The sport of Formula One is fast-paced, full of action and takes place on many weekends of the year. For that reason, it is a great sport to place bets on.

F1 fans can place a wager with many different bookmakers and you can bet in a variety of different ways. This makes it accessible for newcomers, but also great for more experienced punters who want a challenge, because there are many more complex betting markets.

However, here we are going to focus on what is on offer for beginners, looking at a couple of different markets and then a different way to bet which Formula One is perfect for.

If you are thinking of betting on Formula One for the first time, here is where you should start with your approach.

Simple Betting Markets

The first thing you need to do as a Formula One punter is look out for simple betting markets. You will find many out there in the build up to a race, some are perfect for newcomers while others are a little complex and are best avoided to begin with.

Pick out a betting market that you understand, something that you already have an opinion on and something that offers a realistic chance of winning and you are on the right track.

It pays to follow the bigger drivers to begin with, rather than trying to find out where an upset will occur, so people like Lewis Hamilton should be on your radar. The odds on a Hamilton win may not be the biggest, but the early stages are all about building your confidence.

Many people enjoy watching the qualifying session before race day, this is something else you can bet on that is simple. Rather than choosing who wins the race, you are betting on who will win the qualifying event.

Shop Around for Odds

The choice for those betting on Formula One has never been as good. You have many bookmakers waiting to take your bets, all providing competitive odds, innovative betting markets and even bonuses and offers in a bid to tempt you into betting with them.

Look out for odds and offers on websites such as freebets.co.uk and use them to your advantage. Bookmakers are interested in picking up as many new customers as they possibly can, that means deals for potential new customers, so make sure you grab yourself a deal.

The coverage on offer for those looking to bet on Formula One has never been as strong as it is now. The differences in odds may only seem like small amounts when you look at individual bets but over the course of the season they will add up.

In Play Betting on Formula One

We have seen a change in how people bet over the last decade and that is thanks to the introduction of in play betting. This is used across many sports, but Formula One in particular is perfect for this.

We see a lot of excitement during Formula One races, a reason why we all head out to tracks like Silverstone and watch the action live.

Rather than betting before the race begins, betting in play allows you to wait and see what happens before placing your wager. You may wait until the first pit stop, or save your funds until you can understand the weather and how that is affecting the race.

Whatever you do, if you get this right you are going to give yourself an advantage when betting. The betting markets are the same as those available before the race, so if you are new to Formula One betting you can get involved from the off with the in play markets.