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Formula 1 Prize Money 2024

Formula 1 Prize Money

2024 Formula 1 prize money breakdown – F1 prize money for constructors and drivers per race by place and per point!

The Formula 1 prize money 2024? Is there prize money in F1? How much money do constructors and drivers get per race by place and per point F1? The 2024 FIA Formula One World Championship is one of the biggest motor racing championships in the world. The F1 stands for Formula One cars and the world championship is the 74th event of the Formula One World Championship. Watch & Bet Motosports =>

It is validated by the governing body of international motorsport, the Fédération Internationale de l’Automobile (FIA), as the highest class of competition for open-wheel racing cars.

Drivers and teams are competing in twenty-one Grands Prix for the World Drivers’ and World Constructors’ championship titles. Here we take a look at the Formula 1 Prize Money 2024.

2024 Formula 1 prize money breakdown - F1 prize money for constructors and drivers per race by place and per point!

F1 prize money 2024: So how much Formula 1 Prize money is there in the Constructors Championship?

How much prize money do F1 teams make? Well, Ferrari will be earning the largest amount of the Formula 1 revenue share. F1 follows a strange revenue share model and we take an in-depth look at how much money there is.

The team prize pot makes up 50% of F1’s commercial rights profit based on the Concorde Agreementwhich governs the F1 series. However thats not always the case. In 2022 F1 generated revenues of $2.57 billion, but the prize pot was only $1.157 billion (approx. 45%).

The prize pot is also not shared equally. About 25% of the prize pot is distributed as bonus payments for past success. The the rest of the prize pot is split between the 10 teams.

Ferrari receive an extra payment, believed to be 5% of the prize pot, for its historical significance as the Ferrari has competed in every F1 season since 1950. Other teams also receive more money for past successes like winning the championship.

F1’s 2024 revenues are predictad to increase and the prize pot is expected to be huge and over $1 billion. Formula 1 is one of the highest-earning sports competitions in the world.

There is huge money in Formula 1 and some estimates suggest it generates up to a billion dollars of revenue. So where does it go? The CVC (parent company of Formula 1 group) is responsible for distributing the prize money.

Revenue from one race can range between $100 million to $140 million. Meanwhile, Formula 1 revenue is growing every year. In fact, in 2022 total revenue was around $2.57 billion.

Formula 1 Prize Money 2024: How much do F1 drivers and teams earn?

Formula 1 prize money 2024: How does F1 distribute their prize money per race and per constructors?

How much money do constructors get in F1? The F1 distributes total profit to all the teams. However, drivers don’t receive any prize money because Formula 1 drivers are paid salaries by the teams they drive for. So is the money distributed evenly throughout the teams? Well no, is the simple answer.

The Formula 1 revenue is divided into two categories (50% each) and one half goes to Formula 1 teams (prize money fund) and the other half goes to formula 1 group and shareholders.

Formula 1 Prize money

Do F1 drivers get prize money?

Do F1 drivers get prize money per race? Although F1 doesn’t disclose how much is received by each team, the formula for calculating it has been reported.

The core prize money is equivalent to 47.5% of F1’s underlying profit. It is then divided into two with one half split between the top ten teams in the championship on a sliding scale based on race results.

Formula 1 Prize Money Changes and Resources

Formula One’s yearly prize cash payout is open learning and came to $913 million a year ago. Despite the fact that F1 doesn’t reveal what amount is gotten by each group, the equation for ascertaining it has been accounted for. In any case, it has never become exposed to how much every driver was liable for acquiring. As of not long ago.

The center prize cash is identical to 47.5% of F1’s hidden benefit. It is then separated into two with the one-half split between the best ten groups in the title on a sliding scale dependent on race results. The other half is part uniformly yet is as yet determined by race execution as it just goes to groups that have completed in the best ten of every two out of the previous three years.

The F1 prize money fund 2024

Formula 1 Prize money 2024? F1 divides the money into several parts. (Column 1 payment = F1 divide 23.7% equally for top 10 teams while they divide Column 2 payment 23.7% for teams according to how they finish in the constructor championship). 2.5% goes to Ferrari who has a special contract with Formula One.

Things to know:

  • Top ten teams receive the column one and column two payments.
  • F1 share column one payments equally among the top 10 teams in the last three years.
  • F1 share column two payments through the top 10 teams depending on how they finish in the current constructors’ championship.
  • Teams who finish outside the top ten get a column three payment which is around $10 million just for being part of Formula 1.
  • All 11 teams earn transportation costs.

Formula 1 money distribution among teams and the stakeholders

So how much do F1 drivers actually earn? Well, that’s hard because the teams decide on how much they will pay their drivers. Usually the money they will give more to the driver who has won the most- through bonuses to their salaries etc. But the highest-earning drivers such as Lewis Hamilton earn around $30 million a year!

Formula 1 Prize Money 2023

Formula One drivers annual salaries (based on 2024) – Formula 1 Prize money 2024

Pos Driver Team Salary (GBP) Salary (USD)
1 Lewis Hamilton Mercedes £22m $30m
2 Max Verstappen Red Bull £18m $25m
3 Fernando Alonso Alpine £15m $20m
4 Sebastian Vettel Aston Martin £11m $15m
Daniel Ricciardo McLaren £11m $15m
6 Charles Leclerc Ferrari £9m $12m
7 Valtteri Bottas Mercedes £7m $10m
Carlos Sainz Ferrari £7m $10m
Lance Stroll Aston Martin £7m $10m
Kimi Raikkonen Alfa Romeo £7m $10m
11 Sergio Perez Red Bull £6m $8m
12 Lando Norris McLaren £4m $5m
Esteban Ocon Alpine £4m $5m
Pierre Gasly AlphaTauri £4m $5m
15 Antonio Giovinazzi Alfa Romeo £730,800 $1m
Mick Schumacher Haas £730,800 $1m
Nikita Mazepin Haas £730,800 $1m
Nicholas Latifi Williams £730,800 $1m
George Russell Williams £730,800 $1m
20 Yuki Tsunoda AlphaTauri £364,900 $500,000

Formula 1 Prize money

2023 F1 Prize Money distribution – F1 Constructors’ Championship

Below we have the 2023 Formula 1 Prize money table. Red Bull won the constructors championship title that time and earned around $140 million. Meanwhile Mercedes earns a massive $131 million.

Standings Teams TOTAL
1 Red Bull  $140 million
2 Mercedes $131 million
3 Ferrari $122 million
4 McLaren $113 million
5 Aston Martin $104 million
6 Alpine $95 million
7 Williams $87 million
8 AlphaTauri $78 million
9 Alfa Romeo $69 million
10 Haas $60 million

How much do F1 drivers and teams earn 2023?

F1 Drivers records – All-time greatest F1 drivers

Here are all F1 Drivers records and all-time winners records:

# Driver Seasons Entries Wins Percentage
1 Lewis Hamilton 2007-2022* 310 103 33.23%
2 Michael Schumacher 1991-2006, 2010-2012 308 91 29.55%
3 Sebastian Vettel 2007-2022* 300 53 17.67%
4 Alain Prost 1980-1991, 1993 202 51 25.25%
5 Ayrton Senna 1984-1994 162 41 25.31%
6 Max Verstappen 2015–2022 163 35 21.47%
7 Fernando Alonso 2001, 2003-2018, 2021-2022* 358 32 8.94%
8 Nigel Mansell 1980-1992, 1994-1995 192 31 16.15%
9 Jackie Stewart 1965-1973 100 27 27.00%
10 Jim Clark 1960-1968 73 25 34.25%
Niki Lauda 1971-1979, 1982-1985 177 25 14.12%

Formula 1 Prize money

F1 points scoring system for 2024 explained – and how many points the race winner gets

There are as many as 26 points available to the winner of each Grand Prix – but it has not always been that way. In the World Constructors’ Championship, every point matters as teams scrap it out for positions in the table that will go some way to deciding their payout from F1 at the end of the season.

The prize money is not entirely merit-based – a percentage of the revenue generated by the championship is shared equally among the 10 teams – but there is a significant part of the money, understood to be 23.75 per cent of F1’s overall profit, that is awarded based on where teams finish in the WCC standings.

The champions are understood to be awarded around $66million (£51million) while last place, Williams in 2019, gets around $15million (£12million).

F1 points in 2024

So to make sure you know what they are all chasing on a Sunday afternoon, here is a breakdown of how championship points will be awarded in 2024.

  • 1st: 25
  • 2nd: 18
  • 3rd: 15
  • 4th: 12
  • 5th: 10
  • 6th: 8
  • 7th: 6
  • 8th: 4
  • 9th: 2
  • 10th: 1

Bonus point

There is one bonus point available for the driver who records the fastest lap of the race. However, they must also finish in the top 10 in order to qualify for the point. This is to stop all the drivers outside the top 10 pitting for fresh tyres in the last few laps in an effort to set a fastest lap, which would compromise the integrity of the race.

How much do F1 drivers and teams earn 2023?

See also


  1. Except there are only 10 teams… Can’t work out if you mean the top 10 drivers/top 5 teams


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