Indianapolis 500 Odds and Picks

The 108th running of the Indianapolis 500 takes place on Sunday with a congested top of the Indy 500 odds board. Scott McLaughlin set a speed record in earning the pole position and is favored slightly ahead of defending champion Josef Newgarden at Caesars Sportsbook. Last year Newgarden earned his first Indy 500 victory with a last lap pass to stave off Marcus Ericsson and win the marquee event in the IndyCar Series. Since odds were released we’ve seen McLaughlin and Newgarden jockeying for position at the top of the Indy 500 odds board with former race winners Will Power, Alexander Rossi and Scott Dixon lingering not far behind. 

The race is typically wide open with each of the last six Indianapolis 500s producing a different winner, and five of those drivers are scheduled to put the pedal to the metal when the green flag drops on Sunday, May 26. It’s a grueling test of endurance for drivers to complete 200 laps at the Indianapolis Motor Speedway. And if one race isn’t enough, plenty of attention will be directed at NASCAR Cup Series driver Kyle Larson, who, if all variables are positive, will attempt to pull off a rare double of competing in both the Indy 500 and Coca-Cola 600 on the same day. Currently holding the third shortest Indy 500 odds along with Will Power, Larson qualified for the fifth starting spot in both races.

Bet the 2024 Indianapolis 500 at Caesars Sportsbook 

Odds to win 2024 Indianapolis 500

Scott McLaughlin +500

Josef Newgarden +600

Kyle Larson +650

Will Power +650

Alexander Rossi +1000

Colton Herta +1100

Alex Palou +1200

Patricio O’Ward +1200

Scott Dixon +1600

Santino Ferrucci +1800

Kyle Kirkwood +2000

Rinus Veekay +2000

Felix Rosenqvist +2000

Takuma Sato +2800

Helio Castroneves +4000

Ryan Hunter Reay +4000

Marco Andretti +5000

A total of 33 drivers will start their engines for the 108th running of the Indy 500, but less than half the field has a realistic chance of getting the checkered flag. Sure upsets happen, mechanical failures and accidents can also take out the top drivers, but if you start in the back half of the field your Indy 500 odds to win go up drastically. 

It’s been over a decade since a driver attempted to run the double, which is why Larson will get plenty of attention. He’s also an accomplished driver making him a play in the Indy 500 driver odds. The 2021 NASCAR Cup Series champion is making his IndyCar debut but brings with him 25 career wins on the NASCAR Cup Series. As cool as it would be to see him win, which, by the way, has never happened with someone attempting Double Duty, I think you’re better off staying with a dedicated IndyCar driver and fading Larson, as least for this race. 

His qualifying run to earn the pole moved McLaughlin up the odds board. However, since 2010 only one pole sitter has won the Indy 500 and four times that driver finished outside the top 20. Simon Pagenaud in 2019 was the last to win from the pole position. One of the top drivers in IndyCar, McLaughlin has struggled in this race finishing no better than 14th in three starts.

The fact that there hasn’t been a repeat winner since Helio Castroneves in 2002 doesn’t bode well for the Indy 500 betting odds of Josef Newgarden. However, over his career Newgarden has shown to be a master on ovals winning 14 times on those tracks. He broke through at the Brickyard last year making a final lap pass to edge Ericsson, who entered the race as the defending champion. Ericsson had a tough time in the qualifying heats and needed a final run just to earn the 32nd starting position on Sunday. 

It’s hard to count out Scott Dixon, one of the top drivers ever. A six-time IndyCar Series Champion with 57 wins on his resume Dixon’s odds to win the Indy 500 have increased from previous years. He won the Indy 500 in 2008 and remains a top driver with wins in 20 consecutive seasons. I found it odd that he was priced so high and I think he has an outstanding chance. His odds were impacted by his starting position of 21st, but Dixon has displayed the ability to make up ground over his career. And with less pressure on him he’s a likely candidate to win the checkered flag.

He’s running out of chances to become the all-time leader in Indy 500 victories so Castroneves is a sentimental pick. He surprised nearly everyone winning for the fourth time as an Indy 500 odds longshot three years ago matching the Indy 500 win total of legends A.J. Foyt, Al Unser Sr. and Rick Mears. That was his last win on the IndyCar circuit with only five top 10s in 39 races since.

Check out the latest Indianapolis 500 odds at Caesars Sportsbook