Some of the most profitable racing competitions are NASCAR and Formula 1. Thousands of fans tune into the sporting events to witness the performance of pilot legends who race for the championships every year. 
Motorsport racing events involve motor racing, aerial competitions and MotoGP. If you want to take part in the world of motorsport by making bets, you can become profitable if you follow the following tips.
Place direct bets
In Formula 1 or other motorsports, it is recommended to bet on a single driver to win a tournament before the competition starts.
Complicated bets
This is a tough bet because you will be betting on a driver to win most tournaments within a year in different events. You can get to know who you can bet on by looking at the points accumulated by a driver.
Rival bets
You can also decide to place a bet on competing teams like the Ferrari team vs the BMW team. The one who will be in the highest position will be the winner.
Fastest lap
You can pick a racer who will be competing to finish the race within the shortest time.
Podium bets
In this bet, you will place the top 3 pilots who will complete the races in the respective order in the final racing event.
The Kelly Criterion strategy
This is a mathematical formula that can help you know the stake you need to place for any bet, by calculating the return and applying the result to the betting bank of the individual. Although this looks like a simple explanation, the overall strategy is a bit more complicated. Since you bet to win, one of the important effects about this strategy is that when the probability of winning is high, then the stakes will be higher. So, if you want to make the most of the strategy, you need to calculate your chances of having a successful bet. One important factor about the Kelly Criterion is that you can know when the value of the bet is good. Ideally, a bet has a good value when its probability of succeeding is greater than the odds probability.