1st off there are 2 scheduled Austrian Grand Prix now. This week is the 1st race. There's a Grand Prix of Spielberg at the same track in a week's time. Obviously we're betting blind with no racing or insight since pre-season testing. It's Red bull's home track and historically they've done well here. They won here last year but that was due to very unusual high temperatures 36C/97F. Weather predictions for July 5 are 28C/82F. I don't expect Mercedes, or any other team, to struggle.
Mercedes looked comfortably good in preseason testing with Red Bull 2nd. Ferrari were well behind and in a battle with Racing Point for 3rd best team. The race win is a highly juiced market but with Verstappen a short price following the 2019 win and Ferrari always being juiced there's +200 available on Hamilton which is a 'fair' price. I'm not tempted by +200 on Verstappen for the win but he's -222 for a podium finish in at least 1 place and I think his true odds are -240. Alternatively Perez is +1000 for a podium and I think his true odds are +925.
...but the clear best bet is Giovinazzi to beat Räikkönen head-to-head. I've seen Giovinazzi +205 to win H2H. I have him a -103 true odds marginal favourite to beat Räikkönen every race and -117 to finish above him in the end of season points table. I intend to peck away at this every race until i'm proven wrong or books adapt.
The lowest juice market for F1 bets is, (as always), the top 10/points finish market. The total book here is about 1090% with 1000% paid out. Perez at -300 and Sainz at -200 have some appeal here. Perez is at worst a clear 7th best in the race. He has a decent shot of beating a Ferrari for a top 6 finish at +100, (+110 in a spot), even if the 'Big 6' all finish the race.
Good luck with whatever you bet. It's going to be a bit of a lottery.
NB: In case you don't already know 2 top 10 drivers will be leaving their current team after the season. That may affect how they perform in 2020.