Betting on any sport is a tricky road to navigate; however, this is especially true in the world of motorsports, where there are plenty of niches, fringe markets, and several different variables to weigh up - such as the weather, driver form, jet lag, off-field issues, and motorsports-specific betting promotions.
Understanding the impact of these factors will help you avoid some of the more common mistakes when betting on motorsports. Today, we've boiled it down to the top five tips that should help you dodge the most common mistakes people make, and how you can avoid them when browsing through motorsports betting markets.
Shop around - don't settle for the first site you find
Our first mistake we'd recommend avoiding is not shopping around. Although there are many choices, plenty of gamblers will simply pick the first sports betting site or the first motorsports betting market advertised on their social media feed.
Shopping around is vital in every market; it helps you get the best deals and find the platforms you most like the look of - in sports betting, personal preference is just as crucial as other products and services. The only way to get a real gauge of this is to shop around. Again, though, a common mistake is knowing where to begin. It's best to get a sample from different sources.
You can research, check out social media remarks from fellow sports bettors and those with a penchant for motorsports and seek out what the experts say about the highest-rated sports betting sites. For those who don't know, askgamblers.com acts as one of these resources, collating opinions from those in the sports betting world who have the right expertise to make an informed decision. Some of the criteria they use to comprise their rating include
• Quality and range of motorsports betting markets
• Site security, licensing, and overall reputation within the sports betting industry
• Bespoke promotional and marketing strategies that are aimed at motorsports bettors
• Available payment options
• Fees involved, and compatibility with different types of mobile devices
Do not fall into the Gambler's Fallacy
Some bettors believe that the Gambler's Fallacy only applies to casino gamers or those who get pulled into the idea that form can play a factor in a game of chance. In motorsports betting, this is still prevalent. It's essential to look out for the signs. Falling into the trap or belief that you have the edge over a betting company is one of the signs of problem gambling.
In motorsports, it can take many forms. For instance, Oscar Piatri recently finishing top of the podium in the Chinese Grand Prix wasn't something that looked likely at the beginning of the season. If you backed the Australian, you might have fallen into the idea that your outside picks gave you the edge in the market, and backed him to repeat this feat at the Japanese Grand Prix.
Of course, Max Verstappen got back to his winning ways at the Suzuka International Racing. And while betting against Max would've left you short-changed over the last four years, skill only accounts for a particular segment of betting strategy. Favourites don't always win.
Bet with the right size
Responsible gambling is the foundation of any betting. As we explained in the last section, when betting on motorsport, it doesn't matter whether it's MotoGP, F1, or F2, all of these markets are markets of chance.
Clearly, if you have a very strong knowledge of the sport compared to the average punter, you can navigate some of the odds more effectively. This does not automatically mean you have one over on the bookies. The house always has the edge in any casino or sports betting market - never lose sight of this.
As part of a responsible gambling strategy, betting with the right size is imperative. This means different things to different types of gamblers based on the margins you're working with and how much disposable income you have available.
Quality over quantity
Obsessing over a market will not give you a guru-level insight into how the markets work. A lot of the time, if there is ever value in the market, it will appear sparsely. Bookies are not in the habit of giving out better odds than they have to unless it's part of a marketing strategy, which often comes with a range of stipulations.
Finding value can sometimes come from bonuses or enhanced odds, but they will often only have a max cashout amount or are paid out in betting credits, so they do not have the same flexibility as a real money wager.
The example we used before, Piastri winning the Chinese Grand Prix, would've been a good bet at the beginning of the season. Gauging which drivers have traditionally excelled in different conditions and different courses is just one of the aspects to consider when determining if the market has value.
This year's F1 Championship is shaping up nicely, with Lando Norris taking an early lead in the standings and Verstappen hot on his heels. Over the last few campaigns, it's felt that Verstappen winning another championship was a foregone conclusion - the bookies agreed, and outright markets had zero value. This doesn't just apply to F1, either. MotoGP markets can occasionally provide value, mainly because they have fewer eyes on them and fewer markets. Pick your battles, and remember, it's meant to be fun, not a source of income.
Don't take the word of influencers as gospel
Yes, we know this might sound obvious. To us, it is obvious. Unfortunately, there are plenty of people out there who hang on to every word of influencers. While betting influencers are less prominent in the market than in the football world, they are still out there. They will often cleverly mask their losses, promote affiliate codes and project their opinions as fact or as nailed-on ways to make money. Avoid these influencers like the plague.
Generally, I avoid all influencers and their latest grifts like the plague. But those influencers who are astute with marketing - and most of them are - will be able to amass a following. Otherwise, they wouldn't have been able to; they are simply in the business of making money. They will back odds, platforms, or drivers that will provide them with the most traction, clicks, or likes.
Do your homework. While you can use their insight as a guide if they are one of the few reputable ones out there, it's best to do your homework and take in sources of information from multiple avenues.
Final thoughts
Many of the points we've touched on today cover a range of common mistakes. Not only do several of them apply generally to sports betting, but they will also help you avoid some of the more common pitfalls that people face as they try to find their feet in the complex world of online betting.
Motorsports betting covers a variety of markets, but collectively, it's still in the industry's niches. Therefore, while it might not have the same marketing budget that's earmarked for some of the more prominent sports in the UK, plenty of providers still want to attract the thousands of people who bet on motorsports every weekend.
In a nutshell, understand the market, understand that it is fun and not a source of income and explore the opinions of other motorsports fans to help obtain a well-rounded opinion of what the market has to offer.
