For the second time since 2023, Chip Ganassi Racing's Alex Palou put the No. 10 Honda on pole for the Indy 500 at Indianapolis Motor Speedway, and this time around, it actually felt like somewhat of a surprise, after he was only 11th quickest in the first round of qualifying.
Still, as he does so often, the 29-year-old Spaniard showed up when it counted most, and he became the first reigning Indy 500 winner to take pole since Helio Castroneves did it in 2010.
So it's no surprise that he's listed by DraftKings Sportsbook as the betting favorite to win the 110th running of the "Greatest Spectacle in Racing" this coming Sunday.
He's been the favorite to do so for pretty much the entire 2026 NTT IndyCar Series season.
Before Team Penske's Josef Newgarden won it in both 2023 and 2024 to become just the race's sixth back-to-back winner, the event hadn't had a back-to-back winner since Castroneves won it in 2001 and 2002. Newgarden's repeat ended the second-longest steak without a back-to-back winner in race history.
Now the odds of back-to-back back-to-back winners are +250.
Palou's +250 odds to win are as short as they've been, but behind him, things are a little bit shaken up following Sunday's qualifying session.
Here are the top five drivers most likely to dethrone the four-time series champion on Memorial Day Weekend.
1. Pato O'Ward, Arrow McLaren
Odds: +650
While Pato O'Ward was clearly frustrated with his qualifying effort, even after advancing to the Firestone Fast Six, the race itself has historically been his strong suit. He has been a contender in each of the five most recent editions of the Indy 500, but perhaps now more than ever, the two-time runner-up needs to get the monkey off his back and finally seal the deal.
T-2. David Malukas, Team Penske
Odds: +800
David Malukas finished runner-up in the Indy 500 a year ago with A.J. Foyt Enterprises, one year after missing the race entirely when he was released by Arrow McLaren due to an offseason injury. With Team Penske, he took pole for his first oval race at Phoenix Raceway and is set to start the Indy 500 on the front row. Has he really already emerged as Roger Penske's top driver?
T-2. Alexander Rossi, Ed Carpenter Racing
Odds: +800
This is the Alexander Rossi we've been waiting to see for the past seven years, following his epic duel with Simon Pagenaud in 2019 – and even his otherworldly outside restart moves in turn one and two in 2018, when he drove from 32nd to third before settling for fourth. His second place starting spot is a career-best, and the 2016 winner has been absolutely dialed in all month long. Let's just hope he's good to go after his violent practice crash on Monday.
T-4. Josef Newgarden, Team Penske
Odds: +900
You know what they say; starting position is just a number. After starting 32nd due to penalty a year ago in his attempt to three-peat, Josef Newgarden was ahead of Pato O'Ward, who finished third, when he was knocked out late with a fuel pump issue. This year, he has the "advantage" of starting 23rd as he tries to make it three wins in four years. He's also quietly riding a two-race oval win streak.
T-4. Conor Daly, Dreyer & Reinbold Racing
Odds: +900
Another driver who has been dialed in all month is Conor Daly, whose eighth place qualifying position is also a career-best. He has led laps in four of the five most recent editions of the Indy 500, including the most laps in 2021, and he is one of just three drivers to finish in the top 10 in every Indy 500 since 2022. Only Palou and Santino Ferrucci, who is listed closely behind him at +1100, have also done so.
Others to watch: Team Penske's Scott McLaughlin (+1000), A.J. Foyt Enterprises' Ferrucci (+1100), Meyer Shank Racing's Felix Rosenqvist (+1200), Chip Ganassi Racing's Scott Dixon (+1600)
Full Indy 500 odds can be found here and are always subject to change.
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