There will be a total of 23 betting types, although not all will be offered for the 18 races on this season's calendar.

'Live' betting for the races will also be offered.

Apart from putting money on the overall Drivers' and Constructors' champions, punters can also have a flutter on varied options such as the first driver to retire, the top three finishers and the time difference between first and second place.

The variety of bet types offered will depend on each race's circumstances.

So, for those who have been following the exploits of Cristiano Ronaldo and Steven Gerrard closely, it's time to brush up your knowledge also on Kimi Raikkonen and Lewis Hamilton.

Bets on the this season's Drivers' and Constructors' winners will be taken from Mar 4.

Individual race bets will be accepted from Mar 11 for the season-opening Melbourne Grand Prix on Mar 16.

Thereafter, bets for each race can be placed the Tuesday before the race, up to five minutes before the start of that race.

The minimum bet amount will be $5.

It is understood that Singapore Pools had mooted the idea of introducing legalised F1 betting a few months after the Republic was awarded the rights to host a leg of the glamorous world series last May.

The proposal was approved by the government last week, and is set to raise motorsports fever up another notch, ahead of the inaugural SingTel Singapore Grand Prix on Sept 28.

Read the full story in Tuesday's edition of The Straits Times.