Indy 500 Betting Guide | Odds, Predictions, And How To Bet
The 106th edition of the Indianapolis 500 is scheduled for May 26, 2024 in Speedway, Indiana. The 500-mile race is among the most prestigious in all motor sports. It forms the Triple Crown of Motorsport with the Monaco Grand Prix and the 24 Hours of Le Mans.
Josef Newgarden is looking to defend the title in 2024 after winning his first Indy 500 last year. Newgarden's Indy 500 odds to win opened at +750 and are now between +500 and +550 at most sportsbooks. He is considered the current favorite along with Scott McLaughlin, who is priced in the +400 to +575 range.
Indy 500 betting odds 2024
Here are the updated betting odds for the 2024 Indianapolis 500 currently posted at select US sportsbooks. Click on the price(s) you like below to bet now.
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Best Indy 500 betting sites
How to bet on the Indianapolis 500
Betting on race cars bears some similarities to horse racing. So, if you are familiar with handicapping the ponies, there will be some familiar ground here.
Pick the Winner
The first and simplest type of Indianapolis 500 wager is to pick the eventual winner. Almost every site that offers betting on motorsports will have this kind of wager available.
The odds on these types of bets are usually fairly long, even for the favorites. There are simply too many variables in motorsports that can affect the outcome of a race.
As a result, even the favorites don't get less than 6-1 odds.
Even past winners, such as Marcus Ericsson and Helio Castroneves, are available at odds higher than 11:1 right now. So, there is quite a bit of variance in these kinds of situations.
Top 3 Finish
Those accustomed to betting on horse races will recognize this style of betting. For all intents and purposes, betting on a top three finish is the same as a win-place-show bet on a particular horse.
Basically, this type of bet means that the bettor believes the chosen driver will finish somewhere in the top three. Given how long the odds are for any of the drivers in the field, it's understandable that bettors would want a bit of leeway in the finishing order.
Head to Head Matchups
Head-to-head matchups essentially reduce the entire race down to two drivers. A bettor wagers on which of the two will place higher, even if those places are the last two in the field.
These matchups actually use moneylines in order to identify the favorite and underdog in each pairing. So, hypothetically, Will Power could go off at -125 to Helio Castroneves at +145 and so on.
Futures bets
Functionally, a future bet is the same as a pick the winner bet. The bettor is choosing a member of the field to win the race.
However, the difference is time. These bets often occur weeks or months before the race itself.
As a result, they are subject to far more variation due to the risk of drivers suffering injuries, setbacks, or simply falling off their game in the interim time period. So, the odds for these bets can change quite a bit as race time approaches.
Proposition bets
Finally, a proposition bet on Indianapolis 500 tends to involve some sort of gimmick or angle to the wager. In other words, the conditions of the bet may only partially pertain to the driver's actual ability.
So, a prop bet could be something like a wager on which former champion will place the highest, or perhaps a bet on the winner's home country. In other words, a prop bet will have an element ancillary to the actual race itself that plays a part in the wager.
Indy 500 fast facts
For those in a hurry, here is a quick guide to the upcoming race:
- Date: Sunday, May 26, 2024
- Time: 11:00 a.m. Eastern
- TV: NBC
- Easiest way to watch online: Sign into NBC.com and submit cable subscription information
- Other online viewing options: Hulu, YouTube, Fubo, DirecTV, Sling, and IMS Stream
- Track: Indianapolis Motor Speedway in Speedway, Indiana
- Distance: 500 miles (about 200 laps around the track)
- Surface: Asphalt and brick
- Race series: IndyCar
- Defending champion: Josef Newgarden
A brief history of the Indianapolis 500
The Indianapolis 500 ran for the first time in 1911, with Ray Harroun winning the inaugural race. Since then, both the race and the racetrack have become one of the most famous auto races in the world. The annual event is often dubbed "The Greatest Spectacle in Racing."
The 500-mile race takes place in an open-wheel, open-cockpit format, meaning that vehicles' tires and drivers are exposed to the open air. This format has come to be known as "Indy Car Racing," due to its presence at this event.
The track itself is a rectangular oval nicknamed "The Brickyard" for its partial brick surfacing. Indianapolis Motor Speedway is the highest-capacity sports venue in the world, with permanent seating for over 250,000 patrons. On race day, more than 300,000 will watch the race.
As with many venerated sporting events, there are several traditions associated with the Indianapolis 500. Before each race, race officials and a designated singer lead the crowd in a rendition of "Back Home Again in Indiana."
The winning driver traditionally drinks from a bottle of milk to celebrate his victory. Below is a list of the most recent competitors to sample dairy products at the end of the race.
Recent Indianapolis 500 winners
| Year | Driver | Country |
| 1996 | Buddy Lazier | USA |
| 1997 | Arie Luyendyk | Netherlands |
| 1998 | Eddie Cheever | USA |
| 1999 | Kenny Bräck | Sweden |
| 2000 | Juan Pablo Montoya | Colombia |
| 2001 | Hélio Castroneves | Brazil |
| 2002 | Hélio Castroneves | Brazil |
| 2003 | Gil de Ferran | Brazil |
| 2004 | Buddy Rice | USA |
| 2005 | Dan Wheldon | UK |
| 2006 | Sam Hornish Jr. | USA |
| 2007 | Dario Franchitti | UK |
| 2008 | Scott Dixon | New Zealand |
| 2009 | Hélio Castroneves | Brazil |
| 2010 | Dario Franchitti | UK |
| 2011 | Dan Wheldon | UK |
| 2012 | Dario Franchitti | UK |
| 2013 | Tony Kanaan | Brazil |
| 2014 | Ryan Hunter-Reay | USA |
| 2015 | Juan Pablo Montoya | Colombia |
| 2016 | Alexander Rossi | USA |
| 2017 | Takuma Sato | Japan |
| 2018 | Will Power | Australia |
| 2019 | Simon Pagenaud | France |
| 2020 | Takuma Sato | Japan |
| 2021 | Helio Castroneves | Brazil |
| 2022 | Marcus Ericsson | Sweden |
| 2023 | Josef Newgarden | USA |
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