The Online Betting Guide
However, there's also another way to make money on formula 1 betting and as it involves betting with points rather than real cash it's therefore totally risk free. I'm talking about the excellent OLBG.com website where punters compete against each other in various sporting categories and then the best performing competitors each month can win free bets or even cash prizes. There are categories covering many of the most popular sports for betting and of interest to readers of this blog will be the Motor Racing category.
At every Grand Prix tipsters can make a selection of tips in various formula 1 betting markets and then OLBG collate the performance of each tipster into a table with the top ten tipsters each month winning a free £5 bet from PaddyPower (the sponsors of the Motor Racing category). It's quite a popular website and for example last month there were 615 tipsters competing in the Premiership betting category which means you've really got to be on your game to win a prize. However, the Motor Racing category doesn't get quite as many entrants with only 134 tipsters competing last month, so while it still takes some shrewd tipping to win a free bet, it's nevertheless not quite as difficult to win a free bet as it is in some of the more popular betting categories.
The regular categories are open to everyone, but if you manage to achieve consistent success over a six month period and reach various targets with your tips, then you can also qualify for the Pro Tipster competitions where cash prizes of between £5 and £100 are on offer, so there's a lot of potential for profit.
Last month I did really well and thanks to six out of seven winning formula 1 tips (including Fernando Alonso to win the Spanish Grand Prix and Mark Webber for a podium at Monaco), I managed to finish 2nd in the Motor Racing category. In fact I managed to make the top ten in nine betting categories* in total, making a grand total of £40 worth of free bets and £10 cash.
* Motor Racing, Tennis, Rugby, NHL, Snooker, Champions League, German Football, Scottish Football and Other Sports (Comment Competition).
To be fair, last month I outperformed myself and I'm not usually so successful in so many betting categories. However, despite last month being a better than average month, I've still nevertheless managed to pick up at least one or two free bets for a few consecutive months now.
To give people a general idea of how it works, you can take a look at the Motor Racing tipsters chart for May at the following link:
Formula 1 tipsters chart for May
I made a level stakes profit of 6.4 (My OLBG name is EricHBT), but as you can see even a level stakes profit of only 1.6 was enough to make the top ten in May and therefore win a free £5 bet.
OLBG.com is free to sign up, so if you like to bet on formula 1 (or any sports) and you fancy yourself as a tipster then it's well worth checking out, and as you're betting with points rather than cash, it's entirely risk free. You can check it out at the following link:
Sign up for the free tipster competition at OLBG.com
Footnote: For legal purposes, please note that OLBG offer a £1 fee for every referral they get, so admittedly I'm on commission, but irrespective of this I would still definitely recommend the OLBG website for anyone who likes a bet.
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Other recent posts:
The British Grand Prix Form Guide: Part 1 - Winning Driver
The British Grand Prix Form Guide: Part 4 - Top Ten Finish
The British Grand Prix Form Guide: Part 5 - Miscellaneous Bets
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