The Fastest Lap market is one that Kimi Raikkonen has dominated again this season. Seven fastest laps in eleven races shows that he has had the speed that belies his championship position. Not surprisingly the bookmakers have him heavy favourite to set the Fastest Lap again here in Valencia.

Behind him in the betting is the usual gaggle of his teammate, the McLaren pair and Robert Kubica. However, I am not sure that that is correct. I am guessing that because the vast majority of firms price this up as an outright market with no place terms – and with Kimi dominating so heavily – that perhaps they are not paying as much attention to the also-rans as they should be.

It may come as a surprise to them to learn, that it is Nick Heidfeld who is closest to Kimi in the race for the DHL Fastest Lap crown. “Quick Nick” – as he used to be called – has actually managed to set to fastest race lap twice this season, but also has driven the second fastest lap on three occasions and the third fastest once.

If we were to create a fastest lap championship, with 50 points for the fastest lap, 25 points for the second and 10 points for the third, then after eleven races of the 2008 season, the standings would look like this:

Interestingly, the 50/25/10 model is also used by SportingIndex for their Fastest Lap Index. This gives us a nice way of an adding an each-way element to a market where it doesn’t usually exist.

Nick Heidfeld is currently priced at 1.5 – 3 on that index. His lap of 1:37.859 in today’s second qualifying session is the third fastest that a Formula One car has ever been around the Valencia circuit. At three I see little downside for a buyer.