The first three days follow a double round-robin format, with four races each day. Each team will face their three opponents on two occasions.
The top-ranked team from the round-robin will then face the fourth-best team in one semifinal, with the second- and third-placed teams squaring off in the other.
The winners of each semifinal will face off in the Christmas Cup decider, while the two losers will race in a playoff for third.
For Team New Zealand, it is their only chance to take on the three prospective challengers in official races before the America's Cup match next March.
Luna Rossa, American Magic and INEOS Team UK will then battle it out in the Prada Cup starting in January, which will determine who will compete against the defender Team NZ in the America's Cup match.
Team New Zealand will head into the World Series as favourites, with their second AC75 Te Rehutai impressing early.
They have also showed early superiority in practice races against Luna Rossa in recent weeks.
But American Magic also showed they are a force, with Dean Barker leading the US syndicate to a practice race win over the Kiwis in the last race of the day on Tuesday.
Meanwhile, INEOS Team UK are still somewhat of an unknown, with the team not completing a trial race until Tuesday against the Americans.
However, as Luna Rossa boss Max Sirena said in the first racing-focused America's Cup press conference on Wednesday, don't get carried away with the results just yet.
"The development process will keep going until the end of the Cup," Sirena said.
"Every day there is a different boat in the water. What we see today could change tomorrow.
"Today is not the real level we will see in the coming months.
"You will see a lot of change for us in the coming week and I think everyone else will do the same. We are at the beginning with this boat."
READ MORE: Explainer - What is the World Series and Christmas Race and what should we expect?
Schedules
December 17
Race 1 - Team New Zealand vs Luna Rossa (15:12)
Race 2 - American Magic vs INEOS Team UK (15:50)
Race 3 - INEOS Team UK vs Luna Rossa (16:40)
Race 4 - American Magic vs Team New Zealand (17:20)
December 18
Race 1 - Luna Rossa vs American Magic (15:12)
Race 2 - Team New Zealand vs INEOS Team UK (15:50)
Race 3 - American Magic vs Luna Rossa (16:40)
Race 4 - INEOS Team UK vs Team New Zealand (17:20)
December 19
Race 1- Luna Rossa vs American Magic (15:12)
Race 2 - Team New Zealand vs INEOS Team UK (15:50)
Race 3 - American Magic vs Luna Rossa (16:40)
Race 4 - INEOS Team UK vs Team New Zealand (17:20)
December 20
Race 1- Semifinal 1: Top qualifier v 4th qualifier (15:12)
Race 2 - Semifinal 2: 2nd qualifier v 3rd qualifier (15:50)
Race 3 - Race-off for third: Loser Semifinal 1 v Loser Semifinal 2 (16:40)
Race 4 - Final: Winner Semifinal 1 v Winner Semifinal 2 (17:20)
Odds
TAB odds – Christmas Race winner:
Team New Zealand – $1.45
Luna Rossa – $4.50
American Magic – $5
INEOS Team UK – $15
How to watch and stream
The Herald will have live updates on nzherald.co.nz/sport while you can listen to live commentary on Gold AM and iHeartRadio.
America's Cup coverage is exclusively free-to-air on TVNZ. Coverage of each day of the World Series and Christmas Cup starts on TVNZ 1 at 2pm. You can also live stream the action via TVNZ.co.nz.
Enjoy smooth sailing to the Cup with Auckland Transport
• Avoid traffic congestion and parking niggles and download the AT Mobile app to plot your bus, train or ferry ride to race venues before you leave home.
• Make sure your AT HOP card is in your pocket. It's the best way to ride to the Cup
• For more ways to enjoy race day, visit at.govt.nz/americascup
Professor Mark Orams is a former NZ and world champion sailor, Team New Zealand member, author, environmentalist and Professor of Sport and Recreation at the Auckland University of Technology.
