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It offers spectators and betting fans an exhilarating experience either at home in front of the TV or down by the track at any one of the 21 international races. For some, Formula 1 betting can offer some light-hearted entertainment whilst watching the race but for others, it is strictly business. The practice rounds, qualifying rounds, and the final race can all be studied to gain a betting advantage.F1 has a dedicated following of fans across the globe which means you can find many sites full of statistics and in-depth guides. In other words, it’s a goldmine for those looking to find formula 1 betting predictions and tips. A little bit of insight into the F1 world can give your bets a big boost when it comes to race day. Let’s take a closer look at this fast and furious motorsport and see where betting value can be found.The F1 championship overviewIf you’re a motorsports beginner and you’re looking to find out how to bet on Formula 1 then it’s best we start at the top! The current F1 season includes 10 teams with two cars and two drivers each. The Drivers’ Championship is the priority for all individual drivers, however, there is also the Constructors’ Championship which provides healthy rivalry between the teams as well. The season starts at the Melbourne Grand Prix in Australia and ends up in Abu Dhabi in December. A point system keeps track of the overall standings and drivers finishing in 10th position or better are rewarded with a set number of points after each race.Grand Prix circuits take place in various environments from professional race tracks to some of the world’s famous city streets. All circuits have their highlights and many drivers prefer some races over others so there is a lot to be learned from the results of previous seasons gone by. Essentially, most bets that are placed on F1 will come down to each of the single races. The odds are simple and you can sit back and watch the race unfold. This is F1 betting in its most basic form but there is more variety if you dive deeper into the F1 betting markets. First, you need to understand the three stages of each Grand Prix and how this can help you gain an advantage.F1 betting stagesEach Grand Prix has three main stages which are held over the duration of a weekend, these include three practice sessions, the three-part qualifying stage, and the final race on Sunday. You can gather a lot of useful information from watching the practice and qualifying stages and this will all come in handy on race day.Practice SessionThe F1 action begins on Friday when drivers take part in two 90-minute practice sessions. These sessions are purely for warm-up purposes and so there is not much value in placing any bets during this stage. You can learn a lot about the performance of the cars and drivers during the second and third practice sessions though. The track has been warmed up by the cars and we begin to see lap times more in keeping with the final race. The third practice session on Saturday morning gives us further insight into tyre performance as the teams try to simulate race conditions in preparation for qualifying and the all-important final race.F1 Insiders Tip: Teams who struggle with tyre performance in practice will likely have to make more pit stops during the race, and this can ruin any chances of a win. Also, take advantage of better odds and place an early bet on who will take pole position after the practice sessions are over.Qualifying StagesThe qualifiers consist of a three-stage knockout where groups of the slowest drivers are eliminated in Q1, then again in Q2, which leaves ten cars to battle it out for the top positions on the grid. Some teams hide their true performance in the practice session but it’s pedal to the metal during qualifiers. You can be sure that each team will be trying to get as much power out of their cars as possible. However, the weather plays a big part here, as well as in the final race, so bear this in mind if you’re placing an early outright bet. Some drivers tend to race better than others in wet and windy conditions and cars set up with more downforce are more competitive in these conditions.F1 Insiders Tip: In-play betting markets for pole position, before and during the qualifiers, should offer good value.Race DaySunday is the day when all of your knowledge gathered from the practice sessions and qualifying stages will pay off. The driver in pole position will hold all of the cards on race day, not only do they have a clear track ahead of them but F1 cars work best when clear air is running through their aerodynamic wings. It’s a huge advantage and many drivers maintain the first position all through the race so it’s a popular betting option for many. Tyre performance is another big factor on race day and the timing of pit stops is crucial in preserving positions.F1 Insiders Tip: City tracks are full of incidents and this means the safety car is more likely to make an appearance. The situation often helps the chasing pack and frustrates the leading driver so positions can quickly change at places like Monaco and Singapore.Betting on F1 is not all about picking out the winner and there are many in-play and appealing markets to bet on which leads us nicely on to the next section, F1 Betting Markets.