Indy 500: Four new drivers emerge as favorites after qualifying

Following Saturday's full field qualifying session for the 108th running of the Indy 500 at Indianapolis Motor Speedway, there are four drivers listed by DraftKings Sportsbook as co-favorites to win next Sunday afternoon's running of the "Greatest Spectacle in Racing".

None of them had, at any point, been a betting favorite to win the race leading up to qualifying around the four-turn, 2.5-mile (4.023-kilometer) Speedway, Indiana oval.

Last week, Chip Ganassi Racing's Alex Palou and Arrow McLaren's Pato O'Ward were listed as co-favorites at +600. After winning last Saturday afternoon's race at the Indianapolis road course, Palou, last year's Indy 500 polesitter, became the single favorite at +400.

But Chip Ganassi Racing found themselves lacking in overall pace in this year's Indy 500 qualifying, and Palou could only manage to lock his No. 10 Honda into the 14th starting position, the worst of his five-year career. He still led the five-car team, as perhaps most notably, teammate Scott Dixon qualified in 21st, the worst of his 22-year career.

Palou's odds have moved from +400 to +1000 as a result of his fifth row effort. O'Ward, on the other hand, was able to advance to Sunday afternoon's Top 12 qualifying session with the 10th fastest speed, but he is listed at +800.

Four new betting favorites to win the 2024 Indy 500

The four co-favorites, all of whom also advanced to the Top 12 qualifying session, are listed at +700. They include the Team Penske trio, who swept the top three spots in terms of four-lap average speed during both the Fast Friday practice session and Saturday's qualifying session, as well as McLaren-Hendrick's Kyle Larson.

Full odds can be found here. Odds refresh periodically and are subject to change.

The Team Penske trio consists of 2018 Indy 500 winner Will Power, who topped the speed chart on Saturday, 2023 Indy 500 winner Josef Newgarden, and Scott McLaughlin.

Prior to this shift in the odds, it was actually Larson who was listed with the shortest odds among this group of four drivers, despite the fact that the 2021 NASCAR Cup Series champion has never competed in an IndyCar race. But despite his meteoric rise up the charts following April's open test, he had not been a favorite until now.

Newgarden had been listed just behind Larson, with Power and McLaughlin a bit further down the order.

McLaughlin finished second quickest on Saturday, followed by Newgarden in third. Larson was sixth, with Arrow McLaren teammate Alexander Rossi (+900) and Andretti Global's Kyle Kirkwood (+1800) separating him from Roger Penske's three drivers.

Full Saturday qualifying results, including the full list of drivers set to take part in Sunday's Top 12 qualifying session, can be found here.

The Top 12 qualifying session is set to be broadcast live on NBC from Indianapolis Motor Speedway beginning at 3:00 p.m. ET on Sunday afternoon, followed by the Last Row Shootout at 4:15 p.m. ET. The Firestone Fast Six shootout for the pole position is set to wrap up the weekend's action beginning at 5:25 p.m. ET.

NBC is also set to provide live coverage of the 108th running of the Indy 500 itself beginning at 11:00 a.m. ET next Sunday, May 26. Start a free trial of FuboTV now and don't miss any of the action!