Yes, betting on Formula 1 (F1) is possible and is quite popular among betting enthusiasts. There are numerous legal sportsbooks and betting platforms around the world where you can place bets on F1 races. The types of bets you can place can vary, but here are some common ones:

1. **Outright Winner**: Betting on which driver will win the race.

2. **Podium Finish**: Betting on which drivers will finish on the first three steps of the podium.

3. **Pole Position**: Betting on which driver will secure the pole position during qualifying.

4. **Fastest Lap**: Betting on which driver will set the fastest lap during the race.

5. **Driver vs. Driver**: Betting on which of two drivers will finish ahead of the other.

6. **Constructors’ Championship**: Betting on which constructor (team) will win the season’s championship.

7. **Points Finish**: Betting on how many points a driver will score in the race or over the season.

8. **Race Result**: Betting on the exact finishing order of the top three drivers.

It’s important to note that the legality of betting on F1 or any other sport can vary by country or region. Always ensure that you are using a legal and reputable betting service and that you are aware of the laws and regulations regarding sports betting in your area. Additionally, betting should be done responsibly, with an understanding of the risks involved.