I can't comment on the gambling, but I think F1 is probably the most entertaining form of racing on pavement. They're not just driving in circles like nascar, and the lighter cars (~1600lbs vs ~3300lbs) make for much more agile maneuvering. The lighter cars also mean a much bigger emphasis on engineering and aerodynamics, since a light car will take flight at a much lower speed than a heavy one of the same shape. At only 100mph, an F1 car can generate more than its own weight in downforce, which enables absurd handling.
Rivalries between teams and drivers add a lot of depth to the race due to the psychology at play, but I don't follow that very much. For me its the just the engineering, and the raw speed of it all.
All that said, I still enjoy rally events more. Drifting by trees at 100mph on dirt is more intense than 200mph on pavement near a wall of tires.
Is Formula One so popular due to betting, entertainment during the race (viewership), or news outside the actual race event (gossip, racing team changes, rules changes, track info, etc.)?
I know it's a combination of interests, but can someone break down the culture for me?
E: I can explain football's popularity with: Aggressive physical contact sport, fast-paced, tailgating, tribe-based competition, definitive outcome, and, unknown but possible positive future outcomes.