Indy 500 Odds 2024: Alex Palou Holds as Consensus Favorite; Kyle Larson in the Mix

Get ready for the heart-pounding excitement of the Indy 500, as we look ahead to the 2024 race with the best Indy 500 odds from our best sports betting sites.

The 2024 Indy 500 will come with plenty of intrigue as usual, and we're looking ahead to the race following Josef Newgarden's big win in 2023.

We're closing in on this year's race at legendary Indianapolis Motor Speedway, which will take place Sunday, May 26 at 12:45 p.m. ET over Memorial Day Weekend. As it draws closer, the betting interest picks up for one of the most thrilling motorsport events of the year.

We have you covered with a look at the latest 2024 Indy 500 odds, the favorites, and the biggest storylines for this year's race (odds via our best sportsbooks).  

Indy 500 odds 2024

(Indy 500 odds updated May 17)

Favorites to win Indy 500

Alex Palou (+450 via bet365)

After opening the year with a win in the $1 million challenge at the Thermal Club on March 24, Palou continued his torrid pace to start the 2024 IndyCar Series by capturing his second P1 of the year at the Grand Prix of Indianapolis (Road Course) on Saturday, May 11.

The Chip Ganassi Racing driver also has a third-, fourth-, and fifth-place finish in his other three starts this season. Palou finished third in the Indianapolis 500 Practice 4 on Thursday, May 16, and will clearly be a threat in this year's Indy 500.

Pato O'Ward (+650 via FanDuel)

O'Ward isn't having the same hot start to the season as Palou is, but he did pick up a victory at the Grand Prix of St. Petersburg on March 10. That was the only time he's cracked the top 10, even with a top-five starting spot in three straight races dating back to St. Petersburg.

That was all before the McLaren driver tore it up in Practice 4 on Thursday, recording the best lap time and the best speed with the No. 5 Chevrolet. He looks primed to shake off that tough start with a strong showing in Indianapolis.

Kyle Larson (+800 via DraftKings)

The biggest wild card in this year's race is Larson, the current favorite by the NASCAR Cup Series championship odds, as he looks to become the sixth driver to ever pull off the "Double" by running the Indianapolis 500 and Coca-Cola 600 in the same day.

He got off to a brutal start in practices ahead of his Indy 500 debut, and he's balancing it all while being among the favorites by the NASCAR All-Star Race odds. He's also never raced in the IndyCar series, though he's been preparing with test drives since October.

These odds represent an implied probability of 11.11% that Larson wins his IndyCar debut with an $80 profit on a $10 wager, per our odds converter.

How to bet on the Indy 500

Once you've chosen your favorite of our best sports betting apps, navigate to the motorsport or auto racing section. Look for the Indy 500 specifically, which is usually prominently featured ahead of race day due to its popularity. You'll find various betting options available, including outright winner, podium finish, head-to-head matchups, and more.

Review the odds for each driver and consider factors such as past performance, track record, and current form. This information can help inform your betting decisions. Once you've selected your bet, enter the stake amount (the amount of money you want to wager) and confirm your bet.

It's essential to remember that betting on the Indy 500 or any other sports event involves risk. Set a budget for yourself and gamble responsibly. Stay updated on the race, as factors like weather conditions and driver changes can impact the outcome. Enjoy the thrill of the race and may your bet be a winning one!

How to watch Indy 500

When: Sunday, May 26 at 12:45 p.m. ET
Where: Indianapolis Motor Speedway (Speedway, Ind.)
How to watch: NBC, Peacock (streaming)
Defending winner: Josef Newgarden
Favorite: Alex Palou (+450 via bet365)

Past Indy 500 winners

Motorsports betting odds pages

Indy 500 FAQs

When is the 2024 Indy 500?

The race is set to run on Sunday, May 26, 2024. The green flag will fall at 12:45 p.m. ET at famed Indianapolis Motor Speedway.

Who is the Indy 500 favorite?

Alex Palou is the favorite for the 2024 running of the Indy 500, with his shortest odds coming in at +400 with an implied win probability of 20%.

Where is the Indy 500?

The race is held annually at the Indianapolis Motor Speedway in Speedway, Ind.

Who is the honorary 2024 Indy 500 starter?

The honorary starter for the 2024 Indy 500 is author Aaron Likens.

Who won last year's Indy 500?

Josef Newgarden won the 2023 running of the Indy 500.

Why does the Indy 500 winner drink milk?

The tradition started when Louis Meyer requested a glass of buttermilk after winning his second Indy 500 race in 1933. He did so again following his third win in 1936, and he was photographed swigging from the bottle of milk while holding up three fingers to signify the third triumph.

A local dairy company - unaware Meyer was drinking buttermilk - offered a bottle of milk to the winners of future races. Milk has been presented each year since then, apart from 1947 to 1955. 

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