IndyCar: How to read and understand motorsport betting odds

For better or worse, sports betting is everywhere, and its popularity is only increasing as it continues to be legalized in more and more states across the United States.

Though you primarily see constant sportsbook ads and odds listings when you're watching or following traditional sports such as football, basketball, and baseball, betting has also become popular within the motorsport community.

Though it's not quite as popular as NASCAR, that community certainly includes IndyCar.

What do IndyCar betting odds mean?

A few years ago, it was hard to find IndyCar odds during the racing season no matter where you looked. Now the IndyCar championship isn't the only thing you can bet on at most sportsbooks. Individual race results, podium finishes, and head-to-head matchups are among some of the most common offerings.

For the sake of understanding what odds mean, we're going to use the IndyCar championship, as there is currently a driver listed with minus odds, along with everybody else listed with plus odds.

For those who are totally new to betting, "+" means that's how much you win if you bet $100, and "-" means that's how much you have to bet to win $100.

In a series as competitive as IndyCar is, there usually aren't any drivers listed with minus odds for an individual race.

Two-time and reigning series champion Alex Palou of Chip Ganassi Racing is listed by FanDuel Sportsbook at -200 to win this year's championship. This means that if you bet $200 on Palou to win and he does, you win $100 for a $300 total payout.

The implied probability of -200 odds is 66.67% (200/300).

Listed as the second favorite is teammate Scott Dixon at +550. This means that if you bet $100 on the six-time champion to win a seventh title and he does, you win $550 and can claim a $650 payout.

The implied probability of +550 odds is 15.38% (100/650).

One other thing worth mentioning is that the sportsbooks will always have the house edge, which prevents bettors from profiting simply by betting varying amounts on every possible outcome. This is done by ensuring that the implied probabilities of all potential outcomes within an individual market add up to over 100%.

Odds refresh periodically and are subject to change. If you or someone you know has a gambling problem, call 1-800-GAMBLER.

The next race on the 2024 IndyCar schedule is the Bommarito Automotive Group 500, which is set to be broadcast live on USA Network from World Wide Technology Raceway at Gateway beginning at 6:00 p.m. ET on Saturday, August 17. Start a free trial of FuboTV and don't miss any of the action!