The paid-for Facebook promotion was banned due to its strong likelihood of appealing to individuals under the age of 18.
Betway argued the video was not actually Sir Lewis and was targeted at users over 25, but the ASA concluded the figure was clearly recognisable as Hamilton.
The ASA cited Sir Lewis Hamilton's significant public profile and social media following among under-18s as key factors in its decision.
This marks the second “strong appeal” ruling involving Sir Lewis Hamilton in two months, following a similar ban on a Kwiff gambling ad in October.