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Indianapolis 500 Odds & Predictions

Last Updated: May 23, 2024

The 108th running of the Indianapolis 500 is finally here. On Sunday, May 26, 33 drivers will start their engines and take part in The Greatest Spectacle in Racing.

The field is stacked, and if you’re looking to make a bet ahead of the race, you could be struggling to come up with a good pick. Fortunately, we’ve broken down the odds and identified the best bets to make ahead of the race.

Here are the latest odds and best bets for the 2024 Indianapolis 500.

2024 Indianapolis 500 Winner Odds

IndyCar odds to win the 2024 Indianapolis 500 are current as of Thursday, May 23, and courtesy of Caesars Sportsbook.

  • Josef Newgarden (+500)
  • Scott McLaughlin (+575)
  • Kyle Larson (+650)
  • Will Power (+800)
  • Pato O’Ward (+850)
  • Scott Dixon (+1000)
  • Alexander Rossi (+1000)
  • Colton Herta (+1000)
  • Alex Palou (+1500)
  • Santino Ferrucci (+1800)

All other competitors have (+2500) odds or longer.

2024 Indianapolis 500 Best Bet

Will Power (+800)

Caesars Sportsbook • WAGER: 1 Unit

Of the three drivers positioned in Row 1, Power has the longest odds (+800) to win the Indy 500. After picking up his first win in 2018 and earning a top-five finish the following year, Power has failed to land inside the top 10 for four consecutive years.

Perhaps this is the year, though. Power’s No. 2 position on the starting grid is his highest since 2015, and the last time he started in Row 1, he won the race altogether.

As far as value is concerned, this seems like the best bet available. Newgarden is the odds-on favorite, but we haven’t seen a driver win back-to-back 500s since Hélio Castroneves managed the feat in 2001 and 2002. Plus, pole-sitter Scott McLaughlin has never finished better than 14th.

At this price, Power is our Indy 500 bet of the day.

2024 Indianapolis 500 Prop Bets

Scott Dixon: Top Three Finish (+350)

Caesars Sportsbook • WAGER: 1 Unit

Dixon comes into the Indianapolis 500 with the sixth-best odds to win it all (+1000) despite starting in the seventh row. I’m not quite willing to go that far, but a top-three finish (+350) should be within reach for the six-time IndyCar champion.

It’s not like his starting position will be all that impactful, either. In 2012, Dixon began in the fifth row before earning a second-place finish behind Dario Franchitti. The experienced racer is no stranger to having to work his way toward the front of the pack.

In 21 starts at the Indy 500, Dixon has five top-three finishes, including a second-place result in 2020. He came in sixth this past year despite never leading a single lap, so he should be motivated to earn another spot on the podium.

Winning Team: Team Penske (+135)

Caesars Sportsbook • WAGER: 1 Unit

Team Penske has three drivers on the starting grid: Scott McLaughlin, Will Power, and Josef Newgarden. They’re positioned in the first, second, and third spots, making for some seriously favorable positioning on race day.

It’s far from a sure thing that one of the three will come out on top, but Team Penske has the shortest odds (+135) for a reason. McLaughlin was the 2021 Indianapolis 500 Rookie of the Year, and Power (2018) and Newgarden (2023) have won two of the last six 500s.

Arrow McLaren (+230) has drivers positioned at No. 4 (Alexander Rossi), No. 5 (Kyle Larson), No. 8 (Pato O’Ward), and No. 15 (Callum Ilott), but Team Penske’s success is evident, winning three of the last six Indy 500s.

Past Indianapolis 500 Winners

2023: Josef Newgarden

2022: Marcus Ericsson

2021: Hélio Castroneves

2020: Takuma Sato

2019: Simon Pagenaud

2018: Will Power

2017: Takuma Sato

2016: Alexander Rossi

2015: Juan Pablo Montoya

2014: Ryan Hunter-Reay

Author

Garrett Chorpenning

Garrett Chorpenning is the Lead NBA Editor for The Game Day. His previous work includes covering the LA Clippers for Sports Illustrated and FanSided. He graduated from Ball State University in 2021.

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