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Formula 1 betting, odds: Max Verstappen and Red Bull enter 2023 as the favorites

Red Bull's Dutch driver Max Verstappen attends a press conference during the third day of Formula One pre-season testing at the Bahrain International Circuit in Sakhir, on February 25, 2023. (Photo by Giuseppe CACACE / AFP) (Photo by GIUSEPPE CACACE/AFP via Getty Images)
Red Bull's Dutch driver Max Verstappen attends a press conference during the third day of Formula One pre-season testing at the Bahrain International Circuit in Sakhir, on February 25, 2023. (Photo by Giuseppe CACACE / AFP) (Photo by GIUSEPPE CACACE/AFP via Getty Images) (GIUSEPPE CACACE via Getty Images)

The odds favor a third consecutive Formula 1 title for Max Verstappen.

The two-time defending F1 champion is the overwhelming favorite to win the 2023 world championship at BetMGM. Verstappen is at -160 to win the title, far ahead of Lewis Hamilton and Charles Leclerc. Both drivers are at +400 ahead of Sunday's season-opening Bahrain Grand Prix (11 a.m. ET, ESPN).

Verstappen was much more dominant in 2022 than he was in 2021. Two seasons ago he needed a fortuitous late caution and some help from F1’s race director to beat Hamilton in a last-lap sprint for the title. A season ago, he won 15 races and led twice as many laps as Leclerc on his way to a 146-point win over the Ferrari driver.

While there are some rules changes for the 2023 season, the massive car changes implemented for 2022 are largely still in place and that’s a big reason why Verstappen and Red Bull are the clear title favorites. It also doesn't hurt that Verstappen was the fastest driver at preseason testing a week ago.

Red Bull won its first constructor’s title since 2013 a season ago and is -155 to do it again. Mercedes had won every constructor’s title from 2014-22 and is +250 to prevent Red Bull from going back-to-back. Ferrari is at +300 to win the constructor’s title.

If you’re bullish on Verstappen’s odds to win the title or simply want to make a bet that doesn’t involve him, we suggest taking a flier on the top driver without Verstappen. Those odds are intriguing, especially if you think Hamilton will be the driver to mount the best title challenge to Verstappen in 2023. Leclerc is the favorite to be the top non-Verstappen driver at +150 and Hamilton is at +250 despite both drivers sitting at +400 to win the title outright.

Here are the BetMGM odds for 19 of the 20 drivers’ title chances (Haas' Nico Hulkenberg is not listed) as well as the odds for each of the 10 teams to win the constructor’s title. Bet wisely; we’d be stunned if either the winning driver or constructor came outside of the top three favorites.

Odds to win 2023 world championship

  • Max Verstappen (-160)

  • Lewis Hamilton (+400)

  • Charles Leclerc (+400)

  • George Russell (+1200)

  • Carlos Sainz Jr. (+2200)

  • Sergio Perez (+2500)

  • Fernando Alonso (+2500)

  • Lando Norris (+25000)

  • Lance Stroll (+25000)

  • Esteban Ocon (+30000)

  • Valtteri Bottas (+50000)

  • Pierre Gasly (+50000)

  • Guanyu Zhou (+100000)

  • Oscar Pastry (+150000)

  • Kevin Magnussen (+150000)

  • Yuki Tsunoda (+150000)

  • Nyck De Vries (+150000)

  • Alex Albon (+200000)

  • Logan Sargeant (+200000)

Constructor's title odds

  • Red Bull (-155)

  • Mercedes (+250)

  • Ferrari (+300)

  • Aston Martin (+5000)

  • Alpine (+15000)

  • McLaren (+25000)

  • Alfa Romeo (+25000)

  • Alpha Tauri (+75000)

  • Haas (+150000)