Josef Newgarden amongst the favorites as he seeks back-to-back Indy 500 titles

Updated May 23, 2024
Updated May 23, 2024By Dean Etheridge

One of the iconic events on the sporting calendar, the Indianapolis 500, takes place this Sunday afternoon. Josef Newgarden is looking to defend his title having won the race in 2023. The Team Penske driver is amongst the favorites to win the race, but he will have his work cut out if he wants to go back-to-back. In our latest Indy Racing betting picks, we tell you if Newgarden can do it.

2024 Indianapolis 500 Betting Picks And Predictions

A crazy weekend is in store for petrol heads

What a weekend of motorsports we have in store. There is the Indianapolis 500, the Coca-Cola 600 in the NASCAR Cup Series, and the Monaco Grand Prix in F1, all taking place on the same day.

Three of the marquee races of the auto sports calendar. It simply doesn’t get any better than that. 

Here we are focussing on the 2024 Indianapolis 500, taking place on early Sunday afternoon. The race will be the 108th edition, and already it looks set to be another spectacular showdown.

This Sunday we see Kyle Larson attempt to win the race as a rookie. Larson is joined on the starting grid by no less than eight former winners, three ex-Formula 1 drivers, and a legend of endurance racing.

The field is simply top-class.

In the 2023 race, Josef Newgarden took the honors. Newgarden is one of the favorites to win again this year. But he will be up against Scott McLaughlin, who has already ensured the pole position, and Kyle Larson, who sits on the second row.

When the Green Flag drops, Newgarden will be trying to become the first driver to win back-to-back Indy 500 races for over 20 years. The last was Helio Castroneves in 2001 and 2002. The last time an American managed it was when Al Unser repeated in 1970 and 1971. 

It won’t be easy for Newgarden, but it will sure be fun watching to see if he can manage it. 

Betting to win the 2024 Indy 500

In the latest betting to win the 2024 Indianapolis 500, there is a two-way split at the top of the betting. We’re using the best betting sites for all sports for our odds, and at the moment they have Scott McLaughlin and Josef Newgarden locked at +500 at the top of the betting.

The third favorite is Kyle Larson at +700, who is closely followed by Will Power at +750. The favorite from 2023, Pato O’Ward, is next at +800.

Below are more options from different sportsbooks on our Indy Car betting table. You can read more about the bookmakers we have used on our Best Betting Sites 2024 page and our Best Betting Apps and Mobile Betting Sites page. 

Scott McLaughlin+500+500+500
Josef Newgarden+500+500+500
Kyle Larson+700+700+700
Will Power+750+750+750
Pato O'Ward+800+800+800
Alex Palou+1200+1200+1200
Alexander Rossi+1200+1200+1200
Colton Herta+1200+1200+1200
Scott Dixon+1400+1400+1400
Rinus Veekay+2000+2000+2000
Santino Ferrucci+2200+2200+2200
Kyle Kirkwood+2500+2500+2500
Felix Rosenqvist+2800+2800+2800
Takuma Sato+3500+3500+3500
Ryan Hunter-Reay+5000+5000+5000
Helio Castroneves+5000+5000+5000
Marco Andretti+8000+8000+8000
Marcus Ericsson+8000+8000+8000
Callum Ilott+8000+8000+8000
Christian Rasmussen+8000+8000+8000

Larson attempting the double

Kyle Larson is attempting to do the double on Sunday. After the Indy 500, he will be off to Charlotte, North Carolina, to compete in the Coca-Cola 600. It’s an insane effort, and if he even manages to complete both races, it will be some achievement for Larson.

But Larson is a unique talent. And if anybody can pull this off, he can. If he manages to win one, it would be amazing. And with the Indy 500 taking place first, that would have to be where his best chance of winning lies. 

The defending champion

Josef Newgarden hasn’t been at his best this season. He did secure the pole position in round one at St. Petersburg, but since then nothing has clicked for the defending champion. Newgarden sits in 17th place in the points table with just 61 points, way behind leader Alex Palou.

The in-form driver 

Speaking of Alex Palou, he is the in-form driver in 2024. The Spaniard currently sits top of the driver’s standings with 152 points, 12 ahead of second-placed Will Power.

Palau won the IndyCar Grand Prix on May 11th and he also stood on the top of the podium in the $1 Million Challenge at the Thermal Club in March, albeit getting no points as it is an exhibition race.

Nevertheless, there can be no doubt that Alex Palou is in good form, and at +1200, he is a good shout to win this weekend.   

Indy 500 betting picks and predictions

Can rookie Kyle Larson win the Indy 500? We believe he has the ability, but we are going to give him a miss this weekend. History also tells us that not many drivers go back-to-back at the Brickyard, so we are also giving Josef Newgarden a wide berth.  

We like the look of Scott McLaughlin. The Kiwi was in pole position at the Alabama Indy Grand Prix at the end of April and went on to win the race. Not only that, McLaughlin also led the most laps and recorded the fastest lap. 

The circuit at Alabama is a road course, but we feel that the win sees McLaughlin enter this weekend with renewed confidence, and he is our first betting pick to win the Indianapolis 500.

Scott McLaughlinTo win Indianapolis 500
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We are also having a wager on Alex Palou. Like McLaughlin, Palau is in good form. We say at +1200, he is worth having a side bet on and make him our second pick

Alex PalouTo win Indianapolis 500
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2024 Indy 500
Indianapolis Motor Speedway,Indianapolis
Starting on
May 26, 2024
Ending on
May 26, 2024

About the Author

Dean Etheridge
Dean Etheridge

Dean Etheridge has over ten years of writing experience in the world of sports betting. Starting out as a hobby on his own soccer betting website, Dean has now seen his picks published across various affiliate sites along with The Sun and TalkSPORT where he writes regular Premier League and Champions League betting tips. Combining his extensive knowledge and experience with his British humor and wit, Dean has developed into a trusted voice within the sports betting industry. Although Dean's preferred areas of focus are the English Premier League and cricket, his extensive sports knowledge enables him to tackle nearly any sport. Gone are the days of traveling the world to witness events like FIFA World Cups and Ashes cricket, as Dean now prefers the comfort of his own home while enjoying sports.

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