Indy 500 odds: Way-too-early favorite revealed for 2024

With under four and a half months to go until the Indy 500, the opening odds have been revealed. Reigning winner Josef Newgarden is not the favorite.
Indy 500, IndyCar
Indy 500, IndyCar / James Gilbert/GettyImages

Ask, and you shall receive.

Not even a few hours after my annual offseason complaint spiel about how major sportsbooks are missing an even more major opportunity by ignoring IndyCar -- especially considering the fact that future NASCAR and Formula 1 odds have been up since their respective seasons ended -- DraftKings Sportsbook comes through by posting not only 2024 championship odds but odds for the 108th running of the Indy 500.

The championship odds were laid out in a separate article, so we're going to delve into the Indy 500 here.

But before we do, DraftKings Sportsbook is currently offering fans an instant $200 just for signing up and betting $5 on any driver (win or lose), so be sure to take advantage today, because this offer won't last forever.

As expected, Chip Ganassi Racing's Alex Palou, who became the fastest polesitter in Indy 500 history with his 234.217 mile per hour four-lap average around the four-turn, 2.5-mile (4.023-kilometer) Indianapolis Motor Speedway last May, is the favorite to win the 108th running of the "Greatest Spectacle in Racing".

Reigning race winner Josef Newgarden of Team Penske is listed as the third favorite (tied with 2008 winner Scott Dixon) to drink the milk in Speedway, Indiana for a second year in a row.

2024 Indy 500 odds: Alex Palou installed as early favorite

Here is the full list, courtesy of DraftKings.

Alex Palou, Chip Ganassi Racing: +550
Pato O'Ward, Arrow McLaren: +650
Scott Dixon, Chip Ganassi Racing: +800
Josef Newgarden, Team Penske: +800
Marcus Ericsson, Andretti Global: +1000
Alexander Rossi, Arrow McLaren: +1100
Scott McLaughlin, Team Penske: +1200
Kyle Kirkwood, Andretti Global: +1400
Will Power, Team Penske: +1500
David Malukas, Arrow McLaren: +1800
Santino Ferrucci, A.J. Foyt Enterprises: +1800
Colton Herta, Andretti Global: +1800
Felix Rosenqvist, Meyer Shank Racing: +2000
Rinus VeeKay, Ed Carpenter Racing: +2000
Linus Lundqvist (R), Chip Ganassi Racing: +2500
Kyle Larson (R), Arrow McLaren: +2500
Christian Lundgaard, Rahal Letterman Lanigan Racing: +3000
Graham Rahal, Rahal Letterman Lanigan Racing: +3500
Helio Castroneves, Meyer Shank Racing: +4000
Marcus Armstrong (R), Chip Ganassi Racing: +5000
Ed Carpenter, Ed Carpenter Racing: +5000
Marco Andretti, Andretti Global: +6000
Romain Grosjean, Juncos Hollinger Racing: +6000
Tom Blomqvist (R), Meyer Shank Racing: +15000
Kyffin Simpson (R), Chip Ganassi Racing: +15000
Sting Ray Robb, A.J. Foyt Enterprises: +20000
Pietro Fittipaldi, Rahal Letterman Lanigan Racing: +20000
Christian Rasmussen (R), Ed Carpenter Racing: +20000
Agustin Canapino, Juncos Hollinger Racing: +20000

Interestingly, Palou is also listed as the favorite to repeat as IndyCar champion in 2024, something that nobody has done since Dario Franchitti won three titles in a row from 2009 to 2011. Franchitti is also the driver who most recently won both the Indy 500 and the championship in the same season, doing so in 2010.

That is still more recent, however, than a driver winning the Indy 500 two years in a row, though Marcus Ericsson nearly ended that drought last year. Not since 2002 has a driver pulled it off, when Helio Castroneves remarkably won the race in his second attempt after winning it as a rookie in 2001.

So can Palou, whose runner-up finish in 2021 came behind Castroneves' record-tying fourth win, make history and end talk of the "Indy 500 hangover"? The 2010 championship was interestingly Franchitti's second in a row and third overall, and that's what the 2024 title would be for Palou if he is able to capture it.

Franchitti, however, had already won an Indy 500, doing so in 2007 -- when he also went on to win the IndyCar championship.

Palou's best Indy 500 finish is the aforementioned second place effort in 2021, but finishes of ninth and fourth in 2022 and 2023, respectively, undoubtedly would have been higher if not for early/mid-race pit incidents -- neither of which his fault -- miring him down in 30th on both occasions.

Among confirmed Indy 500 drivers, only Abel Motorsports' R.C. Enerson is not currently listed, but he would likely be listed as a +20000 longshot.

Several other teams still have seats to fill. There are two confirmed Dale Coyne Racing entries and two Dreyer & Reinbold Racing entries that still need drivers, and both Rahal Letterman Lanigan Racing and A.J. Foyt Enterprises are expected to add another car, which would bring the entry total to 36, matching the highest total since 2011.

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The 108th running of the Indy 500 is scheduled to take place on Sunday, May 26. The race is set to be broadcast live on NBC from Indianapolis Motor Speedway beginning at 11:00 a.m. ET. Begin a free trial of FuboTV and don't miss it!