2023 F1 Australian Grand Prix: Prize money and points by position, driver, team

The Australian Grand Prix is a motor racing event that has occurred every year since its inception in 1928. The event became part of the Formula One World Championship in 1985, with the last race of the season held on the street circuit in Adelaide. Since 1996, it has been held at the Albert Park Circuit in Melbourne.

Nowadays, the Formula One World Championship is one of the biggest motor racing championships in the world, and this year’s event is the 73rd of the Formula One World Championship.

Drivers and teams compete in 21 Grands Prix for the World Drivers’ and World Constructors’ championship titles. So let’s dive deeper into the 2023 Formula 1 structure, points, and Prize Money.

Prize money in Formula One

Everybody knows Formula One has enormous amounts of money, but not many people know about the bizarre revenue share model they follow.

The Formula 1 revenue, estimated at around $1.38 billion in 2023, is divided into two categories: the prize money fund, which goes to F1 teams, and the other half that goes to shareholders. The parent company of the Formula 1 group, known as CVC, is responsible for distributing the prize money. Revenue from one race ranges between $100 million to $140 million and continues to grow yearly.

A significant part of the money, thought to be around 23.75 percent of F1′s overall profit, is awarded based on teams’ placement in the WCC standings. This means the champions are awarded around $66m, while those who finish in last place take home $15m.

How much money do constructors, players get in F1? 

Formula One distributes the total profit to all the teams. Nonetheless, drivers don’t receive any prize money because they are, instead, paid salaries by the teams they drive for or their constructors.

From the likes of Max Verstappen, Lewis Hamilton, and Charles Leclerc to constructors like Mercedes and Ferrari, the overall rankings, points classification, and overall revenue share from F1 are all taken into account to consider the money the constructors get.

Regarding the prize money related to simple performance, the eighth Concorde Agreement that all teams signed in 2021 means the gulf between how much the top and bottom teams received has shortened. The top team receives 14% of the total prize pot, whereas the bottom team receives 6%. Before, though, the top team received 20%, and the bottom team received only 4%. This agreement is locked until January 2025.

The prize pot distributed in 2023 based on the final year’s standings is worth more than $ 900 million — a full F1 prize pot of $2.2 billion.

Formula One points in 2023

As many as 26 points are available to the winner of each Grand Prix, and every point matters to the drivers. Here is a breakdown of how championship points will be awarded in 2023.

One bonus point is available for the driver who records the race’s fastest lap. However, the driver must also finish in the top 10 to qualify for the point.