The latest Indy 500 odds clearly show it’s going to be a close race! The best IndyCar drivers in the world will descend on the world-famous Indianapolis Motor Speedway on May 26th, and I’m here to help you pick the winner.
The top sports gambling sites don’t have a clear favorite, so you can get high Indianapolis 500 betting odds for pretty much all drivers. Let’s break the prices down, before I analyze the top favorites and share my prediction for the race.
2024 Indy 500 Betting Odds
The Indy 500 is one of the most popular races in the US each year. Unsurprisingly, it’s also one of the most popular races to wager on each spring. Here are the latest Indy 500 odds, courtesy of Bovada Sportsbook.
| DRIVER | INDY 500 BETTING ODDS | TEAM |
|---|---|---|
| Josef Newgarden | +500 | Team Penske |
| Scott McLaughlin | +500 | Team Penske |
| Will Power | +650 | Team Penske |
| Kyle Larson | +700 | Arrow McLaren |
| Pato O’Ward | +900 | Arrow McLaren |
| Alex Palou | +1000 | Chip Ganassi Racing |
| Alexander Rossi | +1000 | Arrow McLaren |
| Colton Herta | +1200 | Andretti Global |
| Rinus Veekay | +1800 | Ed Carpenter Racing |
| Santonio Ferruci | +1800 | A.J. Foyt Racing |
| Scott Dixon | +1800 | Chip Ganassi Racing |
Following a thrilling qualifying weekend at Indianapolis Motor Speedway, Josef Newgarden (+500) and Scott McLaughlin (+500) are co-favorites to win the Indianapolis 500. The current Indy 500 odds suggest Newgarden and McLaughlin have an implied probability to win of 16.7%!
With a 16.7% chance of winning as favorites, online betting sites believe this will be a competitive race. As is typically the case in IndyCar Series events, there is a plethora of parity.
Interestingly, full-time NASCAR Cup Series driver Kyle Larson is amongst the favorites! Larson has the fourth-best 2024 Indy 500 odds at +700. Pre-qualifying favorite, Alex Palou’s price has dropped from +550 to +1000. Below, let’s check out Larson’s chances and the rest of the favorites!
Indy 500 2024 Favorites
If you want to bet on the Indy 500 in 2024, I strongly encourage you to consider the favorites. The following four drivers are most likely to produce the eventual winner:
Josef Newgarden (+500)
- Team: Team Penske
- Manufacturer: Chevrolet
- Chief Mechanic: Chad Gordon
- 2024 Standings: 17th
Newgarden had the second-shortest odds to win the Indy 500 before qualifying. The 33-year-old IndyCar veteran’s price shifted from +600 to +500 after he qualified in P3.
Currently, Newgarden is 17th with 61 points in the 2024 season. He has been the subject of controversy after his win in the St. Petersburg Grand Prix was taken off the board.
Newgarden won the race, but he was later disqualified for manipulating the push-to-pass system. His chief engineer and Team Penske president are forbidden from attending the Indy 500 due to the infraction.
Nevertheless, Newgarden has a fast car in Indianapolis. Also, he’s well-experienced at Indianapolis Motor Speedway, including a win in the Indy 500 last year!
On Monday, Newgarden was flying in the post-qualifying practice. He clocked the fastest time at 226.238 mph! In addition to having a fast car, there will undoubtedly be motivation for Newgarden after he was DQ’d.
234!!!
Josef Newgarden has COME TO PLAY with this four-lap average. #INDY500
📺 : Peacock pic.twitter.com/j4fXm2Thss
— INDYCAR on NBC (@IndyCaronNBC) May 17, 2024
Newgarden can become the first driver to win back-to-back Indy 500 events since Helio Castroneves in 2001 and 2002. He stands a strong chance of pulling off the rare feat this Sunday!
Scott McLaughlin (+500)
- Team: Team Penske
- Manufacturer: Chevrolet
- Chief Mechanic: Matt Jonsson
- 2024 Standings: T6
McLaughlin leads Team Penske in the pole position at the Indy 500. He recorded a four-lap qualifying speed of 234.220 mph to grab the first Indy 500 pole of his career.
With a win, McLaughlin would become the first multi-race winner of the 2024 IndyCar Series season. He won the Grand Prix of Alabama after leading 58 laps for Team Penske!
Additionally, McLaughlin was in great form with a P2 finish in the $1 Million Challenge. Most recently, he placed P6 after starting P13 on the grid of the Grand Prix of Indianapolis Road Course.
He followed up this success with an excellent effort in qualifying this past weekend. McLaughlin’s four-lap speed is the best for a pole sitter in Indianapolis 500 history.
SCOTT MCLAUGHLIN WINS THE POLE FOR THE #INDY500! pic.twitter.com/TIwevrG1yi
— INDYCAR on NBC (@IndyCaronNBC) May 19, 2024
The one thing working against McLaughlin is that he’s never run great in the Indy 500. In three attempts, the 30-year-old native of Christchurch, New Zealand, has finished P14, P29, and P20. His best finish was last year, so we’ll see if the No. 3 car shows even more improvement in 2024.
Will Power (+650)
- Team: Team Penske
- Manufacturer: Chevrolet
- Chief Mechanic: Trevor Lacasse
- 2024 Standings: 2nd
Before qualifying started, we recommended playing Will Power as one of your top Indy 500 sleepers. At the time, Power was +1600 to win the Indianapolis 500!
Unbelievable Indy 500 betting odds for Power, who is one of the best drivers in the IndyCar Series. After qualifying P2, to give Team Penske 1-2-3 on the grid, Power’s price skyrocketed.
Currently, the Aussie IndyCar star has +650 odds, with an implied chance to win of 13.3%. With such a consistent performance over practice and qualifying, it feels as if Power has a stronger probability of winning.
The pole that still eludes me.
But stoked for @smclaughlin93 & @Team_Penske 💪#INDYCAR // #INDY500 pic.twitter.com/AggAIhe5i6
— Will Power (@12WillPower) May 19, 2024
In pre-qualifying practice, only McLaughlin was faster than Power last week. He was clocked at 228.767 mph to him behind McLaughlin’s 229.493 mph. The same speed translated to qualifying, with Power and McLaughlin two of the most consistent drivers.
Power is 2nd in the 2024 IndyCar Series standings. He has registered 140 points, with three top-5 and four top-10 performances. The veteran has three runner-up finishes this season!
Is the 2018 Indianapolis 500 winner ready to return to Victory Lane? Power will have a chance, but most of his value was lost on the Indianapolis 500 odds drop from +1600 to +650.
Kyle Larson (+700)
- Team: Arrow McLaren
- Manufacturer: Chevrolet
- Chief Mechanic: Chris Stafford
- 2024 Standings: N/A
NASCAR Cup Series star Kyle Larson is defying all expectations and becoming a quick learner in the IndyCar Series. Despite the Indy 500 being his IndyCar Series debut, Larson has looked better with some veterans of the sport in practice and qualifying.
The 31-year-old from Sacramento backed up his promising results from practice with a P5 start for the 2024 Indianapolis 500. The Arrow McLaren team has done a fantastic job with Larson’s No. 17 Chevy.
Larson is taking care of the rest, as the learning curve hasn’t been that tough for him. He started with a mechanical misfire, but ended qualifying with an average speed of 232.846 mph! It’s quite astonishing for the 2021 Cup Series champion.
Jumping straight into an IndyCar from his Chevrolet Camaro Cup Series car and running these fast laps is awfully impressive. My concern with Larson is how will he fare in race traffic and implementing Arrow McLaren’s strategy?
Big checkup moment for Kyle Larson.
He's six days away from his first #Indy500 and learning more and more about racing in traffic. pic.twitter.com/UZ2TMohVYF
— INDYCAR on NBC (@IndyCaronNBC) May 20, 2024
I have issues with Larson being able to effectively handle issues that may arise in his first IndyCar race. There are little nuances he won’t be familiar with until the green flag drops on the Indy 500.
Therefore, I am not interested in backing Larson at this price on betting apps and sites. I’d recommend him at +1000, but there currently isn’t much value at +700.
Top Longshots for the Indianapolis 500 in 2024
One of the reasons that the Indy 500 is so exciting is that it is anyone’s race to win. The drivers listed above are the betting favorites, but upsets can and do happen in Indianapolis. Here are some of the top Indy 500 best bets for longshots to win it all in 2024.
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Felix Rosenqvist probably wanted a stronger starting position than P9. However, Rosenqvist has been a consistent force for Meyer Shank Racing.
Rosenqvist has qualified in the top 10 in all five assignments this season. Additionally, the 32-year-old Swede has finished P9, P5, P4, P10 in four races. Also, the former Formula E driver was P3 in the $1 Million Challenge.
At +2500 odds, Rosenqvist is one of the best value bets on the board at Bovada!
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Castroneves has four Indy 500 wins, tied for the most by any driver. He won his first in 2001 and his most recent in 2021. Another victory this year would give him sole possession of the title of most decorated Indy 500 driver. He will be 49 years old come race day and could become the oldest driver ever to win the race. The probability is low, but the odds are way too high for a proven driver like Castroneves.
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Marco Andretti debuted in the IndyCar Series in 2006 but is still searching for his first Indy 500 win. The 37-year-old has come close in the past and has multiple top-five finishes. Andretti’s grandfather, Mario Andretti, won the race in 1969, so he will be desperate to do the same.
Betting on longshots can be a good sports betting strategy for events like Indy 500, where we’ve had a ton of surprising winners throughout the years.
2024 Indy 500 Prediction and Betting Pick
There are plenty of talented drivers competing in Indianapolis this year. My Indy 500 prediction is that the defending champion, Josef Newgarden (+600), will claim victory again this year.
Newgarden could make history by becoming the first back-to-back winner in over two decades. He has had the best start of any driver in the IndyCar Series so far this season. I believe his luck will continue in Indianapolis next month.
Where To Bet On The Indy 500?
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