Speedboat Racing is a racing game where players can race with speedboats through the canals of Venice and Amsterdam. For every race, players can choose a certain boat with a captain that all have their own strengths and weaknesses.

The game contains three different game modes: Championship, Quickrace and Sightseeing.* Championship is a career mode where players have to complete and win several pre-determined races to become the ultimate champion. This mode has to be played in order to unlock more boats.

Quickrace is a mode where the player can choose the location and boat and complete the race. No statistics are being collected from this mode.

In Sightseeing, the player can freely roam the different maps and sail through the canals, discovering the regions and buildings around. There is no race to complete in this mode and this mode only ends when the player quits to the main menu.

Players can not only race the computer opponents, but also hinder them by using torpedo's or guided missiles, temporarily disorienting them or blowing them into an other direction. Coiled springs can be collected to jump out of the water and over something. The player can also collect turbo's to temporarily boost the speed of the boat.