Kimi Raikkonen made third favourite to win the drivers' title after win in Melbourne

Kimi Raikkonen: Defied the odds to win in Australia

Bookmaker Sky Bet have slashed Kimi Raikkonen's price to win the Formula 1 Drivers' Championship from 11/1 outsider to 7/2 third favourite.

The Lotus driver, who won the title in 2007 with Ferrari, won the opening race of the season in Australia on Sunday.

Having started from seventh place on the grid, the Finn prevailed thanks to a brave two-stop strategy, finishing ahead of Fernando Alonso and Sebastian Vettel.

Of the five drivers on the grid to have won the title, Raikkonen was initially the longest price to win it again, but he's now leapfrogged Jenson Button (22/1) and Lewis Hamilton (10/1), while Vettel (13/8) and Alonso (5/2) remain at the head of the market.

Technical issues caused a lack of pre-season testing for Lotus, and their pace at Albert Park surprised many, with Raikkonen setting the fastest lap of the race, while his team-mate Romain Grosjean picked up a point with a tenth-place finish.

Sky Bet trader Ned Brooker said: "Lotus kept us all guessing in practice and didn't show a huge threat in qualifying, with Raikkonen as long 20/1 to win the race after qualifying on the fourth row of the grid.

"He proved he's still top class, though, with a magnificent drive in a fully deserved win. The Finn has shown us he's most certainly a title contender, so we've had to rethink our odds."

Meanwhile, Red Bull's Vettel is the favourite (2/1) to win the next race in Malaysia this weekend, with Raikkonen joint-second favourite with Alonso at 7/2.