The first decade of F1 included an extra point for the fastest lap until it was abolished for the 1960 season, when Jack Brabham won the title. While the addition of a bonus point for the fastest lap may have felt like a novel innovation when the sport’s owners Liberty Media introduced it last season – it was in fact a throwback. The champions are understood to be awarded around $66m (£48m) while last place, Williams in 2022, gets around $15m (£11m). 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. 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. Opinion | Lando Norris is the perfect poster boy for Formula 1's Netflix era 10 July, 2023 Verstappen wins British Grand Prix as Norris pips Hamilton in battle for second 09 July, 2023 Opinion | Can a music festival unite a divided fanbase at the British Grand Prix? 09 July, 2023 Points mean… prizes
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