Red Bull did the double by winning the Drivers' and Constructors' crowns in 2023, and they look set to repeat the feat for a third year in a row.
Here are the odds for the 2024 F1 Constructors' Championship...
Current Odds - 2/7
Red Bull are once again the team to beat in 2024 after finishing 451 points clear of second-placed Mercedes as they won the 2023 Constructors' title at a canter.
Current Odds - 11/2
McLaren finished fourth in 2023, 104 points behind Ferrari in third place. But they are second-favourites ahead of the 2024 season, with youthful duo Oscar Piastri and Lando Norris starting to realise their potential.
Current Odds - 7/1
Mercedes galvanised themselves to finish second in 2023 after an up and down campaign where star driver Lewis Hamilton raised issues with his car on a number of occasions. George Russell regressed slightly in 2023 and Mercedes will be hoping to produce a stronger challenge to Red Bull in 2024.
Current Odds - 9/1
The gap between Ferrari and Red Bull was far too big in 2023 and they have it all to do in the off-season to get their car sufficiently ready to challenge Max Verstappen.
All odds correct at the time of publishing and subject to change.