Using Bitcoin instead of cash to bet on F1
Today, Bitcoin has touched all sectors of the sports industry and is now a coin of immense popularity. Increasingly, companies now accept cryptocurrency, and the number of people who own the coin is increasing significantly.
The sports betting industry is one sector that has accepted bitcoins use with open arms.
Even the sporting industry has shown interest in Bitcoin, as you can find clubs and players wearing the brands of crypto-related companies.
Betting platforms and the many benefits of their innovations are now very noticeable. Nevertheless, Sports betting with Bitcoin is now a leading means of wagering online.
It has many benefits that greatly help bettors in their betting journey. Also, combined with the fact that these platforms have numerous sporting events which bettors can access further makes sports betting with Bitcoin profitable.
Online betting sites have been able to combine the speed of Bitcoin and that of a race car. Fans of Formula 1 can now use Bitcoin to wager on their favorite drivers. In addition, they can now experience the thrill of going at 200 mph on an online sportsbook. If you are considering participating in the fun, this article will provide the necessary information to get started on F1 sports betting with crypto.
The Basics of F1 Sports Betting
Formula 1 is unlike soccer or basketball, as bet placement differs entirely. It is a very dynamic sport that makes it very difficult to bet on and unpredictable. F1 is the most unpredictable sport in any online bookmaker. There is no such thing as a sure race winner in F1 because something from nowhere can happen, which can cause your intended winner to lose his pole position or even not finish the race.
In F1, you are not only betting on the driver but on the car, the engine, the pit crew, the race engineers, and the team principal. Your bet might succeed if all these people do their job well. However, a simple tire puncture can see your driver drop to the end of the pack. This situation is just a snippet of what can happen during an F1 race. To fully grasp F1 sports betting with crypto, you must understand the following.
Teams
There are ten teams in F1, car manufacturers. To win the constructors’ championship, the ten teams must compete against one another.
Two titles are available in F1; the Driver’s Championship and the Constructors’ Championship.
The team whose drivers score them the highest total points at the end of the season wins the constructors’ championship.
Drivers
There are a total of 20 drivers that participate in every race day. Every driver’s primary goal is to get their car across the finish line before anybody with help from his paddock. At the end of the season, the driver with the highest points wins the driver’s championship.
Scoring Points
To score points in F1, the driver must finish inside the top 10 on race day. The higher the driver finishes, the higher the points. The first position gets 25 points, and the 10th position scores 1 point. These points are available till the end of the season, and the driver with the most points wins the driver’s championship for the year.
Race Weekend
Formula 1 takes two days to prepare for the primary race day on Sunday. Fridays are for practice, for the drivers to test out the track, then Saturday is for qualification to determine the order in which each car will start on the race day.
How to Bet on F1 with Bitcoin
Below is a step-by-step guide to efficiently placing F1 bets on any crypto-gambling site.
1. Pick a betting Site
F1 sports betting with crypto is not possible on just any sportsbook. However, there are numerous places where you can bet on F1, some with good odds. When picking a betting site, ensure it meets all your betting needs and operates with cryptocurrency.
2. Sign up and Make a Deposit
Registration is easy on cryptocurrency-operated betting platforms. Only a little is required to create an account on these platforms. It mainly requires an email address, name, email, and some personal details.
Once your account is verified, the next step is to fund it. Deposits are easy and quick to process when you bet with Bitcoin. Cryptocurrencies are known for their speed and security, making them the perfect payment method.
Be sure to research the value of Bitcoin before depositing to ensure you get the most out of your bets. For example, BTC to CAD or BTC to USD can vary in value and impact your potential winnings. Don’t forget that you can also withdraw your winnings in Bitcoin, making the whole process seamless and efficient.
3. Place your Bets
In the sports section on these bet platforms, you will find the F1 option. With your knowledge of F1, you can start placing bets on the various teams and drivers. Additionally, you can easily withdraw any profits to your cryptocurrency wallet.
Bet Options in F1
There are plenty of options when betting on F1, giving you more room to make profits. Below are the most common bet types in F1.
● Outright Winner
You can be on who you think will cross the finish line first. How good the driver is and the car he is driving affects the odds these sportsbooks provide. Drivers like Lewis Hamilton and Max Verstappen have smaller odds because of how good they are and the fact they are drivers for two of the best teams on the track. Max drives for Red Bull, while Lewis for Mercedes AMG.
● Podium Finish
At the end of the race, three drivers must stand at the podium for first, second, and third place. This option allows you to pick a driver to finish in the top three. It allows for a slim margin of error if you are unsure whether your chosen driver will take first place,
● Pole Position
You can bet which driver will get the pole position during Saturday’s qualification. Each driver battles it out over a set time, and the driver with the best qualifying time gets to start the race in the first place.