F1 Australian Grand Prix Odds & Picks

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13 March 2024

Max Verstappen is once again the overwhelming betting favorite for a Formula 1 race. This week, the action moves Down Under for the Australian Grand Prix on Sunday, March 24. See how the rest of the odds shake out for the season's third race.

The Australian Grand Prix is the just third race of the Formula 1 season and Max Verstappen is already out to a commanding lead. He has won the first two races and sits atop the standings and the F1 World Driver's Championship odds.

He'll look to win for a second straight year at Albert Park Circuit while further placing his stamp on the 2024 season.

Let's take a look at the early odds and see if anyone stands an outside chance at taking the checkered flag on Sunday, March 24.

Australian Grand Prix 2024 odds

Odds as of March 18, 2024.

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Australian Grand Prix 2024 starting grid

Australian Grand Prix 2023 pre-qualifying favorites

Max Verstappen (-556 to -500)

Max Verstappen's run of dominance is simultaneously remarkable and void of drama. While he only won two of 2023's first four races, he went on to take the top spot on the podium in 17 of the final 18 races to score the largest point total in F1 history.

He hasn't lost a race since last September's Singapore Grand Prix and held off Lewis Hamilton here a year ago. By winning for a second straight year, Verstappen would be the first driver to win consecutive Australian Grands Prix since Sebastian Vettel did so in 2017 and 2018, though the event did have a two-year hiatus due to the COVID-19 pandemic as well from 2020-21.

Sergio Perez (+700 to +1,400)

Like clockwork, Sergio Perez has finished second to teammate Verstappen in the season's two opening races. It stands to reason that he would be the most likely to benefit if Verstappen's day were to go awry, and he did win a pair of races near the beginning of 2023 (Saudi Arabia, Azerbaijan). But, he finished eighth in Singapore — Verstappen's last loss — and was fifth in Australia in 2023.

Charles Leclerc (+1,200 to +1,800)

Charles Leclerc looked like he was on the verge of a massive breakout season at the beginning of 2022. He opened the year with a win in Bahrain, came in second at the Saudi Arabian GP, and then won the Australian Grand Prix. And while he would go on to finish second in the Constructor's Championship to Verstappen, he only won one more race that year (Austrian GP) and hasn't reached the winner's circle again since.

As one of the only drivers in the field with a recent pedigree Down Under, Leclerc is understandably drawing the shortest odds of anyone not on the Red Bull team. Still, betting against Verstappen is a tall order these days. Leclerc did not finish this race a year ago as he was involved in a collision that wiped out a number of drivers.

Odds as of March 18, 2024.

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Understanding F1 betting odds

The most popular way to bet on Formula 1 odds is by simply picking the winner of a particular race. Other popular F1 betting options include which car/constructor will win and whether or not a particular race car driver will end up on the podium with a Top-3 finish.

F1 race odds usually look like this:

Sergio Perez +1,400

This means that on a $100 bet, you'll stand to profit $1,400 if Perez wins that particular race. If one driver is especially dominant, you might see a minus sign (-) ahead of that driver's odds like this: