Formula 1 Betting

F1 betting may not be the equal of NASCAR wagering in the United States but the motor sport, which revs up for the opening of its 59^th season in Melbourne, Australia, March 16, boasts an international following that is not only passionate but a favorite of gamblers across the globe.

As evidence of the former we offer the odd case of the man in Finland who nearly a decade ago shot and killed his mother because she shut off the television while he was watching two-time F1 world champion and national driving hero Mika Hakkinen compete in a Grand Prix event.

Although they’re no less passionate, gratefully, bettors of the sport are demonstratively less violent, preferring to take their shots at a pair of future books and a series win and proposition bets that are offered on each of the 18 races that stretch from March to November, making stops in Australia, Asia, Europe and South America.

Last year’s F1 campaign produced a thrilling three-way battle among Kimi Raikkonen, Lewis Hamilton and Fernando Alonso with Raikkonen (110 points) edging Hamilton (109 points) and Alonso (109 points) on the final race day.

Not surprisingly, those three drivers, along with Felipe Massa, who was a close fourth in 2007, again are the men to beat in 2008.

Raikkonen was the favorite at each of the 17 sportsbooks surveyed, though not by much. A winner of an F1 best six race events last season, Raikkonen was offered at odds of 7/5 or 3/2 at most books. Massa, his Ferrari teammate, was listed at 9/2 or 5/1. Hamilton, who drives for McClaren, was listed at about 2/1 while Alonso, who pilots a Renault, was being shopped at odds ranging from 5/1 to 7/1.

Raikkonen, Hamilton, Alonso and Massa accounted for every victory on the F-1 circuit last year so if you’re interested in investing some hard-earned cash on anyone else, you’ll be wagering on a driver more than a year removed from a Formula One win.

As the individual races unfold, sportsbooks will be proffering odds not just on the winner of each race but whether a driver makes the podium (top three) and who wins the pole position leading up to each event.

What’s more, since F1 racing is as much about the cars as the drivers, nearly every sportsbook worth its spark plugs also offers wagering on which automobile manufacturer will amass the most points. Ferrari, which won last year for the first time since 2004, is an odds-on pick, usually at 2/3, to defend its title in what is called the Constructors Championship. McClaren, with drivers Hamilton and Heikki Kovalainen, is the 7/4 second choice with Renault, with wheelmen Alonso and Nelson Piquet, Jr., is offered at 7/1.

Two new street circuits will be introduced to the Formula One schedule this year, the Valencia Street Circuit, which will host the European Grand Prix in Valencia, Spain, Aug. 24, and the Singapore Street Circuit, site of the Singapore Grand Prix in that country, Sept. 28. Serious handicappers will want to take note that the Singapore Grand Prix will be the first Formula One event held at night.

Interestingly, if F1 racing executives want to continue to widen their appeal to the American market, they’re going about it in the wrong way since the United States Grand Prix will not return to the Indianapolis Motor Speedway this year.

National pride aside, you can expect gamblers in the United States to join those around the world in some passionate and enthusiastic F1 betting this year.

This article was written for OffshoreInsiders.com by Luken Karel of http://www.thegreek.com.