2024 Chinese Grand Prix: F1 prize money and points by position, driver, team

From the blistering speed, to the celebrity fans, to the glamour, glory and, of course, the champagne, Formula 1 is many things. Yet, when all is said and done, it’s truly about winning points. Indeed, it’s points that lift a team from ‘promising’ to victorious and drivers from ‘talented’ to legendary. With that in mind, here’s a look at how points are awarded in the 2024 season, so that you clearly understand what it takes to win a World Drivers’ Championship in motorsport’s premium competition. On Grand Prix weekend, points are available to the top 10 finishers in Sunday’s race: 25 for the winner, down to one for 10th place.

F1 race points in 2024: position by position

Bonus point: how does it work?

One bonus point is also available for the driver who records the race’s fastest lap. To be eligible to receive the point, the driver must also finish in the top 10. Understandably, this requirement is to safeguard against any of the drivers outside of the top 10 pitting for fresh tires in the last few laps of the race in an effort to set the fastest lap, which in turn would compromise race integrity.

Sprint races: extra points up for grabs

At six of the 24 Grands Prix in this year’s calendar, drivers will also have the opportunity to snare additional championship points in what’s known as a sprint race. Held the day before the main race, the sprint race is much shorter, covering a distance of about 60 miles and lasting for about 30 minutes. “The venues chosen for sprint events are all tracks with great overtaking potential, picked to try and ensure the sprint is a flat-out, aggressive melee from start to finish,” the Federation Internationale de l’Automobile (FIA) says.

Points are awarded to the top eight finishers in the sprint event, which in 2024 is to take place at the Austrian, Austin, Brazilian, Chinese, Miami and Qatari Grands Prix.

Sprint race points in 2024: position by position

2024 F1 World Drivers’ Championship: standings after three races

Driver points also decide Constructors’ Championship

The points that drivers accrue at each Grand Prix not only count towards their pursuit of the individual F1 title, but also contribute to their team’s total in the World Constructors’ Championship standings. As things stand this season, Max Verstappen and Sergio ‘Checo’ Pérez’s points hauls combine to give Red Bull an unmatched 97 constructors’ points.

Were Red Bull to finish with the highest team tally in 2024, it would be the outfit’s third straight Constructors’ Championship.

2024 Constructors’ Championship: standings after four races

How much prize money is there in Formula 1?

Before we get into the winnings that drivers take home, it’s important to understand a few things about Formula 1. Firstly, there is the total pot size which stands at a staggering $900 million, which is generated by various things, but in principle, TV rights and the race fees that individual teams pay. Then we also have to consider the distribution of these funds. The amount of money a team receives can vary greatly depending on their performance during the season.

To put this in perspective, Red Bull’s win in the 2023 Constructors’ Championship saw them take home an estimated $140 million. Haas, on the other hand, received $60 million for finishing last - less than half of Red Bull’s winnings.

Now, where drivers themselves are concerned, it’s important to understand that, as we just established above, the winnings per race go to the team across the season. In terms of what drivers receive, that figure is based on the contract they signed. While there may be bonuses involved per race, that is once again based on the nature of the contract they agreed to with their team.

If you missed our report on current salaries amongst Formula 1 drivers, be sure to check it out, but ultimately the point remains the same: It’s more about the team when it comes to earnings from races than it is about the driver. Overall, salaries for F1 drivers range from about $1 million to the impressive $55 million reportedly pocketed by Verstappen, Red Bull’s defending world champion.

Verstappen at front of the grid in China once again

For the fifth time in five races this season, Verstappen will start in pole position in Sunday’s Chinese Grand Prix, as the Dutchman chases his fourth victory of the season. The 26-year-old has been the man to beat once more and quite frankly, shows no signs of letting up. Whether he can hold of the challenges coming from a number of drivers including his teammate, that’s another question.

Winner of the last three Drivers’ Championships, Verstappen began the 2024 season with wins in Bahrain and Saudi Arabia, before brake failure forced him to retire from the Australian Grand Prix three weeks ago. Since then, it’s been back to business for the Dutchman as he has essentially resumed his dominance.

As for where and when, the 2024 Chinese Grand Prix will be held at the Shanghai International Circuit, and will get going at 3:00 p.m. local time on Sunday 21st, April 2024. In the United States, that’s 3:00 a.m. ET/12 midnight PT on Sunday morning.. Viewers in the US can watch the race on ESPN but be sure to get your rest pre race as it will be a late night.