Who will win the first race of the 2008 F1 season at the Australian Grand Prix in Melbourne?

March 16 is the date when F1 racing begins yet another chapter after the rather intriguing season they just had in 2007.

And as always, the 2008 F1 season begins in Australia, where the best F1 drivers of the world come together at Melbourne park to kick off their respective campaigns, all of them hoping to culminate with a world championship.

Yes people, the stage is set for the 2008 F1 Australian Grand Prix, the first race of the 2008 Formula One season. The Australian Grand Prix will be held from 14 March - 16 March at Melbourne Park, Australia beginning with a series of qualifying runs before the big race on the 16th.

It will be the 13th grand prix at the circuit and will be the 23rd Formula One race in the land down under.

Defending F1 world champion Kimi Raikkonen, who won the Australian Grand Prix last year, is still the favorite to win in Melbourne tis season. Renault driver Fernando Alonso and McLaren - Mercedes driver Lewis Hamilton follow from the second and third spots respectively.

Fernando Alonso who drove for McLaren - Mercedes in the 2007 F1 season, came in second place last year behind Kimi Raikkonen. This time, Fernando Alonso hopes to pose a threat and dethrone Kimi, this time behind the wheel of a Renault, a car that has won Fernando Alonso two Formula One world drivers' championships.

Last year's 3rd podium spot went to Lewis Hamilton, then a rookie driver for McLaren - Mercedes. He looked like a sure bet to win the 2007 F1 world drivers' championship as a rookie had it not been for a disappointing performance during the last race of 2007 in Brazil.

Lewis Hamilton will still be racing with McLaren - Mercedes with new teammate Heikki Kovalainen, who raced for Renault before switching places with Alonso coming into this season.

Who will win the 2008 F1 Drivers Championship? Bodog Sportsbook has the odds.

Kimi Raikkonen 2.75

Lewis Hamilton 3.00

Fernando Alonso 7.00

Felipe Massa 7.00

Want more odds? Visit Bodog for more F1 betting odds and the best betting lines on some of today's biggest sporting events.

2008 F1 Season F1 Australian Grand Prix