IndyCar has two co-favorites to win the Indy 500, and neither is Kyle Larson

The final IndyCar race before the focus officially turned to the 108th running of the Indy 500 at Indianapolis Motor Speedway on Sunday, May 26 took place at the track's road course this past Saturday afternoon, kicking off IndyCar's month of May festivities.

The series is officially set to be "Back Home Again" at the "Racing Capital of the World" starting this Tuesday with the opening practice session for the "Greatest Spectacle in Racing", provided the weather holds out.

As IndyCar action prepares to heat up in its premier month on the calendar, sportsbooks have already turned their attention to the upcoming "Greatest Spectacle in Racing".

DraftKings Sportsbook lists two co-favorites to win the 200-lap race around the four-turn, 2.5-mile (4.023-kilometer) Speedway, Indiana oval. And despite his surge up the odds list following his impressive showing in last month's open test, neither one is named Kyle Larson.

Alex Palou, Pato O'Ward are Indy 500 favorites

Chip Ganassi Racing's Alex Palou and Arrow McLaren's Pato O'Ward are both listed at +600 to win this year's Indy 500. Palou has been the driver to beat over the last three years, but after a runner-up finish to four-time winner Helio Castroneves in 2021, pit road issues have kept him from truly battling for victory.

In 2022, he was able to rally from 30th place to ninth. Last year, he was able to rally from 30th to fourth after starting from the pole position with the all-time record pole speed.

Between Palou and O'Ward, take your pick as to who is more "due". O'Ward recorded finishes of sixth, fourth, and second place in his three Indy 500 starts leading up to last year, when he led the most laps but ultimately crashed out battling for second with just a handful of laps remaining.

Larson is listed third at +650, despite the fact that he has no IndyCar experience. The McLaren-Hendrick driver, who is attempting to become just the second driver to run all 1,100 miles of the Memorial Day Double, finished the open test in second place behind Team Penske's Josef Newgarden. Newgarden is the reigning race winner and is listed fourth at +750.

Full odds can be found here.

Odds refresh periodically and are subject to change.

Indy 500 practice is scheduled to begin on Tuesday, May 14, leading up to qualifying on Saturday, May 18 and Sunday, May 19, when one driver will ultimately fail to qualify for the race. NBC is set to provide live coverage of the Indy 500 itself beginning at 11:00 a.m. ET on Sunday, May 26. Start a free trial of FuboTV today and don't miss it!