2023 Indy 500 Odds and Predictions

On Sunday, May 28, the 107^th edition of the Indianapolis 500 is scheduled to take place at the Indianapolis Motor Speedway. Billed as the signature event of the IndyCar Series and The Greatest Spectacle in Racing, the Indy 500 is one of the most prestigious auto racing events in the United States, if not the world.

We have the latest Indy 500 odds and tips on how to bet on the Indy 500. Can we pick an Indy 500 winner for the second straight year? In 2022, Marcus Ericsson came through at +1400 odds as one of our best bets.

Now, Ericsson is not as much of a sleeper candidate since the biggest win of his career last year. Currently, the Swede is among the Top 5 betting favorites to win the Indy 500. He is third in the IndyCar Series standings with 155 points.

Following Alex Palou’s record-breaking qualifying run, sports betting sites are looking at him as the top contender. The F1 McLaren team reserve member is having quite the month going into the Indy 500.

How To Bet On The Indy 500

IndyCar betting is not the most common sport to wager on for bettors. However, avoiding the less popular sports is not a betting strategy that we recommend.

A quick look at the value in the Indy 500 odds might cause you to think differently. Betting on the Indy 500 can result in a pretty nice payday come Sunday afternoon. Just make sure to get your bets in before the green flag at 12:45 p.m. EST.

The easiest way to get involved in Indy 500 betting is to wager on who is going to win the race. Evaluate the odds to win the Indy 500 and pick a driver or multiple drivers to take the checkered flag at the Brickyard.

Additionally, make sure you are looking out for specialty wagers such as Indy 500 prop bets. Indy 500 prop betting can be profitable if you spot some value, which includes head-to-head driver wagering.

Our top recommendation for betting on the Indy 500 is Bovada. Bovada carries the best Indy 500 odds and auto racing betting experience online. This includes a free $250 welcome bonus for betting on the big race at Indianapolis Motor Speedway.

2023 Indy 500 Odds

The following Indy 500 betting odds are courtesy of Bovada:

Alex Palou is favored to win the Indy 500 with +700 odds after a lightning-quick effort in qualifying. Palou was rolling this past weekend, but a betting favorite at +700 suggests that oddsmakers are expecting a wide-open race.

Scott Dixon, who had a fabulous Indy 500 last season and won the 2008 Indy 500, is the second favorite with +750 odds. Despite finishing 21st, Palou’s teammate led 95 of 200 laps in the race. On Lap 175, Dixon did not slow down enough on pit road which resulted in a drive-thru penalty¹.

That ended an otherwise dominant weekend for Dixon. He was the fastest in qualifying at the Indy 500 for the second straight year. If Dixon doesn’t speed on pit road, there is a strong argument to be made that he wins that race.

Dixon will start P6 on the grid for the Indy 500 this year. The runner-up at the 2022 Indy 500, Pato O’Ward, has the third-best odds to win the Indy 500 at Bovada.

Katherine Legge broke the Indy 500 record for the fastest average qualifying lap speed for a woman at 231.070 seconds². The fast time notwithstanding, Legge is tied with RC Enerson for the second-worst Indy 500 odds at +30000.

Women racing in the Indy 500 is not totally unique. Legge will be the tenth woman ever to start on the Indy 500 grid³. Perhaps a women’s only Indy 500 would be a more competitive outing for drivers like Legge?  

Fastest woman in #Indy500 history.

Have a day, @katherinelegge!#INDYCAR // @RLLracing pic.twitter.com/rf0kDsItHZ

— NTT INDYCAR SERIES (@IndyCar) May 20, 2023

Indy 500 Betting Favorites

The following drivers are considered the betting favorites to win the Indy 500 according to sports betting sites:

Alex Palou (+700)

A +700 favorite for the Indy 500? As we mentioned, there is value across the Indy 500 betting odds at Bovada. You may not like Palou to win the race, but you can get a nice price on any driver in the Indy 500.

Palou should be high on your shortlist to win at the Brickyard. He was a force in qualifying and is bringing a fast Honda with him to the race on Sunday. Legge wasn’t the only driver breaking records in qualifying.

The Spaniard broke Dixon’s qualifying record from last year with a four-lap average speed of 234.217 mph. Palou was the fastest in what was a red-hot field in qualifying. The 33-car field broke an IndyCar Series record with an average qualifying speed of 232.184⁴.

Chip Ganassi Racing has four cars in the Top 10. Last year, Ericsson won for Chip Ganassi for their fifth Indy 500 title. They are looking at winning another IndyCar Series championship this year, as well.

Palou is first in the IndyCar Series standings going into Indianapolis Motor Speedway. Following his first win last weekend in the GMR Grand Prix at Indianapolis Motor Speedway, Palou has 174 points. He owns four Top 5 performances and five Top 5 finishes for Chip Ganassi⁵.

In 2021, Palou won his first IndyCar Series title. At only 26 years of age, he plans on winning several more. That is if Palou doesn’t get called up to McLaren Racing in Formula 1. He is carving out quite a career for himself in the IndyCar Series.

However, Palou has not added an Indy 500 to his resume. With everything pointing his way in 2023, this could finally be the year for Palou to capture the checkered flag.

Scott Dixon (+750)

You had to feel for Dixon at the 2022 Indy 500. Like Palou, Dixon had the best car all week. At the time, Dixon had the fastest qualifying speed in Indy 500 history at 234.046 mph. This was a record that dated back to 1996⁶.

Now, in consecutive years, we’ve had two drivers break the pole speed record in qualifying. Dixon was fast in qualifying this past weekend, but off the pace for the pole.

Nevertheless, the 42-year-old Aussie is still going to be near the front in P6. Dixon was gunning for the all-time IndyCar Series record with his sixth Indy 500 pole. While he came up short, Dixon had an explanation for failing to compete for pole position.

Chip Ganassi had an issue with his engine overnight before qualifying. They initiated an engine swap rather than stick with the original engine in his Honda. With a new twin-turbo V6, Dixon still had a productive qualifying session at Indianapolis Motor Speedway.

However, Dixon’s teammate also swapped engines overnight before qualifying⁷. Palou broke a speed record with his new engine. Despite the late change for Chip Ganassi, this team made out pretty well.

Dixon hasn’t been able to keep pace with Palou this season. He is seventh with 127 points and just two Top 5 finishes.

Regardless, if Dixon runs how he did last year and avoids committing a pit road violation, the veteran is going to be close to winning his second Indy 500.

Indy 500 Best Value Bet: Pato O’Ward (+800)

Pato O’Ward has consistently run well this season. However, O’Ward is still looking for his first win. O’Ward is only six points behind Palou in the 2023 IndyCar Series standings.

In 2023, the Arrow McLaren driver has 168 points and four Top 5 finishes going into the Indy 500. The 24-year-old native of Monterrey, Mexico, had a fantastic attempt at the 2022 Indy 500.

Despite a feverous late charge by O’Ward following a caution flag, he couldn’t overtake Ericsson for the win under a green-white-checkered flag. O’Ward settled for P2 in what he considered a successful day at Indianapolis Motor Speedway.

Coming close to victory won’t be satisfactory for O’Ward this year. O’Ward fully expects to win the Indy 500 after just missing out in 2022.

P5 for number 5. Best starting position we have had for the Indy500. We keep pushing!! @ArrowMcLaren

5to para el numero 5. La mejor calificación que hemos tenido en la Indy500. ¡La que cuenta es el Domingo próximo, seguiremos empujando! pic.twitter.com/WHOf8aSpnt

— Pato O’Ward (@PatricioOWard) May 21, 2023

He had an encouraging qualifying session this past weekend. The No. 5 car will start P5 on the grid to open the Indy 500. This is the best starting position for O’Ward in his career at the Indy 500.

Currently, O’Ward has the third-best Indy 500 odds at Bovada. We see some value in Pato O’Ward’s odds to win the Indy 500 at +800.

Expect O’Ward to be a major threat, with another chance to win his first Indy 500 on Sunday.

Indy 500 Best Longshot Bet: Felix Rosenqvist (+1800)

McLaren may not have the pedigree of Chip Ganassi Racing in IndyCar. However, they are making a quick impact after entering the IndyCar Series full-time in 2020.

31-year-old Swede, Felix Rosenqvist, had one of the most under-the-radar performances at the Indy 500 in 2022. Rosenqvist qualified in P8 and moved up to finish P4 behind Tony Kanaan.

It was a strong performance and learning experience for Rosenqvist. He returns to Indianapolis Motor Speedway with another car that should carry him a long way.

From what we saw in practice and qualifying, Arrow McLaren is putting Rosenqvist in a car that has a chance to win the Indy 500 in 2023. Rosenqvist posted a strong time to qualify in P3 after a dominant showing in the Fast 12.

‘@FRosenqvist is fastest in the Fast 12!

Santino Ferrucci, Rinus Veekay, Alex Palou, Scott Dixon and Pato O’Ward also advance to the Fast 6. #Indy500 pic.twitter.com/KmVdhy9aFz

— INDYCAR on NBC (@IndyCaronNBC) May 21, 2023

He was considerably better than drivers with much better odds to win this race. Sato and Ericsson are likely going to be involved in the final 20 laps. However, Rosenqvist had the better car this past weekend.

Now, it is up to Rosenqvist, after his team worked hard on giving him the best car possible to win the Indy 500. With +1800 odds to win the Indy 500, we are thrilled to grab Rosenqvist at this attractive price.

2023 Indy 500 Prediction

We have locked in two of the best bets on the board with O’Ward and Rosenqvist. For our final Indy 500 pick and prediction, we have to give Alex Palou the nod.

If Palou doesn’t run into bad luck or has a self-inflicted error like Dixon last year, he’s going to be right there in the final laps of this race. Dixon had the best car last year, but the pit road penalty killed his chances.

Palou should have the fastest car on the Indy 500 grid in this race. The question is whether Palou can finish the job or not. Palou’s teammate was unable to finish last year.

Nevertheless, Palou is entering the Indy 500 in top form after winning the GMR Grand Prix and breaking the pole speed record at Indianapolis Motor Speedway.

Confidence is something that Palou will have no shortage of this weekend. Look for Palou to be the one to beat. Chip Ganassi Racing is in a good position to win back-to-back Indy 500 titles with Ericsson and Palou.