Best F1 Betting Sites in Canada 2024

Formula 1 has become one of the premier must-view sporting events in the world. It's no wonder more and more bettors are flocking to sportsbooks to bet on F1. From March all the way till the end of November, Formula 1 offers 24 rounds of racing excitement for bettors. 

On this page you'll find details on the many Canadian sportsbooks offering F1 betting as we rate and rank their offers for you. We'll even provide an in-depth guide to betting on Formula 1 complete with premium strategies and tips.

We'll get you completely set up for pole position among your friends when it comes to Formula 1 betting so you can impress them with your knowledge and cunning.

Read on to find out how we rate the top F1 betting sites in Canada so you can decide on the best one for you to bet on F1.

There are a few factors that go into how we rate and then rank the top F1 betting sites in Canada.

• F1 Bets & Availability - First, we look at availability. The sportsbook needs to be available for you to bet on Formula 1 and also offer all the standard F1 bets like To-Win, Podium Finish, Pole Position, and Driver Matchup with great prop bets being an added bonus.
• F1 Odds - Next, we look at which F1 betting sites offer the most competitive F1 betting odds. With so many options to choose from, it only makes sense for smart bettors to pick the sportsbooks that will get them the most bang for their buck.
  If one site offers -200 for say Max Verstappen to win and another offers -150, the savvy bettor realizes the latter offers an edge to take advantage of. We parse through these for you so you can make your most knowledgeable play!
• Promotions - Then we look at the best promotions that are out there currently. Who doesn't want to be wined and dined, so to speak? We figure out which of these sportsbooks offers the most generous deals for F1 betting so you go in knowing exactly where your risks and costs are best allayed.
• Features & Extras - Finally, we rate the extras. We look at which F1 betting sites offer the best app experience, live in-play betting options, and also analyze other features such as prop bets and live streaming and coverage options for Formula 1 in Canada. Read on to see where your favorite 

Yes. A federal ban on single-game sports betting was struck down in Canada on August 27th, 2021. This left it up to the provinces to regulate it how they see fit. Since then, all provinces have offered some form of single-game sports wagering which includes Formula 1 racing.

Here's a quick overview of what we found after reviewing all eleven of these sportsbooks. Our rankings follow.

Without further ado, here's our ranking of the top sites for betting on Formula 1 in Canada.

Now that we've provided you with a ranked list of the best F1 betting sites, it's time to put you in the driver's seat. Generally, it's a pretty straightforward process to sign up for any of these sportsbooks with a few differences here and there.

Here's a handy step-by-step guide to what you'll need to do to open an account in Canada with these great sportsbooks. 

We'll use Sports Interaction for our example. 

• Go to the sign up screen.
• Fill out the requested information.
• Create a username and password.
• Enter your Canadian address.
• Select a security question and your answer.
• Select how you heard about the company.
• Click that you have read the terms and conditions.
• Click Sign Up!

It's that easy!

Recommendations

Here's a few recommendations to make the sign up process even easier for you. 

You should have identification information ready because some of the sportsbooks require documentation at sign up.

Make sure you read the fine print also known as the terms and conditions of the promotional offers you may be signing up for. This way you'll know exactly what you'll be receiving and what you may need to do to qualify.

Usernames must be between 6-15 letters and/or numbers. Passwords must be between 6-32 letters and/or numbers.

Here's a list of the best sportsbooks promotions and bonuses for betting on Formula 1.

• Deposit Matches - This is when a sportsbook offers to match your deposit with bet credits. It's a great way to build your bank and have more to play with. For example, one promotion is a 100% Deposit Match up to $1,000. With this, you get a full match of your first deposit when you sign up for the sportsbook up to $1,000. This basically allows you to double the money you'll have available to bet. You'll receive it in the form of bet credits on your account. 

• Second Chance Bets - This is a great promo to insure your bets when you start wagering. It varies from sportsbook to sportsbook but usually when you sign up with this welcome bonus, your first bets are insured. This means if your bet loses, you'll receive the equivalent of your wager back in bet credits. It's an excellent way to start wagering, especially as someone new to betting on F1. 

As with any of the promotions, it is important to read the terms and conditions of the deal. Sometimes there are specific things you'll need to do in order to qualify. In some cases, you'll have to bet a certain amount of actual cash before the bonus can be activated.

These are the best promotions and bonuses to take advantage of when you're ready to bet on Formula 1. Between these two, I like the second chance bets because if you win, you win, but if you happen to lose, you get one more shot at glory.

F1 or Formula 1 racing has really blossomed in popularity in recent years. While it really erupted in the U.S. in the last few years, it has always enjoyed a strong presence here in Canada with the Canadian Grand Prix. This has only grown with the recent emergence of Lance Stroll who many hope can carry on the torch from the Villeneuves. 

Also greatly growing in popularity around the world but especially in North America is betting on the sport. F1 betting has become trendy and fun with millions wagered on every race. Here's everything you need to know about betting on F1 plus strategies and tips you can use to finish first. 

F1 Betting Markets & Types of Bets

• Race Winner - The most popular betting market for F1 is Race Winner. Just as it sounds, this requires picking the winner of the race. However, with heavy favorites in most races, it is not always easy to get really good odds on your F1 bets.
  
  
• Podium Finishes - Also very popular betting market. This requires picking the drivers that will finish in the top three of the race. Not surprisingly, it's also known as a Top 3 bet. Usually, it will not matter what order the drivers finish in, you'll win if your choices all finish in the top three. But some sportsbooks offer markets where you can choose who wins along with the other two drivers to finish at the podium.
  
  
• Driver Matchups - Another popular betting type is driver matchups or head-to-head. Here you can bet on one driver to finish better than another driver. This can be a really fun wager especially if you follow Formula 1 and have a favorite driver and one you despise like no other.
  
  
• Prop Bets - Part of the attraction of Formula 1 betting is just the sheer amount of prop bets and live in-race bets you can make at the best sportsbooks. This can really enhance one's enjoyment of the race. Props like fastest pit stop or fastest lap or the over/under for number of caution flags waved during the race.

In addition to these are season long F1 betting odds such as which driver will win the championship or which constructor, the team designing the car, will finish first in points. 

You would do well to explore which options the different sportsbooks give to figure out where you can have the most fun with betting on Formula 1 in Canada. LeoVegas, Sports Interaction, and Betway scored high in this regard on our ranked list.

F1 Betting Odds

The F1 odds are similar to any other sport. It's just that currently they may be tipped a little heavily to the favorites. For example, current driver odds for the Drivers’ Championship has Max Verstappen at -340. That means to win $100 by betting on him, you'll need to wager $340. 

The next closest driver is Fernando Alonso at +1200 odds. This means if you bet $100 on Alonso to win the championship at the end of the year, you'd win a whopping $1,200. Needless to say Verstappen is heavily, heavily considered to win. These odds, of course, could change throughout the season.

You may also see decimal points sometimes in place of the aforementioned F1 odds. 1.80 or 12.00. You just need to multiply by ten to determine what your winnings will be. 1.80 means you'll win $18 on a $10 bet and 12.00 indicates you'll win $120 on a $10 bet.

F1 Betting Features

F1 odds are always important for experienced bettors that like to take in more than they give. You can look at different sportsbooks to see which ones give the best odds to get an idea of where you might get the most value for your wager. 

But the best and most useful features for enjoying betting on F1 are the live in-game bets and live streaming. How convenient is it to watch the race unfold before your very eyes while seeing how the odds on certain in-race bets fluctuate?

Maybe you pick up on a trend or due to track or weather conditions a bright idea hits you. But already at your fingertips you have the ability to try your skill at a certain prop bet which you think may hit. Not to mention the exciting vroom, vroom of watching the car race itself.

The best strategies take time and experience to develop but we can save you some by pointing you in the right direction. As with any sports betting venture, you'll need to dedicate some time to understanding the sport and analyzing the odds.

When it comes to F1 betting, here's what you should keep in mind.

• Know the history of the drivers particularly on specific tracks. Certain drivers are known to perform really well at certain venues or certain types of tracks. Learning these will be key to your success.
• Pay attention to qualifying. The driver in pole position wins about 40-50% of the time. The further out of pole position a driver is, the more difficult it will be to finish near the top. Watching qualifying sessions can also give you an idea of how the driver handles the track which helps with our first tip.
• Note the weather. Weather can always be a factor in race outcomes. Wet conditions or warm temperatures can have real effects on the cars themselves and a driver's ability to race well.
• Learn the history of the constructor teams to understand what strategies they may implement. Sometimes a team member is very high in the standings and in those cases strategy may be implemented to keep him there which may affect his team members.

While that may be a season-long strategy, there are also in-game strategies to analyze such as when exactly to do pit stops and how to react when other drivers do.  Along with the recent history of success and failure for some teams.

The basic rules and format of Formula 1 racing is as follows.

The season is 8-9 months long and will feature 24 races. The object of course is to win the race but each driver and team finishing in the top 10 will earn points.  The driver and team with the most points at the end of the year will win the championship.

There are 20 total teams with two drivers on each team. One team cannot use more than four drivers total over the course of the entire season.

Here's a breakdown of the scoring. Drivers can also earn an extra point by driving the fastest lap as long as they finish in the top 10.

• 1st Place: 25 Points
• 2nd Place: 18 Points
• 3rd Place: 15 Points
• 4th Place: 12 Points
• 5th Place: 10 Points
• 6th Place: 8 Points
• 7th Place: 6 Points
• 8th Place: 4 Points
• 9th Place: 2 Points
• 10th Place: 1 Point

Qualifying sessions are used the weekend of the race to set starting positions.

There are also rules and regulations in place regarding conduct, equipment, what drivers can wear, the technical construction of the car, and the weight of the car including the driver.

There are also rules regulating what happens during the race including pit stops and caution flags.

The list of current F1 teams and drivers. 

Red Bull Racing

🏎️ Drivers: Sergio Perez, Max Verstappen 

Aston Martin

🏎️ Drivers: Lance Stroll, Fernando Alonso

Mercedes

🏎️ Drivers: Lewis Hamilton, George Russell 

Ferrari

🏎️ Drivers: Charles Leclerc, Carlos Sainz 

Alfa Romeo

🏎️ Drivers: Zhou Guanyu, Valtteri Bottas 

Alpine

🏎️ Drivers: Pierre Gasly, Esteban Ocon 

Williams

🏎️ Drivers: Alexander Albon, Logan Sargeant 

AlphaTauri

🏎️ Drivers: Yuki Tsunoda, Nyck De Vries 

Haas F1 Team

🏎️ Drivers: Kevin Magnussen, Nico Hulkenberg

McLaren

🏎️ Drivers: Lando Norris, Oscar Piastri

With 24 races in a whole season, each one is important but some just matter more than others. Here's the biggest F1 races in terms of popularity and prestige. 

• Monaco Grand Prix - The biggest race of the year and one of the three most prestigious in the auto racing world. Held on the French Riviera, this is the one all eyes will be watching and betting on.
• Italian Grand Prix - Auto racing is pretty big in Italy and with names like Ferrari historically dominating the sport, this is an important annual showcase with major ramifications on the stretch run of the season.
• Belgian Grand Prix - This race is known for the difficulty of the track along with usually challenging weather traditions which have led to some legendary performances.
• Canadian Grand Prix - Held since 1961 save for a two-year hiatus due to Covid, this is one of the most watched races on the circuit. A truly fantastic event to bet on Formula 1 in Canada.
• British Grand Prix - Starting way back in 1950, this is one of the longest-standing Formula 1 races. Held traditionally in July, it's another one where the weather can make or break drivers and teams.
• United States Grand Prix - Currently held in Austin, Texas this race is fast becoming a signature event of F1 racing. In 2021 it is said to have set the record for largest attendance ever for Formula 1 with over 400,000 attendees over a three-day span.
• Honorable mention should go to the Mexican Grand Prix, the Brazilian Grand Prix, and the Australian Grand Prix. 

Most Successful F1 Drivers 

• Max Verstappen: The two-time defending Formula 1 champion is going for a three-peat this season
• Charles LeClerc: The popular Monacan is many people's pick for the one that can usurp Verstappen.
• Lewis Hamilton: Arguably the greatest name the sport has ever seen, Hamilton hasn't won best driver since 2020 but greatness has a way of going out on top. 

Most Successful F1 Teams 

• Red Bull: With Max Verstappen leading the way, Red Bull climbed back up to the top of the mountain last year.
• Ferrari: Every year it seems whatever can go wrong for Ferrari does. This year has seen them already lose two key figures of their team.
• Mercedes: After an impressive run at the top from 2014-21, Mercedes is looking to win again.