The Indy 500 odds clearly show that we’ll have another close race in 2025. There’s no clear favorite for the 109th Indianapolis 500, scheduled for Saturday, May 25th, at the Indianapolis Motor Speedway.
IndyCar Series leader Alex Palau has dominated this season and has the shortest price, but he has never won The Greatest Spectacle in Racing. Can he achieve a maiden victory this year? Let’s explore the latest odds and the top favorites, before I share my Indy 500 predictions.
Betting Odds to Win Indy 500 in 2025
Check out the latest Indy 500 betting odds in the table below, courtesy of Bovada.
| Driver | Indy 500 Betting Odds | Team |
|---|---|---|
| Álex Palou | +600 | Chip Ganassi Racing |
| Josef Newgarden | +700 | Team Penske |
| Pato O’Ward | +700 | Arrow McLaren |
| Scott Dixon | +800 | Chip Ganassi Racing |
| Scott McLaughlin | +800 | Team Penske |
| Will Power | +1400 | Team Penske |
| Felix Rosenqvist | +1600 | Meyer Shank Racing |
| Takuma Sato | +1600 | Rahal Letterman Lanigan Racing |
| Kyle Larson | +1800 | Arrow McLaren |
| Robert Shwartzman | +2000 | Prema Racing |
Palou has a nearly 100-point lead in this year’s Indy Series Championship standings. It’s no surprise that the top sports gambling sites have the Chip Ganassi Racing driver as a +600 favorite in the latest odds to win the Indy 500.
Josef Newgarden and Pato O’Ward are tied for the second-best odds behind Palou at 7-1 each. Newgarden has won the Indy 500 in back-to-back years. O’Ward, on the other hand, has two runner-up finishes, including one last year, but has never won the race.
Scott Dixon and Scott McLaughlin round out the top five at +800 odds each. Dixon won the Indy 500 in 2008 and finished third last season. McLaughlin finished in sixth place, his best result in four career appearances, and led for 66 laps, the most of anyone in last year’s race.
Bovada has Indy 500 winner odds on many other drivers, so check them out if you want to back someone else.
Indy 500 Favorites in 2025
Here are the top three Indy 500 favorites according to the current betting odds.
Álex Palou (+600)
- Team: Chip Ganassi Racing
- Engine: Honda
- Crew Chief: Ricky Davis
- 2025 Standings: 1st
- Indy 500 Qualifying Speed: 231.378 MPH (7th)
Álex Palou has driven circles around the competition this season and is leading the season standings with four wins. The driver is listed at +600 odds, giving him an implied win probability of 14.29%.
Qualified P6 for the Indy 500! 💪
Not quite enough for pole today, but we gave it absolutely everything. Thank you for all the support, fired up to start up front for the biggest race in the world! pic.twitter.com/AbNXVnc6DL
— Alex Palou Montalbo (@AlexPalou) May 19, 2025
Here is a quick look at Palou’s results so far in 2025:
- 2025 Firestone Grand Prix of St. Petersburg – 1st place
- 2025 Thermal Club IndyCar Grand Prix – 1st place
- 2025 Acura Grand Prix of Long Beach – 2nd place
- 2025 Children’s of Alabama Indy Grand Prix – 1st place
- 2025 Sonsio Grand Prix – 1st place
Palou has won the IndyCar Series three of the last four years and is well on his way to his fourth win. His 248 points are 97 points ahead of anyone else this season. He has led 149 laps in his five starts this year, nearly 100 more than anyone else.
Despite his success over the last half-decade, winning the Indy 500 is one accolade that has eluded Palou. The closest he has come is a second-place finish in 2021. On the bright side, Palau has finished in the top 10 each of the last four years.
He will be eager to finally win Indy 500, but given his previous record in Indianapolis, I would like better odds to bet on him.
Josef Newgarden (+700)
- Team: Team Penske
- Engine: Chevrolet
- Crew Chief: Chad Gordon
- 2025 Standings: 12th
- Indy 500 Qualifying Speed: 233.004 MPH
Two-time defending Indy 500 champion Josef Newgarden is tied for the second-best odds to win again this year. Newgarden is listed at +700 in the latest odds. He is currently 12th in points but was only 17th at this point a year ago, which didn’t stop him from winning the race!
Two-time defending Indy 500 winner Josef Newgarden and 2018 winner Will Power will now start at the very end of the grid on Sunday after failing a tech inspection. Here's why: https://t.co/sbLTe4vlUj pic.twitter.com/SJJM9ZRxFM
— WTHR.com (@WTHRcom) May 19, 2025
Newgarden became just the fifth driver to win back-to-back Indy 500s with his win last year. Ten drivers have at least three victories in the Indy 500, but no one has won three in a row.
History is not the only thing against Newgarden on Saturday. He has only finished in the top five once in his five starts this season. Also, he has only led for two laps this year and is currently 12th in the IndyCar Series rankings with 96 points.
Newgarden also has a lot of ground to make up, as he is starting in the 32nd position. He peaked at 233.004 MPH in the qualifying laps. However, His poor position comes after Newgarden was penalized for a technical infraction during the qualifiers.
Pato O’Ward (+700)
- Team: Arrow McLaren
- Engine: Chevrolet
- Crew Chief: Brad Ward
- 2025 Standings: 4th
- Indy 500 Qualifying Speed: 232.098 MPH (3rd)
The other driver tied for second at 7-1 odds is Pato O’Ward. He will enter this weekend’s race fourth in the IndyCar Series rankings with 148 total points. O’Ward has the second-most laps led this season with 51, 98 behind Palou (149).
Like Palou, O’Ward is still searching for his first milk bath in Indy. He has come closer than Palou lately, finishing second in two of the last three years. Last year’s race was especially heartbreaking for O’Ward, who led lap 199 but fell behind Newgarden on lap 200.
officially LOCKED in. Tomorrow we send it and shoot for my first front row #Indy500 start!! @ArrowMcLaren pic.twitter.com/erLATslrJu
— Pato O'Ward (@PatricioOWard) May 17, 2025
O’Ward has finished in the top 13 of every event this season but hasn’t won a race. He has two runner-up finishes, coming in second at the 2025 Thermal Club IndyCar Grand Prix and the 2025 Sonsio Grand Prix. Palau beat O’Ward for first at both events.
So far, 2025 has been very similar to 2023, which could be bad news for O’Ward. He had three second-place finishes in 2023, giving him three top-five finishes ahead of Indy.
On the other hand, as in 2023, this is only the second time in the last five years that O’Ward has not won a race before heading to Indianapolis. He had the worst finish of his career at Indy in 2023, coming in 24th.
O’Ward will be eager to put his demons from last season to rest, so I expect to see the best of him at Indy 500.
Top Longshots for the Indianapolis in 2025
Here are three Indy 500 sleeper picks to consider betting on this year.
1. Will Power (+1400)
Team Penske’s Will Power is a distant sixth in the latest Indy 500 odds at +1400. Power won this race in 2018 and is the only Australian to do so. At 44 years old, the veteran driver has the experience advantage over the field on Saturday.
Power is currently seventh in the points leaderboard and has not won a race this season. However, he has finished in the top six in his last four starts.
Also, he won three races last year, including the Grand Prix of Road America and the Grand Prix of Portland. Power has an uphill battle, though, as he is starting in the 33rd position.
2. Kyle Larson (+1800)
Another sleeper to keep an eye on in this year’s Indy 500 is Kyle Larson. The Arrow McLaren driver attempted to pull Double Duty last year by racing the Indy 500 and the Coca-Cola 600.
In his Indy 500 debut, Larson led the race for four laps and won Rookie of the Year honors. Later, Larson returned to Indianapolis as part of the NASCAR Cup Series and won the 2024 Brickyard 400.
Larson is no stranger to winning in other series, and has three wins already in the 2025 NASCAR Cup Series. If he can translate his NASCAR success to the IndyCar series, he offers excellent value at 18-1 in his second attempt at the Indy 500.
3. Kyle Kirkwood (+2200)
Rounding out my list of Indy 500 sleeper betting picks is Andretti Global’s Kyle Kirkwood. He is listed at just +2200 odds to claim victory in Indianapolis this weekend.
Kirkwood’s odds are surprising as he is currently second on that points leaderboard with 151 points. He has also finished in the top 10 in four of his five starts this year, including winning the Grand Prix of Long Beach.
His win in California was Kirkwood’s first since he won the 2023 Music City Grand Prix. Kirkwood set a new career-best last year with a seventh-place finish and led for two laps. With a win this year under his belt already, Kirkwood could have the momentum to break through and win his first Indy 500.
2025 Indy 500 Prediction and Betting Pick
Thirty-three drivers will take the field in Indianapolis for their chance at winning one of the most legendary events in racing. My pick to win this season is Pato O’Ward (+700), who has finished second in two of the last three years.
O’Ward is starting in third, giving him a great opportunity to win this year. Furthermore, he has been very consistent this season and will be motivated to go all the way after last year’s dramatic finish.
Where to Bet on the Indy 500?
Are you ready to bet on the latest Indy 500 odds? Read the guide above for the latest analysis of this year’s top contenders.
If you want to place a wager on the Indianapolis 500, I strongly recommend checking Bovada. The site offers excellent odds and cool props for the race.
- Wide-ranging sportsbook and live betting platform
- Top-notch poker room with numerous tournaments
You must be logged in to comment. Don't have an account? Sign up today.