FIA Formula One World Championship betting odds - Soccer is perhaps the only sport that can rival Formula One in terms of spectator interest around the world with an estimated television audience of 600 million people for each race. The 2012 season, which begins on March 13th in Bahrain, will expand from 19 to 20 races with the introduction of the Indian Grand Prix, making this the longest season in the sport's sixty-year history. The majority of the races, as always, will take place in Europe.

The Formula One series has its roots in the European Grand Prix Motor Racing of the 1920's and 1930's, and the word “formula” refers to a set of rules which all participants and cars must meet. The rules were actually agreed upon prior to the outbreak of World War II, but the suspension of racing during the conflict meant the inaugural championship didn't take place until 1950. A championship for constructors followed in 1958.

Italian Guiseppe Farina won the first Formula One World Championship in his Alfa Romeo, barely defeating Argentine teammate Juan Manuel Fangio, but Fangio actually emerged as the dominant driver of the first decade, winning the title in 1951, 1954, 1955, 1956 and 1957. His record of five World Championships stood for 45 years until German Michael Schumacher took his sixth title in 2003. Fangio is remembered as the “grand master” of Formula One.

The next era featured a bit more parity, but was dominated by the British. Mike Hawthorn became the first British World Champion in 1958 driving a Ferrari and Australian Jack Brabham following suit in 1959 and 1960, using Cooper's new mid-engined car that proved so superior by 1961 all regular competitors had switched to the same model. Between Brabham, who added another title in 1966, Jim Clark, Jackie Stewart, John Surtees, Graham Hill and Denny Hulme, British teams and Commonwealth drivers won 12 championships from 1962 to 1973.

In 1968, Britain's Team Lotus, founded by Colin Chapman, painted Imperial Tobacco livery on their cars, thus introducing sponsorship to the sport, but the 1970's is considered the period when the sport was transformed into the billion-dollar business it is today. And most of the credit belongs to Bernie Ecclestone, who as a member and later on president of the Formula One Constructor's Association worked to rearrange the commercial rights, enabling teams to collect trackside advertising.

The organization also won larger control over television revenues after a protracted battle with the Federation Internationale du Sport Automobile, the governing body for motor racing events. On the track, the McLaren and Williams teams dominated the 1980's and 1990's with McLaren winning 16 championships (seven constructors', nine drivers') in that period, while Williams also won 16 titles (nine constructors', seven drivers'). Brabham did manage to stay competitive with Brazilian Nelson Piquet winning two drivers' championships.

The rivalry between Piquet's countryman Ayrton Senna and French legend Alain Prost came to dominate Formula One from 1988 until the end of 1993 when Prost retired. Senna died tragically the following year at the San Marino Grand Prix after crashing into a wall on the exit of the notorious curve Tamburello. Senna's death, along with that of Austrian driver Roland Ratzenberger, who perished the same weekend during qualifying, led to a number of rule changes that still impact the sport today.

Schumacher took full control at the end of the 1990's with the German superstar and his Ferrari team winning an unprecedented five consecutive drivers' championships and six consecutive constructors' championships between 1999 and 2004. Schumacher set many new records, including those for Grand Prix wins (91), wins in a season (13 of 18), and most drivers' championships (7), having also captured titles in 1994 and 1995 with Benetton.

His remarkable dominance wasn't necessarily good for the sport, however. In fact, Formula One has suffered from a lack of parity with drivers from McLaren, Williams, Renault (formerly Benetton) and Ferrari, dubbed the "Big Four", winning every World Championship from 1984 to 2008, while the constructors won from 1979 to 2008. The increased financial burden of competing with these four has made it extremely difficult for the poorer independent teams to stay in business. Since 1990, 28 teams have pulled out of Formula One.

After retiring following the 2006 season, Schumacher returned in 2010 to lead the newly-formed Mercedes GP, and he will be one of the star attractions this upcoming season in the battle to unseat German Sebastian Vettel, who captured the world championship last year. The declining influence of car manufacturers has leveled the playing field a bit, and Red Bulls Racing enters 2011 as the reigning constructors' champion. It will face a serious challenge in what should be an exciting season beginning in March.

2011 FIA Formula One World Championship Race Calendar

Australian Grand Prix - winner Sebastian Vettel

Malaysian Grand Prix - winner Sebastian Vettel

Chinese Grand Prix - winner Lewis Hamilton

Turkish Grand Prix - winner Sebastian Vettel

Spanish Grand Prix - winner Sebastian Vettel

Monaco Grand Prix - winner Sebastian Vettel

Grand Prix du Canada - winner Jenson Button

Grand Prix of Europe - winner Sebastian Vettel

British Grand Prix - winner Fernando Alonso

German Grand Prix - winner Lewis Hamilton

Hungarian Grand Prix - winner Jenson Button

Belgian Grand Prix - winner Sebastian Vettel

Italian Grand Prix - winner Sebastian Vettel

Singapore Grand Prix - winner Sebastian Vettel

Japanese Grand Prix - winner Jenson Button

Korean Grand Prix - winner Sebastian Vettel

Grand Prix of India - winner Sebastian Vettel

Etihad Airways Abu Dhabi Grand Prix - winner Lewis Hamilton

Grande Premio do Brasil - winner Mark Webber