Formula One: Updated Championship Odds Post-British Grand Prix

Clive Mason/Getty Images

This year's edition of Formula 1 racing has seen a remarkable seven different winners in nine races and, as such, there are many different contenders vying for the 2012 Formula 1 championship.

Although some race winners, like Jenson Button, have struggled; others have parlayed their victories into momentum and a greater shot at receiving the title of world champion.

Let's take a look at the racers with the highest odds of winning this year's championship.

Sergio Perez (Sauber)

Mark Thompson/Getty Images

Championship Points: 39

Championship Odds: 1 percent

Sergio Perez has shown flashes of brilliance, but has followed those up with mediocre performances. After wowing the Formula 1 world with a second-place finish at the Malaysian Grand Prix, the hearty Mexican followed up his stellar outing with four races in which he never finished higher than eleventh place. Perez's season so far has led to him being considered to replace Brazilian Felipe Massa on the Scuderia Ferrari team.

Although it'll be extremely hard for the youngster, there is still a remote chance that he could win this year's Formula 1 championship, if the stars align for him and he manages to put together a solid string of performances.

Jenson Button (McLaren)

Andrew Hone/Getty Images

Championship Points: 50

Championship Odds: 1 percent

Who would have thought that this far in the season Jenson Button would be a distant eighth in the 2012 championship standings?

After Button won the Australian Grand Prix to open the year, the Englishman appeared ready to take his second world championship. The McLaren-Mercedes appeared to be the best car on the track and Button seemed to have the poise necessary to cement his place as one of the best drivers of this decade.

Jenson hasn't finished higher than ninth since in every Grand Prix except for the Chinese Grand Prix.

Button needs to turn it around soon if he wants any chance at becoming a two-time winner.

Romain Grosjean (Lotus)

Mark Thompson/Getty Images

Championship Points: 61

Championship Odds: 6 percent

Romain Grosjean often looks like the best driver in Formula 1. That is, when he doesn't crash on the first lap.

The Frenchman's performance at the British Grand Prix was masterful. Despite sustaining damage on the first lap that forced a very early pit stop, the youngster managed to finish sixth and grab more points for the surging Lotus team.

He has made an impact this year, especially given the fact that he is driving alongside former world champion Kimi Raikkonen.

Although Grosjean has been unable to win a race and has had to retire in four of the nine races so far, if he can finish strong and win his first race, the former GP2 champion may be a dark-horse world champion.

Nico Rosberg (Mercedes)

Mark Thompson/Getty Images

Championship Points: 75

Championship Odds: 6 percent

Nico Rosberg has been consistently in the points, having placed in the top ten in six of the nine races so far. Although Rosberg started the season off with poor performances in Melbourne and Sepang, he followed those up with a win at the Chinese Grand Prix.

Rosberg has never looked dominant this year, but he still has a chance at winning the championship if he can score a couple more podiums soon. With Michael Schumacher lagging behind, Rosberg is Mercedes' best chance at capturing their first championship under the German auto manufacturer's name since 1955.

Kimi Raikkonen (Lotus)

Mark Thompson/Getty Images

Championship Points: 83

Championship Odds: 10 percent

Kimi Raikkonen is by far my favorite driver in Formula 1 this year and he's shown that he's lost none of the pace that made him a world champion in 2007.

"Iceman", as he is called by his affectionate fans, has stayed true to his nickname, coolly and calmly collecting points in eight of the nine races so far. Although Raikkonen has yet to win a race, it's only a matter of time. The Finn has already racked up three podiums and the Renault-powered Lotus has recently appeared to be one of the fastest cars on the track.

If Raikkonen can win a race, expect his championship odds to jump. The former Ferrari driver already has one championship, after all.

Lewis Hamilton (McLaren)

Clive Mason/Getty Images

Championship Points: 92

Championship Odds: 14 percent

Lewis Hamilton has had a great season, but one wonders what it could have been.

The McLaren pit crew have had their moments, but they've often seemed to let Hamilton down in some of the most crucial moments, such as one mechanic's inability to screw on the wheel fast enough in Bahrain.

Pit stop mishaps have hurt Hamilton's championship chances almost as much as Pastor Maldonado did in the European Grand Prix with his kamikaze move on the Brit in Valencia. Maldonado ran into Hamilton's McLaren, running in third, knocking him out of the race.

Still, Lewis Hamilton is a great driver who has been on the podium four times this year. That serves as a reminder that Hamilton is ready and eager to win another world championship.

Sebastian Vettel (Red Bull)

Clive Mason/Getty Images

Championship Points: 100

Championship Odds: 17 percent

Last year, Sebastian Vettel was running away with the championship. This year, he's going to have a much harder road to the top.

The two-time world champion has performed admirably, providing the Formula 1 faithful with beautiful performances in Bahrain and Valencia. However, his car's failure in the European Grand Prix, where he was leading, damaged his chances of winning the championship.

Vettel has a lot of time to rebound and it's very likely that the German will be the championship front-runner after a couple of solid races.

Mark Webber (Red Bull)

Andrew Hone/Getty Images

Championship Points: 116

Championship Odds: 20 percent

Mark Webber is one of only two racers to have won two races this year. The Australian tasted victory at Monaco and Silverstone and appears to have a lot of momentum going into Hockenheim.

Webber, who just signed an extension to race for Red Bull again next year, has put to rest any talk of being the No. 2 driver at Red Bull. He's instead driven like a No. 1, despite the fact that he's racing alongside a two-time world champion in Sebastian Vettel.

Webber is only thirteen points behind Fernando Alonso, who leads the championship standings and, with another solid outing, the 35-year-old could become the favorite to win it all.

Fernando Alonso (Ferrari)

Clive Mason/Getty Images

Championship Points: 129

What Fernando Alonso has done with this year's Ferrari has been incredible.

Alonso has taken a car that many looked down upon in preseason testing and turned it into a positive.

Although there's no doubt that the Ferrari improvements have helped, one only needs to look at teammate Felipe Massa's results this year to see how talented of a driver Fernando Alonso is.

The Spaniard has won two races this year and would have likely won a third at Silverstone last weekend had he been placed on the right tire strategy.

Alonso has already won two world championships with Renault and he's currently the favorite to win a third. He's been dominant lately and if he can continue this pace, he may run away with the title of three-time world champion.