Formula 1 enters a brand new era this weekend with the traditional season-opener, the Australian Grand Prix at Albert Park in Melbourne. Lando Norris starts as defending champion after pipping Max Verstappen by two points in a tense 2025 finale, but new engine and chassis regulations, plus the arrival of Cadillac as an 11th team, have reshuffled the grid. Mercedes are early favourites thanks to their engine prowess, with British driver George Russell leading the betting odds, while Ferrari and Lewis Hamilton—who endured a podium-less 2025—look competitive after strong pre-season testing.
The prize money on offer for 2026 is enormous, centred on the constructors' championship. The prize pot comprises 50 per cent of F1's commercial rights revenue each season. In 2023, that revenue was $3.2bn (£2.3bn), yielding an estimated prize fund of $1.6bn (£1.2bn). Certain deductions are made to acknowledge the value of historic teams like Ferrari, which attract global fans. After those deductions, the remaining sum is split among the 11 teams, with the champions taking an estimated 14 per cent and last place receiving just six per cent.
McLaren were estimated to have earned $140m (£110m) for their 2024 title, with each subsequent position worth approximately £7m less. Points are awarded on a sliding scale: the race winner gets 25 points, second 18, then 15, 12, 10, 8, 6, 4, 2, and 1 for 10th place, with an extra point for the fastest lap if the driver finishes in the top 10. In the event of a tie at the end of the season, the team with the most wins prevails, followed by most second-place finishes, and so on.
