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2012 has seen substantially more diverse race results than 2011 or 2010. During those two years, Hamilton, Button, Vettel, Webber and Alonso took all the victories and 89% of the podium places. This year, Mercedes and Williams have won races whilst Lotus and Sauber have reached the podium and could have taken a victory.

Despite this, five drivers have broken away as realistic contenders for the championship. Alonso is leading the championship and is the current favourite. Many consider him the current greatest driver, this may be true but it is questionable if he has the car to take the world championship this year. Alonso's win in Malaysia was due to Hamilton's unlucky slow pitstop whilst Alonso would not have won Valencia without Vettel retiring from mechanical issues. Without that luck, Alonso would currently be around 3rd in the championship. His win in Germany was well deserved but there is little reason to believe he would have won without poll position. That was only the second time in two years he started from P1 on the grid, the other being the previous race at Silverstone and both were reliant for on rain for poll.

It is very difficult not to imagine the other drivers slowly catching Alonso as the season progresses, the only question is if he has built enough of a lead to take the world championship. Since the championship will probably go down to the last few races, the chances are Alonso's odds will increase as other drivers catch him. Waiting for his current odds of Betfair to increase is advised.

Although Alonso is between 40 and 50 points ahead of Hamilton, Webber, Vettel and Raikkonen it is possible for any of them to catch up. If any one of those drivers won the next two races whilst Alonso finishes no higher than 8th then they'd be slightly above, equal or just behind Alonso. Alternatively, if Webber or Vettel finished an average of 5 points ahead for the remaining 9 races they would take the championship. The same is true if Hamilton or Raikkonen finished an average of 6 points ahead of Alonso. Alonso taking the championship is far from assured.

The major obstacle to anyone overtaking Alonso is that so many drivers are competing for that top spot. Vettel, Webber, Alonso and Raikkonen keep taking points from one another and even one driver does rises above the others it is extremely difficult to determine which will.

A few races into 2012 and Hamilton had a couple of pole positions, good race performance and looked favourite for the championship. Mistakes in the pit lane and unlucky penalties cost him race victories but it looked as though if Hamilton could have a few incident free races he'd probably be leading the championship. Unfortunately, Hamilton then did not matched that early performance, with only one (disqualified) pole position and one no podiums beyond his win in the seven races prior to Germany. The upgrade package introduced in Germany helped him take to true dominance at Hungary with victory, fastest in all three qualifying sessions and two of the three practice sessions. With so many poll positions this season and such strong race pace Hamilton has an equal chance of taking the championship as Vettel but considerably higher odds at 6.5 from Betfair.

There is very little between both Red Bull drivers currently. Vettel has more poll positions but Webber has more wins and more championship points. Both drivers have improved since the first three races, Vettel found his skill at setting pole laps again whilst Webber has stopped consistently coming 4th and instead won races. Being so evenly matched currently, both drivers will likely go into the final races of the year neck and neck. Neither driver has an edge over the other but Webber has odds nearly four times as high at 16.00 from Betfair. compared to Vettel at 4.23 from Betfair. A bet on Webber for world champion is by far better value for money. Webber has lookes far stronger than his odds suggest. He won Monoco, had a DRS failure at Valencia when the Red Bull otherwise looked very strong, won Silverstone, gear box change meant a grid penalty at Germany, team error meant he missed Q3 in Hungary when he was quickest in free practice 3 then penalty at Belgium from another gear box change. His recent spate of bad results is due to back luck so is not an indication of poor potential. 16.00 is excellent value for money.

The big outsider is Raikkonen. After two year of McLaren, Red Bull and Ferrari competing for the championship another team is mounting a challenge. Raikkonen looked good at the start of the season and has recently had a series of strong performances, finishing top 5 including two podiums in all the last four races. Having been so close to a win this season, a race victory this year looks likely fairly likely. However, there is good reason to believe the odds are against Raikkonen taking the championship. The Lotus performs well on warmer circuits so has had an advantage over the summer that will fade as the autumn sets in. Also, Raikkonen has only had one incident this year, failing to make Q2 in Australia. Beyond this Raikkonen has avoided more than his share of misfortune of mechanical errors or race incidents (though some would argue that avoiding problems on the track is due to Raikkonen's careful driving). If the Lotus slows down on the colder tracks and if Raikkonen starts having some bad luck then odds of 11.00 from Betfair is not good value for money.

The best odds are currently Hamilton and Webber whilst waiting for Alonso's odds to increase is also worthwhile.