The 2023 Indianapolis 500 goes down on May 28 and, this year, the US betting markets are packed with generous odds and offers.
However, to make the most of what’s available, you need to know where to place wagers, what the race entails, and more.
So, if you don’t want to stall ahead of the big race, here’s our complete guide to Indy 500 betting.
Bet $5 and win $150 in bonus bets if your bet wins!
The above offers are available in the following states at present: AZ, CO, CT, IL, IN, IA, KS, LA, MD, MA, MI, NJ, NY, OH, PA, TN, VA, WV, and WY and WY. 21+ Full T&Cs apply.
It’s not easy to make money on the Indy 500 because it’s such a competitive race. Essentially, you can’t control the drivers, the cars, or the outcome. What you can control, however, is where you place your bets. Choosing the right sportsbook not only gets you the best Indy 500 betting odds, but a variety of added extras.
The art of gambling is all about controlling the variables you can control. Choosing the right Indianapolis 500 betting site is something you can control. That’s why we put so much time and effort into finding the best places to bet on Indy 500 races. Our hard work means you can simply choose one (or more) of our recommended IndyCar betting sites and enjoy the race.
Of course, we can’t just say they’re the best, we have to prove it by revealing how we rate sportsbooks. We use the four Os to assess a sportsbook. What are the four Os? Good question. The four Os are…
Online sportsbooks live and die by the odds they offer. Why? Because you’re almost always going to use the betting site that offers the best odds. There are some exceptions to this rule but, in general, the betting odds need to be as generous as possible. It doesn’t matter if you’re betting on the favorite to finish in first place or a longshot, odds matter.
The only thing second to odds are offers. All of the top Indy 500 betting sites run race car promotions. We know auto racing doesn’t start and end with Indy Car, but the 500 is a big event. Therefore, to be ranked among the best Indianapolis 500 betting sites, we want to see odds boosts, cashback incentives, reload bonuses, and free bets.
Features aren’t everything, but apps with added extras, such as statistics, live streams, blog, and Indy 500 betting tips always get more love from our experts. The sportsbooks we’ve recommended not only offer competitive auto racing odds and generous promotions but a nice array of features to help you get more from your time online.
One quality that’s non-negotiable when it comes to online gambling sites is compliance. Specifically, we only recommend sportsbooks that are licensed and, therefore, comply with strict regulations. Compliance with strict regulations means you get fair odds, secure software, guaranteed payouts, and excellent customer service.
$100 second chance bet
The above offers are available in the following states at present: AZ, IN, IA, NJ, PA, and VA. 21+ only. Terms & Conditions apply. If you or someone you know has a gambling problem and wants help, call 1-888-532-3500.
Motor racing covers a variety of disciplines, including Formula 1, NASCAR, and IndyCar. Of all the IndyCar races, the 500 comes out top in terms of entertainment, danger, and drama. The oddsmakers know this, which is why they spread as many Indy 500 bets as possible. Some of the main wagers are…
Picking the driver you expect to cross the finish line in first place is known as an outright bet.
Much like horse racing where you can make each-way bets, it’s possible to bet on drivers to finish on the podium. This means they don’t have to take first place. A podium bet allows you to win money if drivers finish in first place, second place, or third place.
There may be occasions when you can get a payout if your pick finishes in fourth place or fifth place. However, these bets would most likely be part of a promotion. In general, podium bets get you a return if your driver finishes in the top three.
Head-to-head bets pit one driver against another. So, if a sportsbook offers odds on Alexander Rossi vs. Ryan Christopher Hunter-Reay, that means you need to choose the driver you think will finish first. These drivers don’t have to win the race or finish on the podium, it’s basically a two-horse race. So, if you picked Rossi and he finished ahead of Hunter-Reay, you’d win the bet.
Prop bets focus on specific outcomes. In football, a prop bet would be something like “X player to score Y number of touchdowns.” In auto racing, you’re betting on similar things such as X driver to finish within a certain time or X driver to overtake Y number of competitors.
Futures bets are season-long wagers that cover a league or tournament. For example, if you’re a fan of football, you could bet on the Pittsburgh Steelers to win the NFL. When it comes to motorsports, you can focus on big races months before they’re due to start or season-long competitions. So, in this context, you can bet on the winner of the Indy 500 as well as the IndyCar series.
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Which drivers are among the favorites to win the 2023 Indy 500? Betting odds don’t always tell the whole story, but they’re a good way to gauge what the experts think and, in turn, who people are wagering money on.
Looking through this year’s starting lineup, there are plenty of fantastic drivers. From IndyCar veterans and NASCAR pros to ex-Formula 1 drivers, there’s a lot of talent in the field. Based on our research, the top Indianapolis 500 betting picks for 2023 are (odds provided by Unibet):
Other drivers to look out for in the latest Indy 500 betting markets are Will Power (+1600), Scott McLaughlin (+1800), and Tony Kanaan (+2000).
The Indianapolis 500 averages over 5 million viewers in the US. Take into account the world at large and this figure increases dramatically. This makes it one of the most popular racing events in the world, but how did we get to this point?
The Indy 500 first took place in 1911 at Indianapolis Motor Speedway. It was known as the International 500-Mile Sweepstakes Race back then. It kept its official name until 1916 when it was officially changed to what most people referred to it as anyway, the Indianapolis 500.
The race gets its name because it lasts for 500 miles. That equates to 200 laps of Indianapolis Motor Speedway, aka the Brickyard. Why is it such a long race? Well, it’s a test of endurance and it evolved out of similar races held at the speedway, such as the 100-lap Prest-O-Lite Trophy.
With those races attracting thousands of spectators, the organizers upped the ante in 1911. Since then, the Indy 500 has become a Memorial Day tradition in the US. Over 350,000 people attend the race during the last weekend of May and, as we’ve said, millions more watch on TV. This alone makes it a major race to bet on.
However, the other reason people enjoy betting on Indy 500 races is the fact it’s so unpredictable. It plays out over 200 laps which makes it as much a test of endurance as skill. Indeed, as drivers get tired the risks increase. All of these factors combine to create a heady cocktail of danger and excitement. In turn, this makes Indianapolis 500 betting highly entertaining.
Picking the winner of the Indianapolis 500 isn’t easy. However, as it is with all types of sports betting, you can often use history as a guide. Although former winners in the current starting lineup aren’t guaranteed to perform well, they’re almost always worth considering.
What’s more, you can use recent Indy 500 winners as examples of what it takes to cross the finish line in first place. Put simply, if recent winners all have certain skills in common, you can look at the 2023 Indy 500 starting lineup for drivers that have similar talents.
The Indianapolis 500 champions over the last 10 years are:
Sato is a professional driver who previously competed in Formula 1 before crossing over to IndyCar. In 2023, he drove the Number 11 Honda for Chip Ganassi Racing. Sato, who hails from Japan, was the first Asian to win the Indy 500. He followed up his first victory in 2017 by winning the race again in 2020.
Castroneves started racing karts at the age of 10 before making his way up the ranks. As well as racing in British Formula Three, he competed in the Indy Lights series. He’s now an IndyCar driver as well as a competitor in the IMSA SportsCar Championship. Castroneves is a master at endurance racing, having won the 24 Hours of Daytona race three times in addition to the 2021 Indy 500.
Ericsson is a Swedish racing driver who’s competed across various disciplines, including British Formula Three, GP2, and Formula 1. He became a full-time Indy Car driver in 2018 for Schmidt Peterson Motorsports and, just four years later after moving to Chip Ganassi Racing, he won the Indianapolis 500.
Yes! Online sports betting is legal in dozens of US states. Therefore, if you’re in a place where sports betting is regulated, you can use one of our recommended apps to wager money on the Indy 500. You will need to be within state lines and at least 21 years old to join.
However, as long as you meet these conditions, you’ll be able to deposit money and bet on IndyCar races via your computer or mobile. What’s more, if you use our registration links, you’ll get access to exclusive bonuses and promo code offers.
We can’t list all 30 states that offer legal sports betting. However, some of the biggest markets are: Arizona, Colorado, New Jersey, Nevada, Pennsylvania, Michigan, Massachusetts, and West Virginia.
$250 welcome match bonus
The above offers are available in the following states at present: AZ. 21+ Full T&Cs apply.
Yes! Some states with gambling regulations only have land-based sportsbooks at the time of writing. However, it’s generally true that, if a state offers legal sports betting, you’ll be able to wager money in-person at casinos and with licensed vendors, as well as online via your computer or mobile.
Also a football fan? Find the best betting XFL sites here.
You can find the best Indy 500 betting odds and offers at these sportsbooks:
Bet $5 and win $150 in bonus bets if your bet wins!
The above offers are available in the following states at present: AZ, CO, CT, IL, IN, IA, KS, LA, MD, MA, MI, NJ, NY, OH, PA, TN, VA, WV, and WY and WY. 21+ Full T&Cs apply.
DraftKings is a great sportsbook for anyone who wants a crossover betting experience. Specifically, if you want to take part in daily fantasy sports contests, you can. If you want straight betting odds, you’ve got them. Add to this a generous welcome bonus, plenty of unique promotions, such as the $1 million leaderboard challenge, and competitive odds, and DraftKings is a great place to bet on the Indy 500.
Get up to $1,000 paid back in bonus bets
The above offers are available in the following states at present: AZ, CO, FL, IL, IN, IA, KS, LA, MD, MA, MI, MS, NV, NJ, NY, OH, OR, PA, PR, TN, VA, WA, WV, and WY. 21+ Full T&Cs apply.
BetMGM often tops sports bettors’ lists as the best app. The $1,000 first-deposit match for new customers is impressive, as is the MGM Rewards loyalty scheme. We also think BetMGM has competitive odds that cover a variety of outcomes. However, what really sets this sportsbook apart from the rest is the software. It looks great, it’s easy to find the latest odds, and there are plenty of added extras, including live streams, stats, and betting tips.
2nd chance bet up to $500
The above offers are available in the following states at present: AZ, CO, CT, IL, IN, IA, LA, MD, MI, NJ, NY, OH, PA, VA, WV, and WY. 21+ Full T&Cs apply.
BetRivers is an all-round performer. Newbies can get a match bet if their first wager loses, which is great for those betting on the Indy 500. The odds are also strong and the software has solid ratings among desktop and mobile users. There’s also a loyalty program called iRush Rewards, so you can get more value each time you bet on sports.
The endurance factor is one of the reasons millions of people watch the Indianapolis 500. But surely that can’t be the only reason it’s popular? That’s right, it’s not. This race captures the imagination of racing fans and sports bettors for a myriad of reasons, including:
The best drivers want to win the Indy 500. We outlined the recent winners earlier in this guide and, from that list, you can see they hail from countries around the world. What’s more, they also come from all disciplines, including NASCAR and Formula 1. This makes it a highly competitive race.
IndyCar Championship points are doubled for the 500. Therefore, drivers gunning for championship glory have even more incentive to put in their best performance.
The Indianapolis 500 isn’t open to anyone who gets behind the wheel of a racing car. The competitors are all highly-qualified and have performed well in multiple races to demonstrate they’re worthy of a place on the starting grid.
Another reason the Indy 500 is such a big race is the fact it attracts major sponsors. From NTT and Honda to Tag Heuer, Shell, and Sirius XM, major brands want to align themselves with the race. This gets them exposure and, in turn, creates a certain prestige to the event.
$100 second chance bet
The above offers are available in the following states at present: AZ, IN, IA, NJ, PA, and VA. 21+ only. Terms & Conditions apply. If you or someone you know has a gambling problem and wants help, call 1-888-532-3500.
Gambling is an uncertain endeavor but you can give yourself the best chance of making winning Indy 500 bets by following these simple tips:
There are few races in the world like the Indy 500. The drivers, the cars, and the fact it takes place over 200 laps of the Indianapolis Motor Speedway makes it a tough race to win. Tough races are often the most exciting to watch and bet on. Therefore, if you’re a fan of motorsports and want even more entertainment over Memorial Day weekend, make sure you check out what the best Indy 500 betting sites have to offer.
Daniel Russo
Originally from Southern California, Daniel just recently located to beautiful Northern Colorado. He’s most at home on road trips, rolling in his station wagon to new destinations all over the United States with his wife of ten years, and their three rescued terriers, The Stig, Mac, and Cheese. Off the clock, Daniel enjoys punk rock, online video games, hiking, fishing, craft beer, and finding the best local foods.
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Remember to gamble responsibly
A responsible gambler is someone who:
For help with a gambling problem, call the National Gambling Helpline on 1-800-522-4700 or go to ncpgambling.org/chat
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