Team Penske leads favorites in 2024 Indianapolis 500 Odds

Trio of Team Penske Drivers Leads the Field After Qualifying for Indy 500

The Great American Race is finally here. The Indy 500 is set for Sunday afternoon with IndyCar’s best gunning for the biggest prize in the series. They’re not the only ones, though, with at least one driver from another series looking to secure a win. Here’s how the 2024 Indianapolis 500 Odds look:

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2024 Indianapolis 500 Odds: Favorites

  • Scott McLaughlin (+400)

McLaughlin’s shown plenty of speed already at Indianapolis Motor Speedway. The Team Penske driver set a new record in IndyCar qualifying with an average speed of 234.22 mph.

That pace is surprising given his career track record at speedways, especially Indianapolis. He’s yet to break the top 12 in three career Indy 500 events. His best finish came last year with 14th.

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He’s notched one win already in Alabama and followed that with sixth place last time out at the Sonsio Grand Prix. His qualifying pace gives confidence but his lack of experience and track record casts some doubt on his victory chances.

  • Josef Newgarden (+550)

Newgarden was the king of ovals on last year’s IndyCar schedule. The Team Penske two-time champion won at Texas, the Indy 500 (albeit in a controversial ending), and both Iowa races.

His win last season was his first career victory at the track.

He’ll line up third on the grid for the race on Sunday in his second-best starting position for the event. Disqualification from victory in St. Petersburg brings down his season results so far.

He needs a good performance this weekend to move up the IndyCar standings and looks poised to follow through.

  • Will Power (+650)

Power’s enjoying one of his better starts to a season in recent memory. Second place in three of the first four championship races puts him within distance of leader Álex Palou.

Like the other Team Penske drivers, he’s starting at the front of the grid thanks to the second-best qualifying speed. That’s good precursor for success in his career.

Over 16 Indianapolis Grand Prix races in the Indy 500 format, his sole win (2018) came from third on the grid. He’s in the best form of the favorites and could parlay that and qualifying speed into a win.

  • Kyle Larson (+700)

Larson’s an exciting wild card this weekend. The NASCAR Cup Series driver is competing in his first IndyCar event and already has good pace.

He qualified fifth as the top rookie in the event this year. He’s looking to win here before flying to North Carolina for the Coca-Cola 600 on Sunday.

His speed is enough to make him the most fun choice of the favorites.


  • Alexander Rossi (+1000)

Rossi won his first career Indy 500 back in 2016. Since then, he’s finished in the top five in four of seven races, including last year.

His qualifying pace was impressive and he’ll start fourth on the grid Sunday. A mix of prior success and a solid start to the season (top-10 results in four of five races) make for a good sleeper candidate.

  • Scott Dixon (+1800)

Dixon’s started on pole position for the Indy 500 five times but won it just once (2008). He’s come close with seven other top-five finishes.

He will be starting farther down the order this weekend (21st) but he did win the most recent IndyCar oval race at Gateway last season. That’s historic pace worth betting on.

  • Santino Ferrucci (+1800)

Ferrucci’s entered five Indy 500 races in his career and made the top 10 in all of them. He finished sixth in qualifying and has the biggest payout among the fast six.

No driver on the grid can match his career average finish in the Great American Race.

  • Takuma Sato (+3000)

Sato’s lone IndyCar event of the season is one of his best. He won the Indy 500 in 2017 and 2020. Last year he finished seventh and led two laps after starting eighth on the grid.

He starts 10th this weekend, one of his better qualifying results in his career at the track. His track record alone is reason to back him with a sleeper pick.

  • Helio Castroneves (+4000)

One of the most successful Indy 500 drivers in the event’s history makes for a good sleeper option. Castroneves has four Indy 500 wins: 2001, 2002, 2009, and 2021.

It’s typically his best race of the season. It’d be an incredible story for him to break a tie for the most wins and secure a record fifth Indy 500 victory. He starts 20th but has the experience you look for in a sleeper.

2024 Indianapolis 500 Odds:Predictions

The Indy 500 looks like another classic race. Last year’s crash-marred event went down to the wire with Newgarden securing victory late in the race.

There could be more Penske glory this weekend thanks to their supreme pace in qualifying.

Of the favorites, we like Power (+650) but Larson (+700) is much more fun. Of the sleepers, we like Ferrucci (+1800) thanks to his combination of pace this weekend and track record.

Our top five picks are:

  • Power (-130)
  • Larson (-125)
  • Ferrucci (+220)
  • Newgarden (-150)
  • Rossi (+100).

For IndyCar betting news, odds analysis, and more, visit Point Spreads Sports Magazine.

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