Hockey is arguably the most popular sport to bet on in Canada. Football and basketball follow closely. But did you know you could also wager on motorsport? This is particularly possible with the legalization of single-sports betting last year.
You can wager on individual drivers, pick a parlay or bet on futures. Discover more on how to bet on motorsport in this detailed guide.
Choose a Motorsport League
There are three popular motorsport leagues in the world:
- Formula One
- Moto GP
Decide which league to focus on. Some people bet on all major motorsport competitions. But this comes with one problem. It’s impossible to be an expert of multiple tournaments.
Formula One brings together 10 teams from around the world. Each team has two cars authorized to participate in the league’s annual races held around the world. The teams include Mercedes, Alpine, Haas, Red Bull, Ferrari, McLaren, Aston Martin and Alfa Romeo.
In North America, NASCAR is the biggest motorsport organization. It consists of 17 teams: Joe Gibbs Racing, Stewart Haas, Hendrick Motorsports, JTG Daugherty Racing and Spire Motors, to name a few.
On the flip side, Moto GP is about motorcycle racing. It features 19 Grand Prix rounds, each 100-130 kilometers longs. The sport records the first 15 riders and awards them points.
Choose a Motorsport Betting Site
In this age of streaming sports, you don’t need to leave your house to bet on a NASCAR driver. Instead, you need an account at a legitimate betting website. In Quebec, you have two options.
You can use Quebec’s official betting site—Mise-O-Jeu. Alternatively, you can bet at an offshore bookmaker. Most Canadians choose the latter for valid reasons. Offshore sportsbooks offer improved odds, bigger bonuses and higher betting limits.
Cabets.ca, a site designed to guide Canadians with online betting, features a list of popular motorsport betting sites in the country. It also features an in-depth guide on how to bet on motorsport and other popular sports.
Choose a Bet Type
Like many sports, Motorsport features multiple bet types. Decide what you want to bet on and learn how to be good at it.
- Race Winner
This bet is simple enough. You predict who wins a NASCAR, Formula One or Moto GP competition. Usually, odds favor drivers and riders with the best form presently.
- Head to Head
Sometimes it can be clear a race will be one of two drivers. Betting sites give you the chance to predict which two drivers stand to win a race.
- Podium Finish
This prediction challenges you pick the top three divers in a race. The best part is that you don’t need to worry about the order. As long as the three drivers finish in the first three positions, you win.
- Fastest Lap
Here, you look at recent history to find out drivers with the fastest laps. If a driver is participating in an upcoming Grand Prix, you can back them to record the fastest lap.
- Prop Bets
Prop bets are random occurrences during a racing event. For example, a bookie can ask you to bet on whether a safety car will appear during a race. Or you could predict whether there will be a crash and the number of caution flags displayed.
Additional prop bets include the car brand the winner will be driving, championship winners, and which country the winner lives in.
Learn to Read Odds
Perhaps you’re good at predicting motorsport races. But if you bet using poor odds, you’ll always make less money than you deserve. As a solution, work on your odds reading skills.
You see, betting sites are perennially competing for bettors’ attention. They do this providing competitive odds. Of course, there’s always one sportsbook with the best odds. This is the place you should place your bet.
That being said, reading odds involves more than choosing a site with the biggest odds. It’s about finding a driver overlooked by sportsbooks despite having decent chances of winning or finishing in the podium.
In other words, reading odds is about looking for great value bets. This way, you stand to maximize your profits from every prediction.
Find Motorsport Bonuses
There’s no doubt a betting bonus can make a difference in your betting experience. You get $5 or $10 to bet on a Grand Prix event for creating a new account or making a deposit for the first type.
Depending on the bonus type, you can keep your stake and profits. Or you can keep the profits and return the stake to the house. Some bonuses challenge you to bet using your own money. But if you lose, you get a free bet worth the amount you lost.
All the same, a good betting bonus can spice up your betting experience. How do you find a good bonus? Research thoroughly. Find offers from countless betting sites.
Narrow down by eliminating free bets you can’t use in Motorsports. Then look at the bonus amounts compared to what you need to do to claim them. Also, look at the minimum odds and wager requirements.
Claim a bonus only if it gives you a fair chance to withdraw your profits. If the terms for withdrawing your money are extreme, look for a better offer.
Create Goals and a Budget
Let’s face it. Most people get started with betting hoping to make decent money in their free time. It can happen. But you need a good strategy involving long term goals and a budget.
Your betting budget needs to be a small fraction of your income. And your goals should be achievable. This way, you don’t have to overspend while trying to make a lot of money quickly.
As a beginner, create goals aimed at breaking even. Win three of five bets in a week. This way, you have a chance to make slightly more than you spent. With time, you can increase your budget. But only do after months of being profitable consistently.