SEPANG, Malaysia—The checkered flag fell on Formula One in Malaysia on Sunday, with the Southeast Asian nation hosting its final race before it turns instead to the increasingly popular motorcycle grand prix series that its government perceives as a better value for money.

Max Verstappen of Red Bull Racing grabbed his first win this season, finishing ahead of Lewis Hamilton of Mercedes, who started at pole position and extended his championship lead to 34 points from 28. Main title rival Sebastian Vettel of Ferrari laid down...