The long wait is all but over and the new Formula 1 season is almost upon us. The opener from Melbourne’s street circuit is always a great race so read on for our Australian Grand Prix betting tips as we take a look at the outright betting and the latest odds.

2014 is all about change when it comes to Formula 1, with new engines, new fuel regulations, new car design, huge changes to aerodynamics and even changes to the points system and the penalties structure.

As ever, much of this change is designed to make the sport more exciting but making things faster, safer and, as is increasingly demanded, greener, all at the same time, is no easy task. One thing that does seem to have worked, for now at least, is that the changes look to have made Red Bull’s clear dominance a thing of the past.

In tests Red Bull are struggling and whilst it may be a temporary issue, for now it looks like the Mercedes may be the car to beat and that means that Lewis Hamilton is the one to watch here. His pace in Bahrain tests has been blistering and whilst we can’t be sure that will translate into a win here at the Australian Grand Prix, Hamilton is the race favourite at betting odds of 5/2 with Betfred.

Next in the betting comes his teammate Nico Rosberg at odds of 9/2 with Sky Bet and others, followed by Fernando Alonso (8/1 with BetVictor) and Jenson Button at 10/1 with Bet365. World champion and record breaker extraordinaire Sebastian Vettel is way out at odds of 12/1 with BetVictor, and even a touch higher at Betfair, and it would take a strange turn of events for the German champion to win here.

Hamilton has won here before (in 2008) and looks very good and he simply has to be our main betting tip. His compatriot Button has to be respected though at decent odds and given he has won this race three times since 2009, often not in the best car, he looks worth an each way punt.

Whoever you fancy for the Australian Grand Prix, or any of your F1 bets, be sure to check our live odds comparison to always get the best available F1 betting odds.

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