Formula 1 odds, explained: How moneylines and same race parlays work

The 2024 Formula 1 season begins March 2 with the Bahrain Grand Prix. Three-time defending champion Max Verstappen and Red Bull Racing are looking to make it four titles in a row this season after a historically dominant campaign in 2023.

There are 24 races this season - a record in the sport's history - starting in Bahrain and ending with the Abu Dhabi Grand Prix Dec. 8. Over then next nine months, there are plenty of ways to add to the excitement with wagers on Formula 1 racing. Here's how Formula 1 betting works:

How 2024 Formula 1 odds work

Formula 1 odds and motorsports odds as a whole work similarly to a moneyline in NFL or NBA odds. There are moneyline odds for the race winner, pole position, and other for each Grand Prix event as well as the championship winner.

Here are the odds for the 2024 Formula 1 drivers championship from BetMGM's Formula 1 odds:

  • Max Verstappen (-500)

  • Lando Norris (+1200)

  • Lewis Hamilton (+1200)

  • Charles Leclerc (+1600)

  • George Russell (+2500)

  • Sergio Perez (+2800)

  • Oscar Piastri (+4000)

  • Fernando Alonso (+4000)

  • Carlos Sainz Jr. (+5000)

  • Alexander Albon (+25000)

  • Lance Stroll (+50000)

  • Daniel Ricciardo (+50000)

  • Pierre Gasly (+75000)

  • Esteban Ocon (+75000)

  • Yuki Tsunoda (+75000)

  • Valtteri Bottas (+150000)

  • Guanyu Zhou (+150000)

  • Kevin Magnussen (+200000)

  • Nico Hulkenberg (+200000)

  • Logan Sargeant (+200000)

As an example, Verstappen is -500 to win the title. If he succeeds, a $100 bet on him winning another title pays out $20 in addition to the $100 bet.

2024 Formula 1 parlay odds

Moneyline odds are available for the race winner, pole position winner, driver with the fastest lap of the race, and podium finishers. This setup means you can build a same race parlay similar to an NFL same game parlay.

As an example, you can parlay a Verstappen win and pole position as well as a podium finish for another driver. Those bets may each be between -200 and -500 but you can parlay them together for a bigger payout.

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This article originally appeared on USA TODAY: Formula 1 betting: Odds and everything to know for the 2024 season