Who will win the Indy 500 in 2024? Odds, expert picks & betting favorites for race at Indianapolis

The Indy 500 is one of the biggest spectacles in racing every year, but there will be a particularly notable interest in the event in 2024.

It isn't just because eight former champions are competing this year. It's because NASCAR's Kyle Larson is looking to become just the fifth driver to complete the double by competing at the Indy 500 and in the Coca-Cola 600 on the same day.

Larson impressed at Indianapolis 500 qualifying and earned himself the No. 5 spot in the IndyCar Series field. That makes him among the top contenders in the race along with pole-sitter Scott McLaughlin, reigning champion Josef Newgarden and veteran driver Will Power.

MORE: Breaking down Kyle Larson's qualifying time at 2024 Indy 500

Those top four represent the drivers with the best chance to win Sunday's race, but the field is stacked with other top competitors like Pato O'Ward and Alex Palou. Legends like Helio Castroneves will also be in the mix, so there will be plenty of experienced drivers looking to move their way into contention at Indianapolis Motor Speedway.

Which drivers will contend for the Indy 500 title? The Sporting News has the latest breakdown of the odds to win the race as well as three expert picks who could take the checkered flag in 2024.

Indy 500 odds to win 2024 race

Scott McLaughlin (+450) will be the pole-sitter for the Indy 500 in 2024. He earned the No. 1 spot in the field after averaging a speed of 234.2 mph during his four-lap qualifying run. That was roughly the same as Alex Palou's mark from 2023 when he posted a record-setting average speed of 234.217 mph before the race.

Will Power (+600) and Josef Newgarden (+500) will join McLaughlin in the front row. Newgarden won the Indy 500 in 2023 running from the No. 17 spot, so it makes sense he'd be among the favorites while running up front.

The only other driver with better than 10-1 odds to win the race is Kyle Larson (+700). The NASCAR points leader is attempting to run both the Indy 500 and Coca-Cola 600 on the same day. His qualifying run at Indianapolis Motor Speedway gave him the No. 5 starting spot, so he may have a chance to win despite competing in a less-familiar vehicle.

Below are the full opening odds for the 2024 Indy 500, per BetMGM Sportsbook. These odds are subject to change in the lead-up to Sunday's race.

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Indy 500 expert picks

Below are three drivers that are good to bet on as winners or top-five finishers at the Indy 500 in 2024.

Josef Newgarden (+500)

The best betting strategy for the Indy 500 is to pick just one driver with better than 10-1 odds to win the race. That means bettors will face a tough decision when evaluating Newgarden, Scott McLaughlin, Kyle Larson and Will Power ahead of the race.

Newgarden faces a major obstacle in his path to another victory, as no driver has won back-to-back Indy 500s since Helio Castroneves in 2001 and 2002. That said, Marcus Ericsson's runner-up finish at the event in 2023 should give many hope that Newgarden can contend. So too should his quality qualifying run, during which he posted an average speed of 233.8 mph, good for the third-best in the field.

Newgarden has two top-10 finishes in five races this season and also had a win stripped of him after violating IndyCar's push-to-pass system. That aside, he has a strong history at the Indy 500. He won the race last season but has five other top-10 finishes in his previous runs at the Brickyard. That should allow him to stay in contention, especially with his car appearing to be in great working order.

The other top-rater drivers come with greater risks than Newgarden. McLaughlin has never finished better than 14th at the Indy 500, Power hasn't finished better than 14th since 2018 and Larson has never competed in an IndyCar Series race. All certainly have the speed and driving talent to win, but Newgarden seems like the safest to become a true contender at the race in 2024.

Rinus VeeKay (+1400)

Bettors may be disenchanted with the thought of betting VeeKay. After all, he qualified with a top-four speed in each of his four previous Indy 500 appearances. Among those, his best finish is eighth.

This year, VeeKay's qualifying speed put him in seventh, so why back him now? The Dutch driver has shown solid form of late, moving up from the 27th-place start to the 17th at the Grand Prix of Alabama and going from 18th to 14th at the Grand Prix of Long Beach.

Those may not be race-winning numbers, but the fact that VeeKay has been able to navigate traffic effectively and move up in the pack is a good sign. It should allow him to inch his way to the front of the Indy 500 field given the speed of his car (232.6 mph).

Either way, VeeKay seems poised for a solid finish at Indianapolis Motor Speedway. He should battle for another top-10 spot and could easily work his way into the top five — especially if Larson, who is starting in front of him, endures any issues in his first career IndyCar race. Thus, getting VeeKay at 14-1 odds seems like a strong value.

Takuma Sato (+3000)

Sato has two Indy 500 wins under his belt (2017 and 2020) and has generally fared well in the event since his first win. He has four top-10 finishes in that span and has finished ahead of his starting spot in five of the seven races.

Sato comes with plenty of Indy 500 experience and qualified in 10th place for the race with a speed of 232.2 mph. That isn't bad considering he hasn't competed in an IndyCar race since the Grand Prix of Illinois last August.

Of course, that's why many will want to fade Sato in this spot. He simply hasn't raced much lately. Even so, he has more than enough racing experience to emerge as a contender at Indianapolis Motor Speedway again, so getting him at 30-1 odds seems like a steal.

MORE: Full starting grid for the Indianapolis 500 in 2024

Indy 500 winners by year

Josef Newgarden won the Indy 500 in 2023. He became the second consecutive first-time winner of the race and denied runner-up Marcus Ericsson of back-to-back wins at the race.

Now, Newgarden will hope to become the first driver to win back-to-back Indy 500s since Helio Castroneves did so in 2001 and 2002. He will face stiff competition from a field full of former champions, as eight Indy 500 winners will compete in this year's race. They are as follows:

• Josef Newgarden
• Marcus Ericcson
• Helio Castroneves
• Takuma Sato
• Will Power
• Scott Dixon
• Alexander Rossi
• Ryan Hunter-Reay

Below is a full list of the race's winners dating back to Ray Harroun's win in 1911.