The Indy 500 is just around the corner, and we’ve got the latest odds and tips you should be aware of before placing your wagers on what fans affectionately call ‘the greatest spectacle in racing.’
In today’s article, we’ll help you decide what the best sportsbooks are to bet on one of the most prestigious events in NASCAR’s calendar. After careful consideration, we can say that our top choice is BetOnline. You’ll have to read on to find out why!
So, come and join us. You’ve got nothing to lose – except those Indy 500 bets you haven’t yet researched properly.
Indy 50 Betting Odds
- Pato O’Ward: +700
- Scott Dixon: +700
- Josef Newgarden: +800
- Colton Herta: +900
- Alex Palou: +900
- Scott McLaughlin: +1000
- Marcus Ericsson: +1200
- Will Power: +1400
- Alexander Rossi: +1400
- Takuma Sato: +1400
- Kyle Kirkwood: +2000
- Tony Kanaan: +2000
- David Malukas: +2500
- Romain Grosjean: +2800
- Felix Rosenqvist: +2800
- Helio Castroneves: +2800
- Graham Rahal: +2800
- Ed Carpenter: +2800
- Simon Pagenaud: +3300
- Rinus Veekay: +4000
- Conor Daly: +4000
- Ryan Hunter-Reay: +4000
- Christian Lundgaard: +5000
- Marco Andretti: +5000
- Stefan Wilson: +6600
- Jack Harvey: +8000
- Santino Ferrucci: +8000
- Sting Ray Robb: +8000
- Callum Ilott: +10000
- Devlin DeFrancesco: +15000
- Agustin Canapino: +20000
- Benjamin Pedersen: +20000
- Katherine Legge: +20000
Best Indy 500 Betting Sites
- BetOnline: Best overall
- Bovada: Most competitive odds
- MyBookie: Most generous bonuses
- EveryGame: Best for crypto
- XBet: Exciting contests
- Thunderpick: Amazing user experience
- MyStake: Variety of markets
- BetUS: Most reputable
- SportsBetting.ag: Great for mobile bettors
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History of the Indy 500: Everything You Should Know
The Indianapolis 500, often referred to as “The Greatest Spectacle in Racing,” is a world-renowned automobile race held annually at the Indianapolis Motor Speedway (IMS) in Indiana. The event has a rich history spanning over a century, marked by its unique traditions, legendary drivers, and memorable moments.
In 1909, four businessmen—Carl Fisher, James Allison, Arthur Newby, and Frank Wheeler—envisioned creating a massive automobile testing facility to promote advancements in automotive technology.
This vision led to the construction of the Indianapolis Motor Speedway, a 2.5-mile rectangular track with four distinct turns. The first race to take place there was a motorcycle race in August 1909. However, it was the following year, on May 30, 1911, that the inaugural Indianapolis 500-mile race was held, with Ray Harroun emerging as the winner.
Trailblazing Indy: Showcasing Innovation
From its inception, the Indianapolis 500 has been a showcase of innovation and pushing the boundaries. It won’t mean anything to you or me now, but at one point, the rearview mirror was considered groundbreaking tech.
Can you believe that? And yet some idiots on the road still don’t use them. Anyway, In 1911, Harroun’s Marmon Wasp was equipped with one such rearview mirror, a considerable innovation at the time. It was considered one of the key reasons he emerged victorious.
Additionally, in the same year, the race was the first to implement a mass rolling start, wherein cars would begin racing from a moving position rather than a standstill. These are just a few examples of how the race has been a catalyst for advancements in motorsports technology.
Keen and Abel: What’s New at This Year’s Indy 500?
While Indianapolis has a rich history that we could write about for days – we’re living in the year 2023. So what’s the low down in the run-up to this year’s Indy 500?
The most recent headline news is Abel Motorsports’ confirmation that they are entering the Indy 500 with RC Enerson. This means there will be 34 competitors this year as opposed to the usual 33.
This comes off the back of rumors that Abel Motorsports was considering a full-time entry for the 2024 IndyCar season. Team manager John Brunner clarified this in the below quote:
“As has been speculated, we are evaluating a full-time entry for the 2024 IndyCar season, and our group is committed to building the foundation needed for sustainable long-term success in motorsports. A huge thanks to IndyCar and Chevrolet for their efforts in making this happen.”
All Eyes on Penske
For such a strong and prestigious name associated with motor racing, Penske’s recent Indy 500 form leaves a whole lot to be desired.
Finished: 5th, 11th, 14th, 22nd
Finished: 3rd, 12th, 20th, 30th
Finished: 13th, 15th, 29th (eliminated due to crash)
Unfamiliar eyes might look at some of those numbers and be eager to say that they aren’t that bad. Well, you wouldn’t be wrong. But for a team like Penske, who expect to be competing every year, it’s a long way from where they need to be. Let’s see what 2023 has lined up for them.
The Longshots, The Contenders, The Definitive Don’t Buy’s: Indy 500 Odds 2023
In this section, we’ll take a look at some of the drivers competing in this year’s competition. After a brief analysis, we’ll give you a final verdict on whether to consider a wager or give them a swerve.
Bet on Marcus Ericsson to Win (Odds: +1200)
Last year’s champion for Chip Ganassi Racing, Ericsson, has intriguing odds to repeat at +1200. Back-to-back champions aren’t unheard of in the Indy 500, although for the last time it happened, you’d have to go all the way back to Hélio Castroneves in 2001, the Brazilian maestro for Team Penske.
Ericsson is not quite the same pedigree as Castroneves, and we can’t, in all good faith, see him drinking the milk back to back. But it may well be somebody from Chip Ganassi Racing. It’s hard to look beyond them as the winning team – just not with this driver.
Bet on Josef Newgarden to Win (Odds: +800)
Something’s got to give, right? If not for Penske, then for Newgarden. He’s one of the best drivers in IndyCar, yet success has consistently eluded him at the Indy 500.
Debate and speculation will continue to rage as to why that is right until he’s able to get this monkey off his back once and for all. We’ll never advise against a bet on a talented driver like Newgarden, even at short odds.
Bet on Scott Dixon to Win (Odds: +700)
Remember when we spoke about Chip Ganassi Racing being the team to look out for but Ericsson not being their guy?
Well, this is their guy. If the racing gods are real and merciful, Dixon’s horrendous run of bad luck in his last three outings will be karmically rectified in an Indy 500 triumph in 2023. Stay tuned, believers and non-believers alike.
Bet on Takuma Sato to Win (Odds: +1400)
Taku is one of Indy500’s most talented racers, having already tasted the victory milk twice already in 2017 and 2020, becoming the first Asian driver to do so. This year he returns as Chip Ganassi Racing’s man for the ovals, and with an opportunity to become only the 11th driver in IndyCar history to secure three Indy500 wins.
We promise we’re not shills for Chip Ganassi Racing, but it’s very difficult to advise against a bet for any of their drivers – let alone one as talented as Taku.
Bet on Pato O’Ward to Win (Odds: +600)
The Mexican phenom was the 2022 Indy 500 runner-up, fourth the year before that, and 6th the year before that one. There’s no more data here because those are his three entries in an exciting fledging IndyCar career.
It’s no real surprise to see him as the favorite here, and it’s clear that he’s going to cash in at some point at the IMS. But will it be this year? With so many other potential competitors and storylines on the go, we find it difficult to advise a bet at such short odds.
Our long-term advice? Wait for him to have an ordinary race at the Indy 500 and then buy the dip the following year. The hype for Pato is practically insane right now, and we’re not saying it’s unjustified – but there’s no real value here.
Betting Strategies for the Indy 500: Which One’s the Best?
Here are some of the best betting strategies to keep in mind when betting on the Indy 500:
This goes without saying for any sport, but it applies just as much to IndyCar series racing. When you go looking for betting odds, don’t settle for the first lines that you see – that would be shortsighted and foolish.
There are a number of betting sites out there. In this article, we’re going to do a brief review of some of the best available below. That means there are plenty of odds available – and not all of them are going to be the same.
Shop around, and find the best price. You could end up finding value in racers whose original odds seemed too low for you to bother taking a bet on.
Absorb IndyCar Knowledge:
This is dependent on whether you’re already an IndyCar fanatic. If you’re not, we question why it is exactly you want to get the low down on how to bet on the sport. But hey, we’re not judging.
We’re only giving advice, and that advice is simple – up your knowledge game. Throw yourself into blogs, influencers, races, whatever you can to learn more about the sport and how exactly it works. The more you can take on board, the better your chances will be of laying some winning wagers.
Study the Cars:
It’s not all about the drivers – these days, a driver’s ability is worth less than it used to be due to the advancement in technology surrounding auto engineering.
Nowhere is this more apparent than in the Indy 500, a race that prides itself on technological advancement and showcasing the pinnacle of driving technology.
Know the Circuits:
Some drivers have a better time at certain circuits. Take a second to check on who has had prior success at the Indianapolis Motor Speedway. It could make all the difference to whether your bet has any value or not.
We’re not saying that if a driver has never won here before, then they won’t ever – but track pedigree is a good data point and shouldn’t be ignored.
Sites With the Best Indy 500 Odds
Below is a rundown of five of our top choices for where to place your Indy 500 bets this May. We recommend checking each of them out, even if you don’t want to read the reviews. Our feelings won’t be hurt, promise.
1. BetOnline – Best Site to Bet on Indy 500 Overall
- 50% welcome bonus
- Crypto welcome bonus
- Odds boosters
- Top Indy 500 markets
- Risk-free bets
- Banking fees on fiat methods
BetOnline has been serving bettors online for more than 25 years, which is one of many reasons we’re happy to put it on top of our list for your upcoming Indy 500 bets.
There’s a healthy amount of Indy 500 markets here, with a list of competitive odds for the upcoming event covering all entrants.
There are a number of different bonuses you can use for your Indy 500 bets at BetOnline. We’ve outlined the best ones below.
50% Sports Welcome Bonus:
While registering, deposit into your account using the BET1000 code to get a 50% bonus worth up to $1000. A minimum deposit of $55 is necessary to qualify, and bets expire after 30 days. There is a 10x wagering requirement, which is about standard for sports betting.
100% Crypto Bonus:
This is similar to the bonus above, except this only applies to those of you who use cryptocurrency. Use the code CRYPTO100 while depositing to get a 100% bonus match. The wagering requirements are a little higher at 14x, but the minimum deposit is only $20.
BetOnline offers you the chance to have a risk-free wager on a prop bet and a live bet, providing it is your first time doing so. This is up to the value of $25 and will be eligible to be used in the Indy 500 race.
BetOnline is a prime example of a top online sportsbook. Not only does it have the longevity of over 25 years in the game, but it also features a distinctly modern and intuitive design that showcases a feature-rich sports betting experience.
Its odds are frequently competitive, and they have markets on all the major sports from around the world. It really is a no-brainer if you’re considering a new sportsbook and you aren’t already registered here.
2. Bovada – Most Competitive Indy 500 Betting Odds
- Daily specials
- Competitive IndyCar odds
- Expansive markets
- $250 welcome bonus
- Dual lines
Bovada is a modern sports betting platform that offers a range of gambling services. Not only do they have a comprehensive sportsbook featuring competitive IndyCar odds, but they’ve also got a rich casino and poker room to get involved with.
The focus here, however, is the sportsbook – and we’re happy to see it passes our quality check with more than flying colors. With its wide range of markets and excellent odds, it’s just as good a choice as any for your upcoming Indy 500 bets.
Here are some of the best bonuses we found for the users of the Bovada online betting site:
$250 welcome bonus
The $250 sports welcome bonus applies to those of you who will be betting with traditional currency. It’s subject to a 5x rollover, which is considerably lower than some of the competition, and you’ll need to deposit a minimum of $20 to activate it.
$750 crypto bonus
Want to up the stakes a little? Well, you can – if you’re a crypto user. Use the bonus code BTCSWB750 while making a deposit to get up to $750 in bonus funds. The same wagering rules apply as above.
Bovada’s crypto-friendly, smart, and modern platform stands tall amongst its peers as one of the best betting sites around. It excels in offering a wealth of generous odds for a range of sports, including IndyCar and other popular motorsports.
We certainly wouldn’t begrudge you pitching your tent here for all your future wagers.
3. MyBookie – Most Generous Bonuses of All Indy 500 Betting Site
- Low wagering
- Unique bonuses
- Top V.I.P. program
- Regular contests
- Dated design
Don’t let the basic design of MyBookie fool you. Behind the no-frills, dated aesthetics is an extremely competent sports betting platform, including top Indy 500 markets and a number of excellent promotions to take advantage of.
We’d also like to note their new(ish) V.I.P. program, offering a number of excellent perks and reasons to keep all your betting activity with them if that’s how you’d prefer it. Right now, the program is invitation-only – but more details can be found on the website if you’re interested.
We found that there are many exciting bonuses and promotions available at MyBookie. But here are our favorite options available right now:
50% Sports Welcome Bonus
The traditional welcome bonus is alive and well at MyBookie, offering you a 50% match worth up to $1000 on your first deposit. This is subject to 10x wagering requirements, which is just around the average.
Here’s where things get slightly more interesting. A 10% bonus doesn’t sound like much on the surface, but you can bag yourself up to $200 in free bonus cash. The REAL bonus here? The fact that it’s only subject to one wagering requirement.
That means you could opt-in to this bet, make a deposit, and put your bonus $200 wager on top of your Indy 500 bet. If you win, that’s a lot more of a tasty payout. If you don’t – well, you got the bonus funds for nothing!
MyBookie boasts a range of excellent features that make it well worth checking out for any Indy 500 fan.
The ability to redeem a bonus with little to no wagering requirements, plus a 24/7 customer service program, are just two high-quality components that promise an exemplary online betting experience.
4. EveryGame – Best Indy 500 Betting Site for Crypto Users
- $750 sign-up bonus
- Free sports bets for Poker fans
- Good motorsports coverage
- Could use more banking options
There are over 5,000 daily wagers to be had at Everygame, including a wealth of motorsport markets from around the world, in case you are interested in more than just the upcoming Indy 500.
There’s also a strong poker section here, too, if you’re that way inclined. In fact, you can earn free bets to use on the Indy 500 just by playing poker. A great option for those of you who like a sports wager and some casino action.
Here are some of the best promotions that we found for the users of EveryGame:
$750 sign-up bonus
This first bonus is similar to the other welcome promotions but with some key differences. For a start, it’s split over three separate deposits of $250 a go. The wagering requirements are set at a generous 4x, which is well below the industry standard.
There are a lot of other great promotions here worth looking into. Most of them are only applicable to specific sports, while some require you to take certain actions like inviting friends to play along with you.
Ultimately, there’s enough here to keep new and veteran players entertained for a while.
There’s a solid casino and sportsbook at Everybet waiting for you to call home. Its long-term reputation and recent rebranding from Intertops have catapulted itself into a new era for online gambling, and one that you should definitely be checking out.
5. XBet – Most Exciting Contests of All Indy 500 Betting Sites
- $500 sports bonus
- $250 reload bonus
- Regularly updated blog
- Smaller market selection
Last but not least on our list is XBet. You may recognize the design scheme somewhat from MyBookie, and that’s because they’re under the same ownership – the first sign of a reliable and trustworthy betting site.
Despite not matching its competitors in the depth of markets, XBet still offers a top online betting experience packed with worthwhile bonuses and competitive odds.
Here are all the top promotions available at XBet:
$500 Sports bonus
New users can opt into this welcome promotion to get up to $500 in bonus funds. There’s only a 7x wagering requirement, which is a little under the average of 10x. A minimum deposit of x45 is required to activate this.
$250 Sports reload
If you plan on becoming a regular user, this is a very enticing promotion. Every time you re-up the funds in your account, you’ll be given a bonus worth up to $250. The wagering requirements attached are only 5x. Overall, this is a nice way to juice up your balance.
XBet’s little extra details are what make it a fun sportsbook to play at. Whether it’s keeping up with the latest sports news on a regularly updated blog or entering a competition related to your favorite sport – there’s a lot to keep you coming back for more.
Guide to Betting on Indy 500
Can I Bet on the Indy 500 Online?
Yes, you can. A lot of websites have their odds up for the Indianapolis 500 already. We recommend registering and getting involved as soon as possible.
Is It Safe to Bet on the Indy 500?
Yes, it’s entirely safe to bet on the Indy 500 – provided you are using a trusted and vetted platform. We can’t guarantee your safety at any websites or sportsbooks not mentioned in this article.
Can I Win Real Money Betting on Indy Car Racing?
Yes, you can win real money betting on Indy Car racing. But if you’re new to betting in general, we recommend approaching it from a recreational standpoint – at least initially.
Who Won the 2022 Indianapolis 500?
Marcus Ericsson was the 2022 Indianapolis 500 winner with Chip Ganassi Racing.
Who’s the Favorite to Win the 2023 Indianapolis 500?
The Mexican star boy Pato O’ Ward is this year’s Indy 500 favorite.
Is Juan Pablo Montoya Racing at the Indy 500 This Year?
Unfortunately, previous winner and motorsport racing legend Juan Pablo Montoya will not be competing at the Indy 500 in 2023.
Where’s the Best Place to Bet on the Indy 500?
This is a matter of taste and personal preference. We have outlined BetOnline as our number one choice, but we thoroughly recommend checking out all the other sportsbooks that are mentioned here.
Not sure which Indy 500 betting site to use based on your location? Check out the best sportsbooks for each state:
- Montana sports betting
- Kentucky betting sites
- Tennessee sports betting apps
- Mississippi sports betting sites
- Best sports betting sites in Texas
- Louisiana sports betting
- Best Colorado online sportsbooks
- Sports betting in New Mexico
Tips for Betting on the Indy 500
Here are top tips for betting on the Indy 500:
Register for Multiple Sports Betting Accounts
We can’t stress this enough – having multiple sportsbook accounts is a must if you’re going to take advantage of betting on the Indy 500 fully. Why, you ask? Well, the first reason is so you can line shop effectively.
Although some websites will have a reputation for having better odds, that’s not always a promise. You should always check against competitors and see where you can find the best price for your wager.
Furthermore, different sports betting platforms excel in different ways. You should always keep your options open to different avenues. One website might have better offers on certain Indy 500 markets, while the other might have a more attractive welcome bonus. Why not use both?
Use Deposit Bonuses
Again, there are lots of different websites in this article – so use ’em! Even if you eventually settle on one, why not take advantage of the deposit bonuses available? Each website has one, and it’s practically begging for you to reach out and use it.
It goes without saying they will all be eligible for the upcoming Indianapolis 500. You might want to use them to hedge your bets slightly. On the other hand, you might want to go all in on your hunch and maximize your potential payout. The choice is yours – if you use it.
Create a Staking Plan:
Yes, it’s boring; no, it’s not exactly what you’d imagine when thinking about the thrill of a wager. But it’s something all professional and competent bettors do – and if it’s good enough for them, it’s good enough for you. We’re talking about a good ol’ fashioned staking plan, of course.
It’s an efficient way to keep track of your bets and see whether you are making long-term profit or loss. Many bettors decide early on a ‘unit’ stake, which is their basic minimum stake for any bet. The more confident they are, the more units they will assign, and vice versa.
Brain, Not Heart:
If you’re already well-invested in Indy car racing or a seasoned fan of the Indianapolis 500 – put your pre-conceptions and biases aside before placing a wager. Sports are emotional. But romance has never won a bet.
On the contrary, the cold, harsh, and rational feeling is what rules amongst professional bettors. The ability to look at scenarios with a Vulcan-like objectivity is what will ultimately drive you to success with your Indy 500 bets.
Ready to Bet on the Indy 500 Online?
Will the unstoppable Chip Ganassi Racing strike again, or will Helio Castroneves join a class of his own by being the first driver to win the Indy 500 a total of five times? We tell you what. Your guess is as good as ours. Maybe it’s even better! That’s why it’s up to you to take advantage and get those Indy 500 wagers down.
Remember, BetOnline is our number-one choice for all your Indy 500 wagers. But there are plenty of other awesome alternatives for you to check out as well. Honestly, it’s in your interest to do so. Don’t say we didn’t warn ya!
We’ll sign off with our final piece of advice. Have fun, and always gamble responsibly.
DISCLAIMER: The information on this site is for entertainment purposes only. Online gambling comes with risks. There’s no guarantee of financial gain, so you should only gamble with what you can afford to lose.
While gambling can be fun, it can also be addictive. If you or anyone you know suffer from a gambling addiction problem, we recommend you call the National Gambling Helpline at 1-800-522-4700 to speak with an advisor. Please remember that our guides and all gambling sites are 21+. Also, check with local laws if online gambling is legal in your area.
For free online gambling addiction resources, visit these organizations: