The game's "arcade" mode followed a similar line to that of Formula One 2000, although incentives were now offered in the form of upgrades to the player's car.
A new mode - "Challenge" mode - was introduced. In Challenge mode, players were given a lap around Spa-Francorchamps in Jenson Button's Benetton B201. Players who achieved a fast lap time were given a verification code, and the opportunity to post their winning times on the Internet to compare their times to other people's if they have an account.