Betting on F1, along with betting on all other motorsports, is exceptionally popular in Canada. From betting on individual races to betting on the overall champion, there are many ways to bet on Formula 1 at the best Canadian sportsbooks.

But where will you find the best Formula 1 betting sites in Canada? On this page, we’ve listed the top sites, and have explained exactly why you should choose them. So, before you start betting on Formula 1, take a look through this page.

Top 10 Best F1 Betting Sites 2023

Reviews of the Best F1 Sportsbooks

Now you’ve seen our list of the best places to wager on Formula 1, you can read more about each of the individual sportsbooks we’ve selected.

1. Bodog – The Number One Betting Site for F1

Sportsbook facts:

• Website: https://www.bodog.eu
• Payout time: 24-48 hours
• Established: 1994
• License: Antigua and Barbuda
• Headquarters: St. John’s, Antigua and Barbuda
• Restricted provinces: Quebec

Our Verdict: 4.8/5

Our number one place to bet on Verstappen, Hamilton, et al is Bodog, one of the oldest betting sites around. There are many reasons for this choice, including the giant range of F1 wagering options they offer, which includes both betting on individual races and on futures. The odds are also almost always fair, ensuring you get great returns on the successful bets you place.

Other reasons to choose Bodog include the 100% sportsbook bonus and the superb Bodog Rewards scheme, which handsomely rewards those betting at the site. You’ll be able to deposit using several cryptocurrencies, plus more traditional payment options are also offered. The desktop site is a well-designed one, as is the mobile sportsbook site.

F1 Options: 5.0/5

You’ll be able to bet on every Formula 1 race on the calendar, with several betting options available for each. Futures betting is also available, including betting on the winners of the Drivers’ Championship and the Constructors’ Championship. Live betting is available and it’s highly reactive, ensuring odds are always up to date.

Payment Options: 4.6/5

You can deposit using several cryptos, including Bitcoin and Bitcoin Cash, along with credit/debit card, Interac, and direct bank transfer. Withdrawals can only be made using Bitcoin or check by courier. Crypto transactions don’t incur fees, but they are charges when using some other banking options. Deposits are fast, while withdrawals can take up to 48 hours to be processed.

Customer Support: 4.7/5

Live chat is the easiest way to contact Bodog, but they can also be emailed via a contact form. Alternatively, ask your question on the forum or on one of the many social media sites the company is active on. There’s also a strong Help section.

Bonuses & Promos: 4.7/5

You’ll find a few bonuses and promotions at Bodog, but the most important is the welcome bonus. This is a 100% bonus and can be worth up to $400 + 50 free spins in the casino. There are also bonuses for Bitcoin users, plus there’s a great loyalty scheme, called Bodog Rewards.

Bodog sports bonus:

2. BetOnline – Huge Array of Options for F1 Wagering

Sportsbook facts:

• Website: https://www.betonline.ag
• Payout time: 0-24 hours
• Established: 2004
• License: Panama
• Headquarters: St. John’s, Antigua and Barbuda
• Restricted provinces: None

Our Verdict: 4.7/5

Next up, we come to BetOnline, which has been operational since back in 2004. We rate BetOnline so highly thanks to its fantastic reputation, as well as the fact that it offers an array of F1 wagering options. This includes live betting on Formula 1, which is offered on every race in the Formula 1 calendar.

You’ll also find that BetOnline has a decent selection of sports betting bonuses, including a nice welcome bonus, plus there are plenty of ways to deposit – including a huge range of cryptocurrencies.

F1 Options: 4.8/5

There are loads of betting options for every F1 race, including betting on drivers to win and to place. It’s also possible to place many futures bets. What’s more, every F1 race is covered live, with plentiful live betting options available on a platform that’s simple to use. Odds are generally high for betting on Formula 1.

Payment Options: 4.7/5

The range of cryptocurrencies you can use to deposit at BetOnline is huge. In total, there are 18 cryptos accepted, including Bitcoin, Ethereum, Tether, Bitcoin Cash, and Ripple. Credit/debit cards and wire transfer are also accepted. You can also withdraw using many cryptos, as well as bank transfer. All crypto transactions are free, but fees apply when using other payout options.

Customer Support: 4.7/5

Most choose to contact customer support using live chat, but it’s also possible to get in touch by emailing [email protected] or by calling 1-888-426-3661. The Help Centre is detailed, so check there first before contacting customer support.

Bonuses & Promos: 4.8/5

There are some top bonuses and promotions at BetOnline, including a 50% welcome bonus worth up to $1,000 and a 100% first time crypto bonus worth up to $1,000. Free bet bonuses are also often offered, as are odds boosts and various other bonuses. There are also regular contests, but there’s no loyalty scheme.

BetOnline sports bonus:

3. Lucky Block – Fantastic Choice for Cryptocurrency Users

Sportsbook facts:

• Website: https://www.luckyblock.com
• Payout time: 0-24 hours
• Established: 2022
• License: Curaçao, Netherlands Antilles
• Headquarters: Curaçao, Netherlands Antilles
• Restricted provinces: None

Our Verdict: 4.7/5

Lucky Block is a very new sportsbook, having only been launched in 2022. It’s also one of the best places to go if you want to bet with cryptocurrency. There are many available to use, including Bitcoin, Ethereum, and Litecoin, plus it’s possible to bet using the site’s own crypto, also named Lucky Block.

This is a sportsbook that offers a decent selection of F1 markets, as well as odds that are generally fair. It looks fantastic on a desktop and is exceptionally simple to use. The live betting platform is equally as good, with an intuitive feel that allows bets to be placed quickly. But there is a downside: there are no sportsbook bonuses to be found at this site.

F1 Options: 4.7/5

You’ll be able to place wagers on all Formula 1 races at Lucky Block, as you’d expect from a top sportsbook. You’ll be able to bet on drivers to win and place, plus there are futures bets available. Live betting is simple, and the platform updates the odds quickly.

Payment Options: 4.5/5

There are several cryptocurrencies available to deposit with at Lucky Block, including Bitcoin, Litecoin, and Ethereum. Deposits usually take just a few moments and withdrawals are usually processed instantly. There are no fees charged by the sportsbook for depositing or withdrawing.

Customer Support: 4.5/5

You’ll be able to contact a representative using the live chat option. No email is listed on the site, nor is there a phone number to call. It’s also possible to ask questions on Telegram. The Help section answers several questions, but isn’t the most detailed we’ve seen.

Bonuses & Promos: N/A

Currently, there are no bonuses and promotions available for sportsbook users.

4. Sports Interaction – High Odds Regularly Offered

Sportsbook facts:

• Website: https://www.sportsinteraction.com
• Payout time: 24-48 hours
• Established: 1997
• License: Jersey and Kahnawake
• Headquarters: Quebec, Canada
• Restricted provinces: None

Our Verdict: 4.7/5

Sports Interaction is a well-respected name within the Canadian gambling world. Established in 1997, it has many great features, but the biggest is the fact that the odds offered are usually higher than average, and sometimes industry leading. This is the case for both pre-race betting and live betting, as well as for F1 futures betting. Odds can be further enhanced with odds boosts.

You’ll also find that Sports Interaction offers a few decent bonuses, including a welcome bonus that can be worth up to $1,000. The site also looks great and is a pleasure to use, which is also the case for the well-designed mobile site, as well as the app, which is available for iOS and Android devices.

F1 Options: 4.8/5

There are plenty of Formula 1 markets to be found at Sports Interaction, including betting on every race, as well as futures betting. The live betting on Formula 1 is of a high standard, with the platform makes it incredibly simple to bet live on every race. F1 markets usually have high odds.

Payment Options: 4.3/5

You can deposit using several methods at Sports Interaction, including credit/debit card and Interac, but unlike most other sportsbooks on this list, cryptocurrency payments aren’t offered. Deposits are free, but there are high withdrawal fees – payouts up to $1,000 have a $20 fee attached, with higher fees for larger payouts. Deposits are instant while payouts take up to 48 hours to process.

Customer Support: 4.7/5

Live chat is the easiest way to get in touch, but you can also call then on 1-888-922-5575. We couldn’t find an email listed on the site. The Help section is huge, so check this before contacting the site.

Bonuses & Promos: 4.6/5

There are a few promotions at Sports Interaction, although not as many as at some other sites. The welcome bonus doubles your first deposit up to a maximum value of $1,000, plus there are other bonuses regularly offered. Unfortunately, there’s no loyalty scheme available.

Sports Interaction sports bonus:

5. PowBet – Great Sportsbook for Live Betting on Motorsports

Sportsbook facts:

• Website: https://powbet.com
• Payout time: 1-3 days
• Established: 2021
• License: Curaçao, Netherlands Antilles
• Headquarters: Curaçao, Netherlands Antilles
• Restricted provinces: None

Our Verdict: 4.6/5

Now we move onto PowBet, a sportsbook that has only been around since 2021. Despite its youth, it has already gained a strong following. This is in large part due to its live betting. The site offers an exceptionally simple way to bet live on many sports, including Formula 1, plus the odds are updated quickly. What’s more, the live betting odds are mostly fair, and often higher than average.

You’ll also enjoy betting at PowBet because of the many sports tournaments available, which can have large prizes, as well as the weekly challenges. There are loads of bonuses, although the $150 welcome bonus is quite small, along with a VIP scheme, which is actually open to customers of all levels.

F1 Options: 4.7/5

As with all sportsbooks on this page, PowBet has strong coverage of Formula 1, allowing betting on futures, as well as single races. The live betting on motorsports at PowBet is also exceptionally good. As for odds, they are nearly always fair throughout the site.

Payment Options: 4.6/5

Canadians can use a wide range of depositing options, including credit/debit card, Interac, and several cryptos. You’ll also find a great array of withdrawal options. All deposits are free and exceptionally quick, while withdrawals are also free and have a processing time of one to three days. For most methods, the minimum deposit and withdrawal is $20.

Customer Support: 4.5/5

Live chat is the preferred option with most trying to contact PowBet, but it’s also possible to email them via [email protected] There is no phone number listed on the site. You won’t find a huge amount of information on the site, so most will need to contact them to get answers to questions.

Bonuses & Promos: 4.6/5

The first deposit bonus at PowBet is a pretty disappointing one, as it’s only worth up to $150. But there are plenty of other bonuses available, including a weekly reload bonus worth up to $750 and 10% cashback. You will also find a loyalty scheme, which is confusingly marked as a VIP scheme, despite it being for everyone.

PowBet sports bonus:

6. PowerPlay – Superb Mobile Sports Betting Site

Sportsbook facts:

• Website: https://www.powerplay.com
• Payout time: 0-4 hours
• Established: 2019
• License: Curaçao, Netherlands Antilles
• Headquarters: Curaçao, Netherlands Antilles
• Restricted provinces: None

Our Verdict: 4.6/5

PowerPlay has now been around for three years, and in this time, it’s grown to become a popular place for Canadians to bet. It has a particularly impressive mobile sportsbook, which is incredibly simple to use and works seamlessly on most devices. As you’d expect, the mobile sportsbook has the same markets and odds as the desktop sportsbook.

You will also find that PowerPlay has a good offering of F1 markets, as well as a decent live betting experience. There are loads of bonuses and promotions, including a $500 welcome bonus, although many bonuses target sports other than F1.

F1 Options: 4.8/5

You’ll find plenty of betting markets for F1 at PowerPlay, including the chance to bet on every race of the F1 season. Futures markets are also available, plus it is possible to bet on Formula 1 live. Both the desktop and mobile sportsbooks make betting on F1 simple.

Payment Options: 4.3/5

You can deposit at this site using several options, including credit/debit card and Interac. You can also use cryptocurrency via Cryptopay. Withdrawals can be made by the previously mentioned methods, plus a couple more. Deposits are free, as is your first withdrawal – subsequent payouts have fees. Deposits are fast and payouts are processed within 4 hours on business days.

Customer Support: 4.8/5

Live chat can be used to speak to someone quickly, plus it’s also possible to email them via a contact form or call them on 1-833-578-1331. They are also active on Facebook, where they can be contacted. There’s a decent support section, with plenty of answers to more common questions.

Bonuses & Promos: 4.3/5

The sportsbook welcome bonus at PowerPlay is worth up to $500. There are also loads of other sportsbook bonuses, but unfortunately, you’ll find very few that apply to F1. There’s no loyalty scheme, nor is there a VIP scheme at the sportsbook.

PowerPlay sports bonus:

7. CobraBet – Fantastic Range of F1 Futures Betting Options

Sportsbook facts:

• Website: https://sports.cobracasino.com
• Payout time: 0-5 days
• Established: 2020
• License: Curaçao, Netherlands Antilles
• Headquarters: Curaçao, Netherlands Antilles
• Restricted provinces: None

Our Verdict: 4.5/5

Most sportsbooks offer F1 futures betting, but not many do it as well as CobraBet. Not only do they offer the expected markets – Drivers’ Championship winner and Constructors’ Championship winner – but they also offer various futures markets pitting different drivers against each other, as well as betting on the top scoring rookie and more.

Other reasons to place your F1 bets at CobraBet include the impressive live betting platform they offer, which offers live betting on all F1 races, as well as the fact that you can deposit using a huge range of options. On the downside, the welcome bonus isn’t very impressive, only coming in at a maximum of $100.

F1 Options: 4.6/5

The range of betting options at CobraBet is superb, especially if you’re looking to place futures bets on the sport. As you might imagine, markets on all races are available, plus each race can be wagered on live. Odds are generally fair and sometimes above average.

Payment Options: 4.6/5

You can deposit using a huge range of options at CobraBet. Mainstream options like credit/debit card are available, as are a bunch of cryptos. Most deposits are exceptionally fast, but some withdrawals have long processing times – although others offer instant processing. All deposits and withdrawals are free.

Customer Support: 4.5/5

The easiest way to get in touch is via the live chat option. It is also possible to send them a message via a contact form. We were unable to locate a phone number for this sportsbook. There is an FAQ section, but it’s very limited.

Bonuses & Promos: 4.5/5

Unfortunately, the welcome bonus is worth just $100 plus 50 free spins. You will also find a few other bonuses, such as odds boosts and free bets. Tournaments are also offered. There is also a VIP scheme, which is actually a loyalty scheme open to all customers.

CobraBet sports bonus:

8. MyBookie – Huge $1,000 First Deposit Bonus

Sportsbook facts:

• Website: https://www.mybookie.ag
• Payout time: 24-48 hours
• Established: 2014
• License: Curaçao, Netherlands Antilles
• Headquarters: Curaçao, Netherlands Antilles
• Restricted provinces: None

Our Verdict: 4.5/5

MyBookie is one of the best-known offshore sportsbooks in Canada. One of the main reasons to choose this site for betting on F1 is the huge bonus available to new players, which is a 50% bonus worth up to $1,000. There are also a few other bonuses and promotions, including a 25% reload bonus, plus there’s a VIP scheme. Unfortunately, there’s no loyalty scheme.

You’ll also find that MyBookie has a really nice selection of Formula 1 betting options, as well as a decent live betting platform. They also often run betting contests, which can be enjoyable. Both the desktop and mobile sites look great and are easy to use.

F1 Options: 4.6/5

There are plenty of F1 bet options at MyBookie. Every race is covered, as you’d expect, plus you can make futures bets. As already mentioned, the live betting platform is impressive, and you’ll be able to bet live on all races. The odds offered on F1 markets usually compare well to those at other sportsbooks.

Payment Options: 4.1/5

The selection of payment options at MyBookie isn’t very impressive. They only offer credit/debit card, Person 2 Person, and four cryptos. The variety of payout options is even smaller – you can only use Bitcoin or wire transfer. Deposits are fast and withdrawals are usually processed within 48 hours. Bitcoin payouts are free, but wire transfers have considerable fees.

Customer Support: 4.5/5

The easiest way to contact the team at MyBookie is via live chat, but you can also get in touch with them via email. There is no option to phone them. The Help Center is incredibly detailed, meaning that many find the answers they need without having to contact the site.

Bonuses & Promos: 4.5/5

The welcome bonus at the sportsbook is worth 50% of your first deposit, up to $1,000. They also have a few other sportsbook bonuses, including a 25% reload bonus and a 10% cash bonus. We’d like to see more bonuses, but they ones they do have are great.

MyBookie sports bonus:

9. Everygame – Exceptional Customer Support

Sportsbook facts:

• Website: https://everygame.eu
• Payout time: 24-48 hours
• Established: 1996
• License: None
• Headquarters: Antigua and Barbuda
• Restricted provinces: None

Our Verdict: 4.5/5

Customer support is very important, and Everygame offer fantastic support to all their players. Live chat is responsive and available 24/7, plus the email support is also great. If you’ve got a question, you can be confident that it’ll be answered quickly by the Everygame customer support team. We also love the fact this site used to be Intertops, so you can trust it completely.

Fans of betting on Formula 1 will find plenty of betting options available to them, including live betting on every F1 race. There’s a decent bonus, worth $750 over your first three deposits, along with some other bonuses, but there’s no loyalty or VIP scheme.

F1 Options: 4.5/5

As with the other sites on this page, there’s plenty of F1 betting available at Everygame, including the chance to bet on every race of the F1 season. Futures bets are also available, plus you can bet on each F1 race live. Odds offered on F1 bets are usually fair.

Payment Options: 4.3/5

The range of payment options is okay, but not exceptional. Bitcoin, Litecoin, and Bitcoin Cash are the only cryptos accepted, plus you can use credit/debit card and a few other options. Deposits are fast, while withdrawals take 24-48 hours to be processed. There are no fees charged by Everygame for depositing, but there are fees for withdrawing using bank wire transfer and cheque.

Customer Support: 4.8/5

The customer support at Everygame is superb. Most people will contact them via live chat, but the email support is also very good. There’s no phone support. There’s plenty of information on the site, so take a look around before contacting support.

Bonuses & Promos: 4.5/5

The first deposit bonus at Everygame is worth up to $250, but you can use it up to three times. You’ll also find several other bonuses, some of which can be used by those betting on Formula 1. There’s no loyalty scheme, and there’s also no VIP scheme.

Everygame sports bonus:

10. Stake.com – Fast Cryptocurrency Withdrawals Offered

Sportsbook facts:

• Website: https://stake.com
• Payout time: 0-30 minutes
• Established: 2017
• License: Curaçao, Netherlands Antilles
• Headquarters: Curaçao, Netherlands Antilles
• Restricted provinces: None

Our Verdict: 4.3/5

If you place a winning bet, you’ll want to get hold of your money quickly. This is possible at Stake.com, as those withdrawing using crypto can get their money within a few minutes. Payout requests are processed immediately, and the only waiting is for the money to actually transfer to your cryptocurrency wallet.

You’ll be able to deposit with several cryptocurrencies at Stake.com. The odds offered on Formula 1 betting are generally fair, plus there are several betting markets for each F1 race, along with futures betting and live betting. On the downside, there’s no welcome bonus offered.

F1 Options: 4.6/5

As you’d expect, every Formula 1 race can be wagered on, although some sites have more betting options. F1 futures betting is more impressive, with many markets, including those pitting one driver against another. Live betting on F1 is also available. Fair odds are usually offered on F1 bets.

Payment Options: 4.5/5

You can only use cryptocurrency to deposit at Stake.com, although you can purchase crypto using more mainstream methods directly on the site. You’ll be able to use 20 cryptocurrencies in total. Purchasing crypto at Stake.com comes without fees, plus depositing is also free. There are some small fees charged when withdrawing. Deposits are fast and withdrawals are processed instantly.

Customer Support: 4.5/5

Like most sportsbooks, the easiest way to get in touch with someone at Stake.com is via the live chat. You can also email them via [email protected] We were unable to find a phone number. There’s a reasonable amount of information on the site, so take a look around before contacting them.

Bonuses & Promos: 4.1/5

Unfortunately, there’s no welcome bonus at Stake.com, which is of course a big downside to this sportsbook. But there are other bonuses, although many are for specific sports that aren’t F1. There is a VIP scheme, but there’s no loyalty scheme.

FAQs About Formula 1 Betting

Can you bet on F1 in Canada?

You certainly can. Formula 1 is very popular in Canada and nearly all major betting sites offer markets on the sport. Bet types available include betting on individual races, as well as betting on the eventual Drivers’ Champion and Constructors’ Champion.

Where can I bet on F1 race?

You can bet on every Formula 1 race at most top offshore sportsbooks, including all those we’ve listed on this page. Before signing up with a site, please ensure that customers from your particular province are permitted at the site.

What is the best F1 betting site?

There are several top offshore betting sites for F1, but our number one place to bet is Bodog, thanks to its selection of F1 markets and consistently high odds. Other offshore sportsbooks to consider include BetOnline, Lucky Block, Sports Interaction, PowBet, and PowerPlay.

How do you bet on F1?

Assuming you’ve signed up with a sportsbook and placed a deposit, you’ll first need to head to the F1 section – this might be included within a more general section on motorsports. Look through the various available bets and select one. You should then enter your bet amount on the betslip before confirming the bet.

Is F1 betting profitable?

There are no guarantees you’ll win when betting online, but betting on sport, including F1, can be profitable if you understand the sport deeply and have some luck along the way.

Who is favourite to win F1 2023?

Max Verstappen is the heavy favourite to win the 2023 Drivers’ Championship, as he’s done for the last two seasons. Lewis Hamilton is second favourite.

How does each-way betting work in F1?

Each-way betting is when you place a bet on a driver to come in the top three or four places. It costs double a normal bet, as you’re essentially placing a win bet and a bet on the driver placing. If your selection wins, both bets pay out. If your selection places, the second bet only will pay out.

Comparing the Best F1 Sportsbooks

Looking to quickly compare the best sites for betting on Formula 1? If so, look through the handy table below.

Is F1 Betting Legal in Canada?

Yes, betting on Formula 1, as well as on all other sports, is legal in Canada. But in most provinces, it is only legal to bet at licenced sportsbooks, and there’s only usually one of these per province. This isn’t something many gamblers adhere to, as it’s possible to play at many offshore sportsbooks without fear of prosecution.

The only province with a developed betting market is Ontario, where several sports betting licences have been awarded to some major betting companies. Other provinces are expected to emulate sports betting in Ontario and expand their betting industries.

Our Criteria for Choosing a Top F1 Sportsbook

Wondering how we choose the top F1 betting sites? Well, we look at many factors, the most important of which are explained below.

Range of F1 Bets

We want to see many F1 bets offered, including bets on race winners and bets on drivers to place, as well as futures betting on the Drivers’ Championship and Constructors’ Championship. Live betting should also be available for all Formula 1 races.

Choice of F1 Events

All Formula 1 races should be covered in detail. This includes the qualifying for the race, as well as the race itself. Some sportsbooks even have betting on the practice rounds.

Bonus & Promotions

We want to see a welcome bonus that is not only large, but also has fair terms and conditions. Other bonuses are also expected, including reload bonuses to reward existing players. Most top sportsbooks will also have a loyalty scheme, and some have a VIP scheme.

Safety & Security

Every sportsbook we recommend must be completely safe. This means it needs to have a great reputation, plus it must use SSL encryption to protect transactions. Most top sites are also licensed by a foreign government entity.

Payment Methods

We want to see as many payment methods as possible. Credit and debit card are both usually offered, plus we also like to see Interac and eWallets. Cryptocurrency should also be offered, particularly the larger cryptocurrencies like Bitcoin and Ethereum.

Customer Support

We expect the best sites to offer live chat to customers, plus there should also be a way to contact them via email. Many top sites also offer phone support, plus top sites also have detailed help sections, so you can find out answers for yourself.

How to Sign Up and Bet on F1

It’s exceptionally easy to sign up at a sportsbook. Just follow the steps below – we’ve used Bodog, our number one F1 betting site, as an example.

Head Over to Bodog

Make your way to Bodog and click the “Join” button.

Complete Registration Form

Enter all required details on the registration form, before clicking the “Register” button. You now have a sports betting account.

Deposit Money

Click the button in the top right of the screen to open the cashier, before choosing to deposit. Follow on-screen instructions to add funds to your account. Make sure you enter any promo code you have.

Select Your Bet

Browse through the various Formula 1 markets and click the bet you want to make. This will add it to the betslip.

Choose Bet Amount

Enter your bet amount on the betslip and then click the “Place Bets” button. You’ve now made your bet – if it’s successful, your winnings will be automatically paid into your sportsbook account.

How Formula 1 Betting Works

Betting on Formula 1 is exceptionally simple. Just head to your site, analyse the various betting options, and place your bet. But how do you know how much money you could win? Well, it all comes down to the odds, which are generally in decimal form at Canadian sportsbooks. The higher the number, the higher the odds – but the lower the chances are of the bet being a winner.

Working out potential winnings is simple: just multiply your bet by the decimal odds. So, if you bet $10 at odds of 3.50, multiply the two together – the answer is $35. This is how much you’ll win if the bet’s a winner. This figure includes your initial bet being returned.

Single-Game F1 Bets Explained

It used to be that only parlays were permitted at regulated Canadian sports betting sites, but this was changed by Bill C-218. This permitted sportsbooks to accept single-game bets, which are individual bets not in a parlay. For example, this means that you are now allowed to simply bet on the winner of a race, instead of having to roll that bet into a larger parlay.

Legal single-game betting was introduced in 2021 and you’ll now find that all provinces offer single-game betting to gamblers. It should be noted that offshore sportsbooks have always permitted single-game betting and continue to do so.

Popular Types of Formula One Betting Markets

There are many bet types now available in Canada, thanks to the introduction of single-game betting. Check out some of the more popular ways to bet on F1 below.

Race Winner

Quite simply, a bet on which driver will finish the race in first position. So, if your choice finishes first, you’ll win money.

Podium Finish

This is a bet on which driver will finish on the podium. So, you’ll win money if your chosen driver finishes in the top three.

Pole Position

This is a bet on which driver will start the race on pole position. If your driver sits at the front of the grid at the start of the race, you’ll win money.

Prop Bets

Prop bets are bets on something that doesn’t affect the overall result of the race. For example, you might bet on which driver will complete the fastest lap during a race.

Futures

Futures are bets that won’t be resolved for a considerable time. For example, you could bet on the winner of the Constructors’ Championship before the season has even started.

Parlays

Parlays are bets that contain more than one selection. For the bet to be a winner, all constituent bets must be correct. For example, you could bet on:

• Verstappen to win the Bahrain Grand Prix @ 2.15
• Hamilton to win the Saudi Arabian Grand Prix @ 3.80
• Verstappen to win the Australian Grand Prix @ 2.10

When these are all combined, the overall odds of the parlay are 17.16. As already mentioned, you’ll only win if all three parts of the parlay are correct.

Live F1 Betting

You should be able to bet live on all Formula 1 races. The odds will change as the race progresses, and you’ll need to use your knowledge to work out what will happen next. You’ll find a range of live betting opportunities on various markets, including, of course, the race winner.

Bets Available at the Best F1 Sportsbooks

Take a look below to see the types of bets found at our top sites for betting on Formula 1.

Our Top 5 Tips for Betting on F1

Take a look below to see our top five tips on F1 betting.

1. Bankroll Management

Never spend all your money on one bet. In fact, only risk around 5% at most. This way, if your bet loses, you’ve still got plenty of money left over. What’s more, lots of small bets allows luck to even itself out.

2. Watch Practice and Qualifying

Don’t just watch the main race – also watch the practice and the qualifying, so you can see how well the drivers are performing and if there are any points that might disadvantage one or more drivers. There’s also often the chance to bet on practice and qualifying.

3. Consult the Tipsters

There are almost certainly people out there with more F1 knowledge than you, including the tipsters online and in newspapers. Don’t be afraid to follow their advice and place the bets that they recommend.

4. Bet with Bonus Money

Make sure you claim as many bonuses as possible and remember that it’s fine to sign up with several sportsbooks and claim welcome bonuses at them all. Just remember to look at the terms and conditions of the bonuses before you start betting.

5. Don’t Be Biased

It’s very easy to be biased when placing Formula 1 wagers and bet on your favourite driver or team. But you must avoid bias and instead make intelligent bets, even if it means betting against the driver or team you support.

Biggest F1 Races to Bet On

Every Formula 1 race is available for betting at the best sportsbooks, but below you can see the most popular races for betting on Formula 1.

Canadian Grand Prix

The most interesting race for Canadians is the Canadian Grand Prix, held at the Circuit Gilles Villeneuve in Montreal. Nobody has won this race more than Lewis Hamilton, but Max Verstappen took the win in 2022.

Monaco Grand Prix

The most famous race on the F1 calendar is undoubtedly the Monaco Grand Prix, which winds through the Monte Carlo streets. Ayrton Senna, the famous Brazilian F1 driver, won this race six times, and Sergio Pérez won in 2022.

Abu Dhabi Grand Prix

The Abu Dhabi Grand Prix can be exceptionally exciting, as it is the final race of the season. It has only been held 14 times, and Lewis Hamilton already has five wins to his name. In 2022, it was won by Max Verstappen.

Canadian F1 Drivers to Bet On

Canada has a long history in Formula 1, including 1997 champion Jacques Villeneuve and his father Gilles, but currently there’s only one Canadian F1 driver. Find out more about him below.

Lance Stroll

Lance Stroll was born in Montreal and races for Aston Martin Aramco-Mercedes. His first race was the 2017 Australian Grand Prix. He’s never won a Grand Prix, but has had three podium finishes, plus started on pole position at the 2020 Turkish Grand Prix. He finished 15th in the standings in 2022, with 18 points.

Types of Bonuses Available

There are several types of bonuses found at the best sportsbooks offering betting on F1. We’ve explained the most popular ones below.

Comparing Sign-Up Bonuses

Most sites have sign-up bonuses to entice new players. Compare the sign-up bonuses found at our recommended F1 betting sites below.

The Best Payment Methods

There are several ways to deposit and withdraw money from betting sites. We’ve summarized three of the most popular below.

Deposit Options Available

Wondering which deposit options you’ll find at our top sportsbooks for F1? If so, take a look at the table below.

Withdrawal Options Available

Now take a look through the different withdrawal options you can use when you gamble at one of our chosen betting sites.

F1 Apps & Mobile Betting

Many people now prefer to use their mobile devices for betting on Formula 1. The easiest way to bet is via your mobile browser – just open the browser, tap in the URL, and the site will load. You can then log-in to an existing account or create a new one, if you’ve not yet signed up. Mobile sites have the same markets and odds as their desktop counterparts.

Some online sportsbooks also have betting apps, which can be downloaded to iOS and Android devices. These offer one-click access to sports betting sites, but many don’t like to spend time downloading apps and prefer mobile websites instead. Which you choose is entirely down to personal preference.

2023 F1 Schedule

Take a look below to see details of the more popular races on the F1 calendar.

The Best F1 Betting Site in Canada

After looking at many sportsbooks, we’ve concluded that Bodog is the best place for Canadians to bet on Formula 1. This is because they offer pretty much everything you could want, from nice bonuses to loads of betting markets. What’s more, they’re a reputable name that can be trusted completely.

If you’d like to start placing bets on Formula 1, you should head over to Bodog. Why not head over there today and open an account? You’ll then be able to claim a $400 bonus when you make your first deposit.