there are 20 possible winners, not two. A strategy that can pay dividends is to back multiple drivers. For example, going into this year's Belgian Grand Prix, Max Verstappen was at +200 and Charles Leclerc at +400 for the win. Suppose you think Leclerc is going to beat the odds and win the race. You could bet $40 on him to do so - that's $160 in your pocket if you're right, but $40 lost if not.

Clearly, Verstappen represents the biggest challenge, so what if you bet $20 on him and $20 on Leclerc? That's $40 wagered, and if Leclerc wins, you get a $20 stake back plus $80, so you are $60 up. If Verstappen wins, you get a $20 stake back and $40, so you are $20 up. Of course, if neither wins, you are still $40 down, but backing multiple drivers can significantly reduce your exposure.