The McLaren racer (pictured) put a period of poor form behind him to win the Hungarian Grand Prix from pole position on Sunday and is now just 47 points behind overall Championship leader Fernando Alonso.

The Spanish Ferrari driver could only manage fifth in Hungary, while two-time world champion Sebastian Vettel came home fourth to cut his standings’ deficit to 42 points.

Vettel’s Red Bull teammate recorded his second consecutive eight place finish and is now only two points ahead of the German in second place in the Drivers’ table.

Another former champion, Kimi Raikkonen, continued his impressive return to Formula 1 after a hiatus competing on the rally circuit by overtaking his Renault teammate Sebastian Grosjean for second.

The Finn trails Hamilton in the standings by just one point.

Jenson Button failed to follow up on his second place in Germany last week and had to settle for sixth place.

Formula One now takes a two-week break before returning with the Belgian Grand Prix.

BetFred Drivers’ Championship odds

Fernando Alonso evens

Sebastian Vettel 5/2

Lewis Hamilton 11/2

Mark Webber 14/1

Tipped by The VIP Gambler at 9/2, Alonso held off late challenges from McLaren’s Jenson Button and Red Bull’s Sebastian Vettel to win his third grand prix of the season.

The Spaniard is now 34 points clear of Mark Webber, with Vettel handed a 20-second penalty in yesterday’s race for illegally overtaking Button.

Despite Alonso’s win and recent good form, which has seen him atop the podium for five of the previous six races, including two wins, BetVictor still make him only joint favourite with Vettel for next weekend’s Hungarian Grand Prix at 3/1.

And there is more confidence shown in Vettel’s driving with the bookies making him 2/1 favourite to win his third world championship despite being 44 points off the pace. Second place Webber is available at 13/2.

BetVictor Hungarian GP odds

Fernando Alonso @ 3/1

Sebastian Vettel @ 3/1

Lewis Hamilton 4/1

Jenson Button 8/1

Mark Webber 8/1

Both Red Bull drivers impressed in very wet and testing qualifying stages yesterday with Sebestian Vettel just failing to take pole position in front of his home fans. His teammate, Mark Webber, qualified third fastest but due to a gearbox change has been penalised with a five place grid demotion.

That demotion has buffered the odds for Red Bull to steal the show out to a best price 6/4 with Ladbrokes. Webber may have to start eighth but the Australian racer is in good form, coming into the race on the back of an impressive win at the British Grand Prix, his second of the season.

And Webber enjoys the German GP finishing on the podium two out of the previous three races, with that run including a win in 2009, albeit at the Nurburgring.

While he’s never won on home soil, two-time world champion Vettel has also found himself covered in champagne in two of the last German Grand Prixs and should push Fernando Alonso for the win today.

VIP Gamble of the Day

Red Bull to be highest scoring team @ 6/4 with Ladbrokes

German Grand Prix betting preview and tips 

But despite the Drivers’ Championship leader starting at the front of the grid Sebestian Vettel, who qualified second, remains the race favourite at 15/8 with Betfred.

British Grand Prix winner Mark Webber was third fastest, however the Australian racer has been demoted five places for a gear box change and is out to 16/1 now.

Alonso, who was advised last week at 9/2, took pole in very wet conditions at the Hockenheimring, with the Ferrari qualifying 0.405 seconds ahead of Vettel, and the Spaniard credited his success to the decision to stop for a new set of tyres in the third qualifying run.

There was further disappointment for McLaren as both Jenson Button and Lewis Hamilton failed to challenge the pace setters and will both start down the grid in seventh and eighth respectively.

That has seen Hamilton’s outright odds slip to 11/1 while Button is available at 14s.

German Grand Prix betting preview and tipster’s picks

Mark Webber’s win in the British GP last time out saw the Red Bull driver join Fernando Alonso in the two-wins club and the pair are sitting clear at the top of the Drivers’ Championship leader board.

Alonso is 13 points clear of his Australian rival, while two-time world champion Sebestian Vettel trails in third.

The German GP represents Vettel’s home race and he is the 9/4 favourite to follow up his third place finish at Silverstone and secure his first domestic victory.

This year’s GP is being held at the Hockenheimring where Alonso won last time in 2010 (pictured). The Spaniard has been in great form of late, finishing on the podium in four of the last five races including a stunning win in Valencia from eleventh on the grid.

Alonso is my choice to win outright and is a good price of 9/2 to do so.

Lewis Hamilton could not manage to improve on his eighth place on the grid in the British Grand Prix and the McLaren driver has only stood on the podium once – his win in Canada – in the last six races.

That run has seen Hamilton’s odds drift and he is available at 6/5 just to finish in the top three which is great value considering he won at Nurbergring last year and at the Hockenheimring in 2008 so obviously likes the track.

Tipster’s Top Bet

Fernando Alonso to win 11/2 with Ladbrokes

Lewis Hamilton to finish on the podium with bet365

William Hill offer Formula 1 Home Special for German GP

Hills are offering odds of 15/8 that one of the five German drivers on the circuit takes the chequered flag, quite generous when you consider that Sebestian Vettel, favourite for the GP, is included in that total.

Michael Schumacher who finished on the podium two races ago in Valencia, and the Chinese GP winner, Nico Rosburg make up the realistic contenders from the German pack.

While Nico Hulkenberg and Timo Glock, 150/1 and 2,500/1 respectively, are quite literally just making up the numbers.

“Despite Vettel’s red-hot form last season, the German fans were denied a home winner but there are certainly enough drivers to remedy that this season,” said Hill’s spokesman Joe Crilly.

Vettel, who has only one grand prix to his name so far, is available at 5/2 to delight the home fans.

Meanwhile British racer Lewis Hamilton along with teammate Jenson Button have struggled of late and there is growing speculation regarding Hamilton’s contract with McLaren.

Hills go 1/7 that Hamilton signs a new deal with the British team and a large 4/1 he moves elsewhere.

Tomorrow on The VIP Gambler: Full betting preview of the German Grand Prix, including tipster’s best bets.

Webber’s victory sees him cut Alonso’s lead to 13 points at the top of the Drivers’ Championship – but despite lying in second the Australian is still available at 6/1 with Betfred for the title.

Alonso, who started form pole position, is favourite for the Championship at a best price of 15/8, while winner for the last two seasons, Sebestian Vettel, has overtaken McLaren’s Lewis Hamilton into third and is 9/4 with most of the bookies.

Hamilton is now 37 points off the lead after he couldn’t improve on his eighth position on the starting grid and the Brit driver is out to fives for the Championship.

The next stop on the F1 circuit is Hockenheim in Germany in two weeks time, a race won by Hamilton last season and he is 11/2 to take the chequered flag this time round. Vettel is the ante-post favourite for the German GP at 3/1 and last year’s runner-up, Alonso, is 5/1.

Latest Drivers’ Championship odds (BetVictor)

Fernando Alonso 15/8

Sebestian Vettel 2/1

Lewis Hamilton 4/1

Mark Webber 11/2

Kimmi Raikkonen 20/1

The bookies formerly known as Victor Chandler are promising to refund all losing bets on Lewis Hamilton to win the British Grand Prix if the McLaren driver does not take the chequered flag on Sunday.

The promotion was announced just a day after BetVictor refunded all losing outright bets on Euro 2012 as part of their ‘Spain Again’ money-back special.

BetVictor spokesperson Charlie McCann said: “Hamilton won the corresponding race back in 2008 when he went on to become World Champion, but his McLaren struggled in Valencia last time and we think Sebastian Vettel (5/2) is the one to beat given he looked to have the European Grand Prix in safe-keeping last time before his engine failure.

“Last year’s winner Fernando Alonso took advantage of Vettel’s DNF in Spain and is 5/1 to win back-to-back.”

The losing stakes will be refunded as a free bet up to a maximum of £25. Bets must be placed before the first practice session on Friday to qualify.

For our full betting preview of Sunday’s British Grand Prix, including our tipster’s selections for the race click here.

Fernando Alonso, from 11th on the grid, won the European Grand Prix in Valencia last time out to add to his chequered flag from the Chinese GP.

Yet the consistancy born out of Alonso’s victory was mired in chaos with no less than six drivers, including Lewis Hamilton and then race leader Sebestian Vettel, forced to retire.

Alonso was a pre-race price of 40/1 in Valencia and the Spaniard is third favourite at a best price of 5/1 ahead of the Silverstone grand prix this Sunday.

The Ferrari driver won this race last year on the back of an impressive showing in Valencia where he finished second that time.

Alonso will take a 23 point lead over third place Lewis Hamilton into the British Grand Prix, while Mark Webber is second, three points clear of the McLaren driver.

Webber benefited from the madness in Valencia to take an undeserved fourth place. The Australian has good pedigree at Silverstone with a win in 2010 and a second place in 2009.

He hasn’t shown enough of late to suggest that he can win a grand prix any time soon but 7/2 for Webber to finish on the podium is tempting.

His teammate Sebstian Vettel would have surely won in Valencia had he not been forced to retire from the front on the 33rd lap. The two-time world champion finished second here last year and won the race in 2009, with the bookies making him favourite to repeat that result on Sunday at 3/1.

Hamilton on home turf will make him a popular bet with punters, likewise his McLaren teammate Jenson Button. You can get 4/1 with William Hill for a Hamilton victory, but don’t waste your time looking at Button’s prices he has been woeful of late.

The real value in the markets lies with the Lotus drivers, Romain Grosjean and Kimi Raikonen. Grosjean was challenging for the lead when he was forced to retire in Valencia, while former world champion Raikkonen capitalised to take second on the podium.

Grosjean is a long 12/1 to win on Sunday and while he may not quite have the speed to beat the likes of Vettel and Hamilton, 11/4 for the Frenchman to finish on the podium is great value.

Tipster’s Top Bets

Romain Grosjean to finish on the podium 11/4 @ bet365

Sebastian Vettel to win outright 3/1 @ Betfred

The 2012 F1 season has been the most unpredictable ever with a record seven different winners in seven races before the European Grand Prix last Sunday.

But even the victory of then second in the Drivers’ Championship Fernando Alonso in Valencia over the weekend was a triumph for the bookmakers rather than the punters.

Alonso started 11th on the grid and was a pre-race price of 40/1. TheVIPGambler’s tipped Sebestian Vettel led the early stages of the race from pole and it looked like it was going to be the Red Bull driver’s day until he was forced to retire after 33 laps.

Vettel was joined on the sidelines by by Romain Grosjean who was threatening the front, allowing Alonso to take an unlikely lead.

“Xabi Alonso added to our Euro 2012 woes on Saturday night, but countryman and namesake Fernando did us a favour in Valencia,” bet365 spokesman Steve Freeth said.

The bookies received another favour from Williams driver Pastor Maldonado, who on the penultimate lap crashed into Lewis Hamilton while attempting to overtake him into third position, costing the McLaren driver an invaluable podium finish.

Freeth added: “Both Vettel and Hamilton were very well backed for the race, as was Lewis for a podium finish, so after the week we’ve had we’ll take this result – although we still need snookers.”

The crash and subsequent retirement of Hamilton allowed Michael Schumacher to take his first podium finish of the season.

Hamilton now trails Alonso in the Championship by 23 points and is also three points behind Red Bull’s Mark Webber in second.

The McLaren racer is 5/6 with bet365 to win three or more races this season and Schumacher is quoted at 10/3 to win a race after his podium finish in Valencia.

2012 Formula One Drivers Championship (prices bet365)

Fernando Alonso 13/8

Lewis Hamilton 3/1

Sebestian Vettel 11/4

2012 F1 Specials

Lewis Hamilton Race Wins

Under 2.5  5/6    Over 2.5  5/6

(Currently has 1)

Michael Schumacher To Win A Race In 2012

Yes  10/3              No  1/5