Sports betting is one of the most lucrative and widely-enjoyed activities in the world right now. Estimates suggest that the global gambling market, which naturally includes sports betting, will top $483 billion in 2023, so there’s never been a better time to get involved if this is an area you’re interested in. Of course, you can’t just walk into betting on motorsports and expect to achieve immediate success. There are things you need to know before you get started, so without further ado, here’s how to bet on motorsports in 2023.
Research the best sites
Choosing the best website for your motorsports betting endeavours is incredibly important. If you pick the wrong site, then you could end up winning a lot less than you should, and in the worst-case scenario, you could find your winnings or even your financial information stolen by an unscrupulous website. That’s why it’s important to pick a site that works for you; a high-quality sports betting site, as seen here, can take out a lot of the frustration and worry when it comes to being a beginner bettor.
Learn the basics
It stands to reason that you’re not going to be successful in motorsport betting if you don’t have the basics down. Naturally, this is going to change based on which motorsport you’re betting on. Learning positions, teams, and different driver strengths and weaknesses will pretty much always help, but those things are going to look different in Formula 1 when compared to motocross, for instance. Make sure that whichever motorsport you’re betting on, you’ve got the basics down.
Attend some races
Watching races on TV and experiencing them in the flesh are very different things. If you’ve never attended a Formula 1 race in your life, then your first time doing so can be pretty exhilarating, and it can also help you to understand the sport so that you’re better when it comes to betting. Physically being at a race, watching the cars zoom past at terrifying speeds, and learning how the audience responds to each event can all help you to gain a better understanding of what you should be betting on.
Don’t just bet on winners and losers
Like any other sport, motorsport betting will likely offer various options when it comes to what you’re betting on. You could, for instance, bet on a race’s outright winner or last place, but that might not be the savviest decision; when it comes to Formula 1, for instance, race winners often feel determined before the race has even begun, so you might be better off betting on other aspects of the race. Try betting on how many positions a particular driver will move, for instance, or even something like a top speed range.
Don’t expect to win all the time
Let’s get one thing straight: betting is betting. If you’re going into betting expecting to be able to build a strategy that’s going to work for you every time, then you’ve fundamentally misunderstood the concept of betting. You should be in this for the fun and enjoyment rather than the profit; even though you can predict certain aspects of a race, in the end, you can’t control the outcome, so there will always be a huge element of luck involved in your betting endeavours. With that said, there are ways to improve your technique, so don’t give up.
Bring an appropriate bankroll
When you’re betting on motorsport, it’s important to allocate an appropriate bankroll. That will look different depending on who you are, so make sure to conduct a sober and realistic assessment of your finances before you begin. Talk to your partner extensively and make sure they know what you’re going to do if you have a shared account (and even if you don’t). This will ensure that there’s always someone to pull you back in case you go too far.
Learn terminology
Do you know what a “match-up bet” is? How about a “podium finish”? These are just a couple of the terms you’re going to need to know if you plan to bet on motorsports. Incidentally, a match-up bet is a bet whereby you bet one driver will perform better than another, and a podium finish refers to the racers that manage to finish in one of the race’s top positions. Learning your terminology will stand you in much better stead when it comes to understanding the bet and trying to win.
Stop when it’s not fun anymore
When betting isn’t fun anymore, that’s when it’s time to stop. This is another reason why it’s important to have a partner or friend nearby who can help you; if you discover that you have an addictive personality, then betting won’t be enjoyable anymore and could lead to serious financial consequences for you. That’s when you need to step away, so make sure you’ve got the infrastructure in place to help you do that, whether it’s a friendly word or a hard limit on the amount of money you’re spending.
The best way to learn how to bet on motorsport is, of course, simply to give it a shot, so make sure to find a good betting site and sign up to place a wager or two. You’d be surprised at just how easy it can be, and although there’s never any guarantee of winning, it can be an incredibly fun and rewarding activity, especially if you do it alongside a group of friends!
