The sports data supplier will provide pre-race and in-race markets to operators, ahead of the first scheduled race of the season in Melbourne on 15 March.
The company's existing deal, which was initially announced last August, includes live data taken directly from the track on the day of each race, for every F1 World Championship Grand Prix.
Sportradar will use historical F1 data to create new live odds, which will be available on more than 20 markets for each race, while practice and qualifying session in-play betting will be added later in the season.
Existing markets, including race winner and podium finishes, will still be offered.
Sportradar Sports Partnerships Managing Director David Lampitt said: "Formula 1 is one of the world’s most-recognised sports brands, with unique commercial opportunities that continue to expand.
"Introducing live in-race betting opportunities is the starting point to unlocking these opportunities and increasing interest and engagement among fans worldwide."
F1 Head of Digital Media Rights Adam Crothers added: "We believe this partnership will provide our fans with yet another platform to engage with races in a manner that hasn’t been possible until now, as we head into another exciting year of racing."
