Formula One is extremely popular across Europe, but the sport is still growing in other countries, including the United States, Canada and Mexico. Asia has become a hotspot for F1 racing too and has a lot of room to grow still.

Betting sites have been offering F1 betting markets for many years. While not as popular as a lot of other sports when it comes to betting, there are still millions of dollars wagered weekly in betting shops and online.

Bet with the best F1 bookmakers

Getting the best odds is incredibly important when betting on Formula One. Why? Well, you're not going to have much betting volume on F1 racing, so when you win, you need to ensure you got the best price possible.

Since F1 betting isn't too popular, especially when compared to football or golf, a lot of bookmakers overlook the sport and therefore don't offer promotions. You should aim to bet with bookmakers who have F1 promotions.

Common promotions include money back specials if your driver doesn't finish the race or a small bonus when you bet on a specific F1 market. However, often getting the best odds is better than any benefit a promotion will offer.

Study the Grand Prix circuits

You need to study every track and understand what's required to win. For example, some tracks such as Monaco are extremely tough to pass on and therefore it's often smart to bet on the pole winner to win the Grand Prix too.

However, in Canada, the track boasts plenty of passing opportunities (Nearly every corner). In the Canadian GP you can try to hunt down the value in the race. Better yet, bet on the value plays to finish top 3 or top 5 and not to win.

Don't just bet on race winners

Only four drivers have won a race during the 2016 F1 season and that's not unusual at all. The big names often win all of the races in Formula One racing, but there's often plenty of value in alternative markets, such as top 3 or top 5.

Do you like a top 10 driver to finish on the podium? Your best bet is to bet on the top 3 or podium market rather than betting on the driver to win. The odds will still be big and it offers you a much better chance at winning.

If you expect a longshot to have a good race based on your research, you should bet on the driver to finish top 5 or top 10. The driver almost certainly won't win, so betting on the driver to win would be a waste of money and you'd be much better off using that money to play the online lottery. At least then you'd have the chance to win millions.

Study F1 racing trends and statistics

F1 racing is exciting, but at the end of the day, winning a race comes down to the minor details. You need to study the statistics and trends before each race to ensure you don't overlook anything important.

Some F1 drivers race better on a certain track. Some teams struggle on certain tracks. You need to know all of this if you expect to make an educated prediction. A lot of F1 statistics and data have been popping up online in recent years and these websites provide information that will give you the insight needed to make money betting on F1 racing.