Formula 1: How to read and understand motorsport betting odds

The surge in the popularity of sports betting over the last few years has not been limited to traditional stick and ball sports. It has also affected motorsport.

With that, it has played a role in Formula 1. While you won't see Formula 1 drivers betting on (or against) themselves on sportsbooks, betting has become popular among fans, and for better or worse, it doesn't look like the hype is cooling down.

Betting odds are everywhere you look. For fans who need a refresher on how to read and understand odds, pay attention.

Let's have a look at the Formula 1 constructor championship odds as an example.

The Formula 1 constructor championship is a perfect example, because there is a team listed with minus odds, and there are several teams listed with plus odds.

At FanDuel Sportsbook, McLaren are the favorites and listed at -185, meaning that if you bet $185 on them and they win the constructor championship, you win $100 and can therefore claim a $285 payout.

Behind McLaren are Red Bull, and they are listed at +120, meaning that if you bet $100 on them and they win the constructor championship, you win $120 and can therefore claim a $220 payout.

A little bit further down the list, Ferrari are listed at +3200. This means that if you bet $100 on Ferrari, you will lose $100.

Just kidding (not really). But in all seriousness, it means that a successful $100 bet on Ferrari would win you $3,200 for a $3,300 payout. We just wouldn't recommend taking that kind of risk at this point in the season.

An easy way to remember it is this: "+" means that's how much you win on a successful $100 bet, and "-" means that's how much you have to bet to win $100.

Championship odds aren't the only thing you can be on at major sportsbooks. You can bet on individual race winners, podium finishers, points scorers, head-to-head matchups and more. The odds are formatted the same way and mean the same thing, regardless of what you're betting on.

Do make note of the fact that if you add up the implied odds of all possibilities within a particular market, you will always get a percentage that is significantly greater than 100%. This is done to give the sportsbooks a house edge – and also to prevent fans from guaranteeing profit by putting varying amounts of money on all possible outcomes.

For example, the implied probability of -185 odds is 64.91% (185/285), and the implied probability of +120 odds is 45.45% (100/220). That alone adds up to more than 100%, and it's just the top two teams.

Odds refresh periodically and are subject to change. If you or someone you know has a gambling problem, call 1-800-GAMBLER.

The next race on the 2024 Formula 1 schedule is the Dutch Grand Prix, which is set to be broadcast live on ESPN from Circuit Zandvoort beginning at 8:55 a.m. ET on Sunday, August 25. Start a free trial of FuboTV and don't miss it!