Formula 1 heads down under for round 3 of the championship, with the 2024 Australian Grand Prix from Melbourne the next stop on the roster. Max Verstappen -500 is favored to win the race, and after two wins from two in the opening two races, it would take a brave punter to back against him. In our latest Formula 1 betting picks, we look at the latest odds and tell you the best bets to make on the next round of the 2024 Drivers' Championship.
- What: 2024 Australian Grand Prix - Round 3
- Where: Albert Park Circuit, Melbourne, Australia
- When: Sunday, March 24th, 2024
- Time: 11 p.m ET (Saturday 23rd in ET zone)
- Laps: 58
- Track Length: 5.278 km
- Race Distance: 306.124 km
Verstappen set to dominate again in 2024
The signs looked ominous after the opening race of the season. And after Round 2 from Saudi Arabia finished with another win for Max Verstappen, the last grain of hope that someone may challenge the triple-world champion all but disappeared.
MAX VERSTAPPEN WINS IN JEDDAH!!! 🏁🏆🥳#F1 #SaudiArabianGP pic.twitter.com/XKb0zSZzTU
— Formula 1 (@F1) March 9, 2024
The two races won by Perez in 2023 were in Saudi Arabia and Azerbaijan, both road circuits. In Saudi Arabia this year, Verstappen put that wrong right. And he will no doubt be looking to do the same in Baku, although this year he will need to wait until September, due to the revamp of the F1 calendar in 2024.
The bottom line is we already knew Verstappen would win the races on the old-fashioned F1 circuits in Europe. Where the slight optimism existed was that Sergio Perez may challenge him on the road circuits like in Saudi Arabia. But that flicker of light has now been extinguished with Verstappen’s second-round win.
So with the roster now returning to one of the many scenes of Verstappen’s wins from 2023, what are the bookmakers saying about the next race?
Who is the favorite to win the 2024 Australian Grand Prix?
Max Verstappen went into the opening race of the season as the -325 betting favorite. After winning that, he was trimmed to -375 to win in Saudi Arabia. And after winning that, he is now -500 to win in Australia.
In Australia last year, Verstappen won by less than one second ahead of Lewis Hamilton. But the race was disrupted by two red flags, causing the Dutchman problems with his strategy and allowing the field to bunch up on two occasions. Without the interruptions caused, Verstappen would probably have won in his usual fashion.
Thanks to a combination of his win on this circuit 12 months ago and his solid start to 2024, in the latest Formula 1 betting online, the bookmakers have Max Verstappen at the shorter odds of -500.
Second in the betting again is Sergio Perez at +800. Considering Perez was +1100 in Saudi Arabia, this is quite a substantial cut of his odds.
Making up the top three in the betting is Charles Leclerc at +1400. Then Lando Norris is next at +2500, with fellow Brits Lewis Hamilton and George Russell at +2800. The experienced Fernando Alonso is +5000, and Oscar Piastri is +6600 to win his home race.
And how about this? 18-year-old Oliver Bearman, fresh from his seventh-place finish at the Saudi Arabia Grand Prix, is +8000 to win for Ferrari. Bearman isn’t guaranteed to drive.
A baptism of fire for Ollie Bearman but he rose to the occasion 🤩#F1 #SaudiArabianGP @ScuderiaFerrari pic.twitter.com/FtBZr7obVF
— Formula 1 (@F1) March 10, 2024
But with Carlos Sainz still recovering from Appendicitis surgery, there is every possibility the young Brit will have to fill in again.
Full odds on the 2024 Australian Grand Prix are available on our F1 odds table. For more information about the bookmakers we use, please check out our betting bonuses and promotions page.
| Drivers |  |  |  |
|---|---|---|---|
| Max Verstappen | -500 | -500 | -500 |
| Sergio Perez | +800 | +800 | +800 |
| Charles Leclerc | +1400 | +1400 | +1400 |
| Lando Norris | +2500 | +2500 | +2500 |
| Lewis Hamilton | +2800 | +2800 | +2800 |
| George Russell | +2800 | +2800 | +2800 |
| Fernando Alonso | +4000 | +4000 | +4000 |
| Oscar Piastri | +6600 | +6600 | +6600 |
| Oliver Bearman | +8000 | +8000 | +8000 |
| Pierre Gasly | +25000 | +25000 | +25000 |
| Esteban Ocon | +25000 | +25000 | +25000 |
| Lance Stroll | +25000 | +25000 | +25000 |
| Alex Albon | +50000 | +50000 | +50000 |
| Daniel Ricciardo | +50000 | +50000 | +50000 |
| Yuki Tsunoda | +50000 | +50000 | +50000 |
| Kevin Magnussen | +50000 | +50000 | +50000 |
| Valtteri Bottas | +50000 | +50000 | +50000 |
| Nico Hulkenberg | +50000 | +50000 | +50000 |
| Logan Sargeant | +50000 | +50000 | +50000 |
| Guanyu Zhou | +50000 | +50000 | +50000 |
Finding value in the Australian Grand Prix betting markets
There is no value in the race-winner market, so where can we find a bet worth placing on the Australian Grand Prix?
In the betting to finish on the podium, Max Verstappen is -800, Sergio Perez is -225, and Charles Leclerc is -120. They were the top three in Saudi Arabia and probably would also have been in Bahrain, had Leclerc’s car not had problems.
Outside of the leading three, Lewis Hamilton, Lando Norris, and George Russell are all +225. Fernando Alonso is +400, and Oscar Piastri is +800.
We got a nice win in Saudi Arabia backing Piastri to finish in the top six, so why not have a small wager on him to break into the top three in Australia? It is his home race, after all.
Our 2024 Australian Grand Prix betting picks
As for the race itself, well it’s going to be Max Verstappen to win again. He is now virtually unbackable at -500. The options are to back the field against him and hope he or his Red Bull team makes a mistake, or just don’t bet on the race winner at all.
Verstappen will win. Whether you think he is a good value bet at -500 is up to you.
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