Updated 2024 Indy 500 Odds & Predictions

The Indy 500 odds have been updated for this month’s race, with favorite Alex Palou holding firm, but sleeper Kyle Larson emerging as a real contender.

It’s an interesting field, for sure, with the biggest favorite coming in with Indy 500 winner odds of +600, while there are also some drivers who are currently priced at +30000.

If you’ve got experience with Indy 500 betting, you know that anything can happen in this race. Unsure how to bet or where to place your wagers? I’ve got you covered with my Indy 500 betting guide, starting with updated pricing.

Bovada is one of the few motorsports betting sites offering odds for the Indianapolis 500 already. They’re also one of the better options available to sports bettors, and you can take advantage of their $750 sports welcome bonus right now.

Haven’t tried Bovada yet? You can dive into their 2024 Indianapolis 500 odds below, or get familiar with the site by checking out our review of Bovada.

What do oddsmakers from IndyCar betting sites think who will win the Indy 500 in 2024? I checked several online sportsbooks for Indy 500 betting odds, and all of them see Alex Palou as the main favorite.

At Bovada, he’s priced at +600, followed by NASCAR’s Kyle Larson at +650. Then, there’s last uear’s Indianapolis 500 winner, Josef Newgarden, whose odds are +700. Pato O’Ward at +650 and Scott Dixon at +900 are the only other drivers with the Indy 500 odds shorter than +1000 at Bovada.

Are you wondering why I used Bovada’s prices and not those from MyBookie, EveryGame, or some other site that’s released Indianapolis 500 odds? Apart from giving great value on all Indy 500 bets, this sportsbook is also giving away some lucrative bonuses.

If you don’t already have an account with Bovada, making it now means qualifying for the 75% up to $750 crypto sports bonus, which comes with only 5x wagering.

Alex Palou is the top favorite to win the race on May 26 at all sports betting sites that have released Indianapolis 500 odds. But should he be your top Indy 500 pick?

The Spanish driver is the defending IndyCar Series champion, who also won the Drivers’ Championship in 2021. What he’s never won before is the Indianapolis 500 race.

He did come very close to winning it in each of the last three editions of the race, finishing in the Top 10 each time. His best finish at the Indianapolis Motor Speedway was three years ago when he came second.

Last year, he finished fourth, which was kind of disappointing for him given that he was the one to win the pole position. He did it with an average speed of 234.217 mph.

Can he do better this time and actually win the race? Oddsmakers think so. All of them see Palou as the No. 1 favorite, with EveryGame being the bookmaker with the best Palou odds. He’s priced at +600 at this sportsbook.

In addition to Palou, there are another four drivers with the Indy 500 odds to win of under +1000. I will now examine their chances and explain why each of them should or should not be your top Indy 500 pick.

Double Duty a.k.a. Memorial Day Double is one of the biggest feats in the motorsport universe. A driver who wants to do Double Duty needs to compete in the two major races held over the Memorial Day weekend – the Indianapolis 500 and the Coca-Cola 600 (NASCAR).

So far, only 10 drivers have achieved Double Duty, with Kurth Busch being the one to pull it off most recently. A decade after Busch’s feat, the reigning NASCAR champion Kyle Larson will try to do the same.

What’s interesting is that no one in history has ever managed to win either of these races while doing Double Duty. Maybe Larson could be the one?

By doing it, he’d definitely cement himself as one of the Indy 500 GOATs. 

His betting odds for the Indy 500 are +650, which makes him a very good bet. Even a small $10 bet would bring decent returns ($65) if he ends up winning.

It’s clear why Josef Newgarden is second on the list of top favorites to win the 2024 Indy 500. He’s a driver who just loves racing in Indianapolis, the evidence being that he’s the one who won it last year.

Further, he’s a member of Team Penske, which is the most successful team in the history of the Indianapolis 500. This team’s drivers won 19 of the previous 107 editions of the race. Maybe it’s time for Team Penske to add a 20^th win to the collection?

Pato O’Ward is a Mexican driver who started the 2024 IndyCar Series season in top gear. He won the season opener in St. Petersburg, Florida, but since then, he hasn’t done much.

O’Ward would get back into the spotlight if he won the 2024 Indy 500. Priced at +700, he seems more than capable of doing it.

Scott Dixon is generally considered to be one of the finest drivers of his generation. The 43-year-old driver from New Zealand is a legend of the sport, with six titles in the IndyCar Series.

He also has one win at the Indianapolis Motor Speedway, although it happened 16 years ago. Maybe it’s time for his Indy 500 drought to end?

Helio Castroneves is already 49, which means that if he wins the 2024 Indianapolis 500, he’s going to break the record for the oldest winner in the history of the event.

The Brazilian will also break the record for the most Indy500 wins. He’s currently sharing the No. 1 spot on the list of the most successful Indy500 drivers with A. J. Foyt, Al Unser, and Rick Mears. Each of them has four titles in the collection.

Obviously, Helio Castroneves has plenty of motivation to win the race on May 26, but does he still possess the skillset needed to pull it off? Judging by his Indy500 odds, the answer is now.

I understand why bookies don’t favor him. After all, he hasn’t won a single race in the IndyCar Series in almost two years.

However, the last time he won a race, he did it in Indianapolis, which is the main reason he’s my top sleeper for the 2024 race.

The Indianapolis 500 is the most prestigious race in the IndyCar Series, which is why you can be certain that every driver will give their utmost in Indiana on the last Sunday of May. As a result, the competition is going to be fierce, with zero room for error.

Some drivers love the adrenaline rush big events like Indy 500 provide. This is why it’s smart to check which 2024 contestants have done well in previous editions of the race.

• Last Year’s Winner: Josef Newgarden
• Winningest Driver: Helio Castroneves (x4)

Josef Newgarden is last year’s winner, while Helio Castroneves is the most successful Indy 500 driver of all the active drivers in the 2024 season. He’s won this race four times already.

Even though previous winners are likely to do well, the fact is that champions rarely defend their Indy 500 titles. In fact, the last time someone won two back-to-back Indy 500 races was 22 years ago.

Knowing this, the defending champ Josef Newgarden might not be the best betting option. So, who should be your Indy 500 pick in 2024? That’s the question I’ll answer in the final section of my Indianapolis 500 preview.

That does it for my look at the most current Indy 500 odds. There are some clear betting favorites, but there are also worthy challengers and some interesting value bets. It’s up to you to sift through the pricing to find the best drivers worth betting on.

Of course, iff you’re just here for Indy 500 predictions, I’ll give you my pick for who will win this year.

That’s none other than Scott Dixon. He’s having one of his best seasons in years, which is especially great given that the New Zealander is one of the most successful drivers in the history of motorsports.

He hasn’t won the Indianapolis 500 since 2008, but I think he can do it this year. I’m certain he’ll be super motivated to win the event as he probably won’t get too many attempts at the Indy 500 trophy in the future. After all, he’s turning 44 this summer.

If you want to bet on Dixon, you can do it at Bovada where his 2024 Indy 500 odds are +900.