IndyCar Early Indy 500 Betting, Odds & Analysis for Favorites Drivers

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Even if you are not a huge sports fan, there are certain events that seem to intrigue everyone and make them inclined to wager. We are talking about things like the Super Bowl. Kentucky Derby, World Cup Final, and, of course, the Indianapolis 500. There is no doubt that this race is one of, if not the, biggest races in motor sports. The wait for the 2023 version of the Indianapolis 500 is almost over, as it is set to go this coming Sunday. Alex Palou is coming off a win on the Indianapolis track, but the 500 is a different setup, so can we really look at that win as a sign that he might be about to do the double in Indianapolis? Things may change, but here are the IndyCar betting analysis and the current favorites for the Indianapolis 500.

Early Week Updated for the Indy 500 | IndyCar Odds

When: Sunday, May 28 at 11:00 am ET
Where: Indianapolis Motor Speedway
TV / Streaming: NBC, Peacock

Josef Newgarden

Betting Pick: +600

Over the course of the last 6 years, Newgarden has been either 1st or 2nd overall 5 times, but despite that success, a win in the biggest race on the IndyCar schedule has eluded him. He has finished in the top 5 a couple of times, but his last 3 runs in this race have seen him fail to crack the top 10. He is also off to a bit of an uneven start to the 2023 season, and while he does have 1 win under his belt, his results have been unpredictable. All of that said, this is a guy who knows how to win, so he cannot be ruled out.

Bet Josef Newgarden to Win Today
MyBookie Betting Lines for the Race

Scott Dixon

Betting Pick: +600

You cannot argue that Dixon in one of the best drivers ever to grace the IndyCar circuit, coming into this season with no less than 6 World Championships to his name. The last, and only, time he won the Indianapolis 500 came in 2008, a year where he also went on to win it all. His last championship came in 2020 and he has been slipping a little ever since, with this season seeing him down in 7th in the early going. Despite the odds, Dixon still feels like a bit of a risky bet to me this weekend.

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MyBookie Betting Lines for the Race

Scott McLaughlin

Betting Pick: +600

Last year proved to be a breakout season for McLaughlin, who cracked the top 10 overall for the first time, finishing the season in a very respectable 4th. He won 3 races last season and is on pace to match that win record, with 1 win from the opening 5 races of the year. As good as he has been, he has still yet to prove himself in this race, with a 20th place finish his best showing in 2 attempts. I do think he will have a higher finish this time around, but will it be a win?

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MyBookie Betting Lines for the Race

Pato O’Ward

Betting Pick: +700

If I had to make a decision now on who I think might win this weekend, I think my money would be on O’Ward. He is coming off a disappointing season, but he has put that in the rearview and is delivering the goods in 2023. Sure, he has yet to win this season, but he does have a trio of 2nd place finishes through the opening 5 races. You also need to look at his recent performances in this race, with a 4th in 2021 followed by a 2nd place finish last year. It just feels like the time is right for O’Ward.

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MyBookie Betting Lines for the Race

I have read enough, I need to place my bet now. What to do?