As one of the most expensive sports in the world, Formula 1 has always been flushed with money. This year’s F1 World Championship is no different, with more prize money to split between the constructors and drivers than ever before.
According to data presented by CasinosEnLigne.com, Formula 1’s prize pool for 2023 is worth a jaw-dropping $2.2bn, or $200 million more than the total prize money of the UEFA Champions League.
The Biggest Prize Pool in the World of Sports
Formula One teams earn hundreds of millions of dollars for top finishing, and this year, there is more money in the game than ever. According to Statista and The Sporting News data, F1’s total prize money for 2023 is worth a shocking $2.2bn, more than in any other sport.
The exact amount of money the best teams receive can vary greatly depending on their performance during the season, including the number of pole positions, fastest laps, and points scored by a team’s drivers. The team that finishes first in the Constructors’ Championship will earn the most prize money.
Statistics show UEFA Champions League has the second-highest prize pool, worth just over $2bn. Far behind, UEFA Europe League ranked third, with $465 million in total prize money, or $25 million more than the 2022 FIFA World Cup.
LIV Gold and UEFA Conference League follow with $405 million and $235 million, respectively. Statistics show French Open, Wimbledon, and Australian Open have up to ten times smaller prize pools. The three competitions brought $53.5 million, $49.5 million, and $46.7 million in prize money last year.
F1 Total Prize Money more than Doubled in Four Years
As one of the biggest motor racing championships in the world and one of the most publicized sporting events, along with the Olympic Games and the FIFA World Cup, FIA Formula One World Championship has seen impressive growth in total prize money over the years.
According to Statista and Liberty Media data, in 2016, F1 teams competed to win a part of a $966 million prize pool. After falling to $919 million and $913 million in the next two years, F1’s total prize money increased to over $1bn in 2019 and has continued growing ever since. In 2021, the total amount of money F1 drivers and constructors won jumped to $1.38bn.
Statistic show F1’s total prize pool more than doubled in the past four years, jumping from around $1bn in 2019 to $2.2bn in 2023.
