Formula one has become a popular sport, not only in Europe, but in the rest of the world as well. This makes sense seeing that the races are being held all around the world, and the racers comes from all around the world as well. And as with most other sporting events, people like to wager on the outcomes of them. F1 betting is no exception. The sportsbooks have seen the influx of bettors that would like more options when they are betting on their favorite racer and I will explain some of the different bets that are available at sportsbooks these days.
The basic bets you will find are the driver champion throughout the season. You just place a bet at a given odds for who you think will win the championship at the end of the season. As of 2012, Vettel is the undisputed favorite and will give you about 2.10 in odds if you bet on him. Behind him you find Alonso at 4.50, Hamilton at 6.00 and Button at 7.00. You can also bet on even bigger outsiders at even bigger odds, so if you are feeling very lucky, you should definitely do this. You can do the same wager for constructors. Here you bet on which racing team will gather the most points total for the season.
Besides this, you can also bet on who will win the individual Grand Prixes.
These bets are like the outright bets you place on the season champion. You bet at the given odds on who you think will win the specified race. Here you can also bet on special events like: Will Sebastian Vettel place in the top 3? YES or NO. This will often be given for most of the racers. Other proposition bets like these are often available at sportsbooks when the season gets underway.
Now the bets I think are the most fun and are bet the most are head-to-head bets. Here you bet who is gonna place highest between two racers in a specific race (or a season long bet). For example, you can bet who will place highest of Vettel and Raikkonen. If you bet on Vettel, you win if he comes in ahead of Raikkonen, even if Vettel is placed 19th and Raikkonen 20th.
These are the normal bets you will find, with some special ones included. You might even find some bookmakers that will offer some even weirder bets to attract customers to their bookie, so shop around and even send them a mail if you would like to bet on something specific, bookmakers are more than often happy to accommodate their customers.