Team Penske's Josef Newgarden became the first driver to win back-to-back Indy 500s in more than two decades last May, but none of the previous five who pulled off the rare feat ever went on to win three in a row.
Entering the 2025 IndyCar season, the two-time reigning winner was listed by most major sportsbooks as the favorite to score a three-peat in the "Greatest Spectacle in Racing".
But at DraftKings Sportsbook, there is a new favorite to win the 200-lap race around the four-turn, 2.5-mile (4.023-kilometer) Indianapolis Motor Speedway after the first two races of the season.
With under two months to go until the 109th running of the Indy 500, Chip Ganassi Racing's Alex Palou is now listed as the favorite to win.
The three-time and two-time reigning series champion is listed at +450, and Newgarden isn't even listed second; Arrow McLaren's Pato O'Ward is, and he is listed at +600 after finishing runner-up to Newgarden last year. Newgarden is third at +650, ahead of McLaren-Hendrick's Kyle Larson at +900.
Chip Ganassi Racing's Scott Dixon and Team Penske's Scott McLaughlin are both listed at +1000.
Full odds can be found here.
Palou is still seeking his first career oval win, but there is an overarching sense that it is only a matter of time. He opened up the 2025 season with back-to-back victories on the streets of St. Petersburg and at Thermal Club, and neither win was particularly likely at the midway point.
Palou took the pole position for the Indy 500 in 2023, and he rallied from 30th in both 2022 and 2023 after issues in the pits dropped him from lead. In 2022, he placed ninth, and in 2023, he placed fourth. Last year, he had his career-worst qualifying effort of 14th, but he was in the lead pack late in the race and placed fifth.
His best career Indy 500 finish is second, when he was beaten by four-time winner Helio Castroneves in the closing laps back in 2021.
Additionally, Newgarden, despite registering his second straight Indy 500 win, had a bit of a down year last year, and that included his oval performance. He only won one of the other six oval races on the schedule, but when he won the Indy 500 in May, it was his ninth oval win in his 12 most recent oval starts at the time, a stretch that included five wins in a row at one point.
So on one hand, you could argue that he is due for another oval win. On another, you could argue that his spot as IndyCar's dominant oval driver is no longer cemented; after all, it was McLaughlin who won last year's oval championship, and he impressively clinched it before the oval finale.
It is also worth mentioning that, unlike DraftKings Sportsbook, FanDuel Sportsbook have not updated their Indy 500 odds for several months, yet they are still available to bet on.
And Palou is still listed at +1100, tied with McLaughlin and Dixon behind a three-way tie at +750 that includes Newgarden, O'Ward, and Larson. So if you want to bet on Palou, get the best value at FanDuel.
Full odds can be found here.
Odds and availability are always subject to change.
Indy 500 qualifying is scheduled to take place on Saturday, May 17 and Sunday, May 18, with Fox and Fox Sports 1 each set to be responsible for portions of live coverage. The 109th running of the race itself is scheduled to take place on Sunday, May 25, with Fox set to provide live coverage beginning at 10:00 a.m. ET. Be sure to begin a subscription of FuboTV and take advantage of their free trial offer!