How much do F1 drivers make?

But behind the exciting race is another interesting part of the F1 world: the huge amounts of money that the drivers and staff make.

In this article, we'll talk about the money side of Formula 1 and find out how much these high-speed pros make.

Highest paid F1 drivers in 2023

In 2023, Formula One is still a high-paying sport. Several drivers have managed to achieve huge earnings, attracting attention not only with their impressive driving skills, but also with solid salaries.

Here are the top earners:

1. Max Verstappen (Red Bull): Topping the list is the reigning World Champion, Max Verstappen, raking in a colossal salary of $55 million.
2. Lewis Hamilton (Mercedes): Following closely is the seven-time World Champion, Lewis Hamilton, with an impressive $35 million in earnings. Lewis Hamilton net worth is one of the biggest in motorsports.
3. Charles Leclerc (Ferrari): Ferrari's star driver, Charles Leclerc, also figures in the top earners with a significant sum of $24 million.
4. Lando Norris (McLaren): Next up is McLaren's rising star, Lando Norris, earning a striking $20 million.
5. Carlos Sainz (Ferrari): Rounding out the top five is Carlos Sainz from Ferrari, pocketing a respectable $12 million.

Lowest paid F1 drivers in 2023

While some drivers earn salaries in the tens of millions, not all are so fortunate.

Here are the drivers at the lower end of the pay scale in 2023:

1. Alex Albon (Williams): Williams' driver, Alex Albon, earns $3 million, which is considerably less compared to the top earners in the sport.
2. Yuki Tsunoda (AlphaTauri): AlphaTauri's Yuki Tsunoda brings in around $1 million, a figure that places him among the lowest earners in 2023.
3. Logan Sargeant (Williams): Another driver from Williams, Logan Sargeant, is also in this bracket, with earnings of approximately $1 million.

Betting on F1 races

In addition to the people involved in the sport, there's another aspect where individuals can earn money from F1, and that's through betting on the races.

Several online platforms allow you to bet on F1, including non Gamstop betting sites that have emerged as popular platforms for such activities.

With a carefully considered and informed strategy, it is possible to make a significant return from betting, although this comes with its inherent risk.

The unpredictability of Formula 1 racing makes it not only exciting but also potentially lucrative.

Factors influencing top driver salaries

The remuneration of the highest-paid Formula 1 drivers does not only depend on their driving ability: many factors are taken into account when determining their salaries.

Let's look at some key influencing factors:

• Performance: This is a significant factor. Drivers who consistently perform well and bring in valuable points for their teams often command higher salaries.
• Experience: With experience comes the knowledge of how to handle different racing scenarios, which is highly valued in the sport.
• Marketability: A driver's ability to draw fans and sponsors also plays a role in their earnings. Popular drivers tend to secure more lucrative sponsorships and commercial deals.
• Team Budget: The financial resources of a team can significantly affect the salary a driver can command.
• Contract Negotiations: A driver's bargaining power and the terms of their contract also greatly impact their final earnings.

Rookie F1 driver salaries

Rookies in F1, despite their relative inexperience, can earn decent salaries thanks to their potential.

McLaren's Oscar Piastri and Alfa Romeo's Zhou Guanyu, both newcomers to the sport, have managed to earn $2 million each.

Despite their "low" salaries, especially compared to their more experienced counterparts, these rookies are certainly on the radar of many teams as they could become future F1 superstars.

The million dollar contracts

Though only a select few have been crowned World Champions, several drivers command salaries in the double-digit millions.

Among them, Ferrari's Charles Leclerc and Carlos Sainz stand out, earning $24 million and $12 million, respectively.

Such high earnings can be attributed to the combination of raw driving talent, potential for future success, and their appeal to sponsors and fans.

The youngest high earning F1 driver

Interestingly, the list of high earners also includes a driver who is yet to win his first F1 race. Lando Norris, at the tender age of 25, commands a reported salary of $20 million at McLaren for 2023.

Norris's case highlights the potential of youthful talent and future promise, which teams are willing to invest heavily in, hoping for a substantial return in the form of race victories and championships.

The F1 pit crew earnings and roles

While Formula 1 drivers are the center of attention, pit crew members also play an indispensable role in the success of each race.

They perform specific functions requiring precision, speed and coordination and are rewarded accordingly.

Let's check out what each pit crew member does for a living and what their earnings are:

• Crew Chief - They manage the entire crew and ensure that pit stops are executed smoothly and swiftly. Their per-race earnings range from $5k to $20k, and their annual salary falls between $250k and $1m.

• Refueling Person - Responsible for ensuring the race car is fuelled efficiently and safely during pit stops. They earn between $3k and $10k per race, accumulating to an annual salary of $250k to $500k.

• Tire Changers - Tasked with swiftly changing tires during pit stops, their earnings per race vary between $3k and $10k, and their annual salary is approximately $250k to $500k.

• Tire Carriers - They assist the tire changers by carrying and positioning the tires. They make $3k to $10k per race, resulting in an annual salary of $250k to $500k.

• Jack Men - They jack up the car quickly so that tire changers can do their job. Their earnings range from $1.5k to $5k per race, leading to an annual salary of around $125k.

• Wing Men - They adjust and fix the wings of the car during pit stops. They earn $1.5k to $5k per race, with an annual salary of $120k.

• Stabilizer - They ensure the car is stable during tire changes and refueling. They earn around $3k per race, leading to an annual salary of $75k.

• Lollipop Man - They signal the driver when to stop and go in the pit. Their earnings per race are around $3k, and the annual salary is approximately $75k.

• Starter Man - They are responsible for signaling the driver to start the car. They earn about $1.5k per race and $35k annually.
• Fire Extinguisher Man - They stand by with a fire extinguisher for safety purposes during pit stops. They earn around $750 per race and an annual salary of $17k.

Top spending teams on pit crew

Investment in the pit crew, who can make or break a race - is directly linked to results in Formula 1 races. Red Bull Racing, Ferrari and Mercedes are known to spend huge sums of money on their pit teams.

Red Bull Racing is known for its world-record number of pit stops, made possible by a whopping $5 million budget. This level of financial outlay allows for precise and ultra-fast pit stops, cementing the team's reputation in Formula 1.

Ferrari, which has a rich heritage in Formula 1, invests even more, allocating around $6 million dollars for pit stops. This significant expenditure ensures perfect coordination and team efficiency, which is key to a favorable race outcome.

Mercedes, another dominant force in F1, also prioritizes the pit crew's performance. Although the company's exact budget is not disclosed, it is clear that a significant amount of resources are directed here, as evidenced by the smooth operation of pit stops.

Conclusion

Formula 1, a sport known for its speed and luxury, lives up to its image when it comes to how much its professionals earn.

There are many ways to make money in Formula 1, from drivers making millions of dollars a year, to hard-working pit crew members, to gamblers betting on races.

But as we've seen, these earnings depend on many things such as ability, experience, talent and even courage when it comes to betting on this exciting sport.