Indy 500 Betting Sites
Who needs the Monaco Grand Prix when you have the Indy 500? Dubbed “The Greatest Spectacle In Racing,” this is one of the premier motor races in the world, which goes down on Sunday during Memorial Day weekend.
During the Indy 500, the best drivers worldwide reach speeds up to 230 mph + as they zoom around the oval track at the Indianapolis Motor Speedway. This legendary race has been going on since 1911, and it isn’t slowing down! You can now bet on the Indy 500 in 30 + US states and celebrate alongside your favorite driver.
Fasten your seatbelts as we get your engine up to speed on everything you need to know about Indy 500 betting sites, and we will share strategy tips, a breakdown of betting types, and useful race facts!
Indy 500 Betting Apps
Now that you understand the basics of the Indy 500, we have arrived at the meat and potatoes section of this article. After thoroughly testing every licensed Indy 500 betting site, our team has to come to a unanimous decision. Here are the top 5 sites that smoke the other sportsbooks based on odds, bonuses, usability, customer support, and mobile betting:
#1. FanDuel Sportsbook
FanDuel Sportsbook takes the podium position in our race for the number 1 Indy 500 betting site with a well-designed mobile app, giving bettors instant access to a variety of Indy 500 live betting markets.
FanDuel usually offers a promotion targeting the Indy 500 for both new and existing bettors, including profit boosts and same-race parlays.
FanDuel has never let me down. I am on a first-name basis with the customer support team, and they always cash out me within a few hours. I find their betting odds better value than other sportsbooks, and if you enjoy parlays, then there is no better Indy 500 betting site out there. Paul Ricci (Chief Sports Editor)
#2. Caesars Sportsbook
Caesars Sportsbook is the official betting partner of the Indy 500 and is available in a majority of US states, offering an immersive betting experience thanks to a variety of live markets combined with HD streams of The Greatest Spectacle In Racing.
Caesars markets itself to recreational bettors, which means you can take advantage of soft odds and an easy-to-use betting app. Caesars Sportsbook usually offers exclusive promos for the Indy 500, like bonus bets, same-race parlays, and odds boosts.
#3. BetMGM Sportsbook
BetMGM Sportsbook offers live “in-play” betting on the Indy 500 from most US states with market-leading odds.
BetMGM offers great value on underdog drivers, and they have extensive markets, including props and head-to-head matchups.
BetMGM also has reliable 24/7 customer support, a high quality mobile app, and the industry industry-leading BetMGM rewards program where you earn points every time you bet, book complimentary hotel rooms, shows, and free meals at MGM properties.
If I’m in the mood to back some no-hopers, then I head straight for my BetMGM account, as they tend to have the longest odds for underdog drivers at the Indy 500. And when my friends who are new to online sports betting ask me to recommend a sportsbook I usually send them to BetMGM because they also have big welcome offers. Paul Ricci (Chief Sports Editor)
#4. Bet365 Sportsbook
Bet365 Sportsbook offers an incredible Indy 500 betting experience to bettors in a growing number of states. Bet365 consistently seems to offer the softest odds for Indy 500 markets and bettors can take advantage of the top 3, handicap, fastest lap, and other markets to bet on all aspects of the Indy 500.
Bet365 also has some other great features that will supercharge your experience, including live streams, early cashout, and bet boosts.
Trust the Brits to come up with an epic Indy 500 betting site or bookmaker, as they like to call it. bet365 likes to cater to recreational bettors, so they are my go-to when I am on the hunt for soft Indy 500 odds. I also like their range of markets for the Indy 500, including head-to-head matchups and handicaps. Damjan Spajić (Sports Editor)
#5. DraftKings Sportsbook
DraftKings Sportsbook is available in most US states and might have the best-designed mobile app in the industry. DraftKings offers great Indy 500 odds and promotions, and their odds for the favorites tend to be higher than competing sportsbooks.
DraftKings hasa wide variety of betting markets for the Indy 500, including bets on the winner top 3, and props like fastest pit stop. Leading up to the race, they have some great analysis on who is likely to win, and on race day, you can even live stream the Indy 500.
When I am betting on motorsport on my phone, I always pull up the DraftKings app. It never crashes, and you can place a wager with the click of a button. Also, if you are looking for insurance, cashback, odds boosts, and other Indy 500 specific promos, then I find DraftKings the best value. Paul Ricci (Chief Sports Editor)
What Is the Indy 500?
The Indy 500 is the most prestigious Indy Car race of the season and takes place annually on the Sunday during Memorial Day weekend at Indianapolis Motor Speedway (IMS) in Speedway, Indiana.
As the name implies, The Indy 500 is raced over 500 miles, and drivers must complete 200 laps of the circuit. The race has a long history with the first event taking place in 1911 and was won by Ray Harroun.
At the Indy 500, each lap is 2.5 miles long, and unlike F1 circuits, the track is an oval with just four turns per lap.
How to Bet On the Indy 500
Placing a bet on the Indy 500 is as simple as following the steps below:
- Scroll through the betting sites on our list and use our link to unlock a fantastic welcome bonus
- Fill out the registration form, and remember to have your Social Security number handy
- If requested, upload your ID and proof of residence
- Open the cashier and make a deposit (click on your payment method, enter an amount, and type in your payment details)
- Your deposit will hit your account right away; now go to the home screen where all the betting markets are, and type Indy 500 into the search bar
- Have a peruse around the Indy 500 markets and click on a particular market, for example, To Win
- Make a selection, for example, Marcus Ericsson to win the Indy 500
- Type in your stake (the amount you wish to bet), for example, $100
- Double-check the betting slip to ensure your selection, stake, odds, and potential payout are correct then, when you are happy, hit the place bet button
- Tune into the race!
After the Indy 500 is over, the betting site will settle the bet, and if you pick a winner, your winnings will be transferred to your account right away. If there is any issue with the settlement, just reach out to the sportsbook’s customer support, and they will solve the problem.
While placing a bet on the Indy 500 is pretty straightforward, you need to be careful about which sportsbook you choose to wager with. We recommend only betting with licensed sportsbooks. In additoin to. holding proper licenses, it is important that the sportsbook offers 24/7 customer support, has an easy-to-use platform, pays out winnings within 48 hours, and has great odds for the Indy 500.
Also, remember to claim your welcome bonus when you sign up to a sportsbook. You can usually get bonus cash or insurance on your first wager.
Types of Bets to Place
Indy 500 betting has moved past just wagering on your favorite to win the race. You can now bet on all different aspects of the race, and sportsbooks are constantly coming up with new props. Here are some of the top Indy 500 markets:
- Race Winner: With this bet, you simply guess which driver is going to win the Indy 500, for example, you place $20 on Scott McLaughlin to win at +1,000 odds. This is by far the most popular Indy 500 bet type and is a good place to start if you are betting on the race for the first time.
- Top 3 Finish: As the name suggests, you need to predict a driver to make it on the podium and cross the Indy 500 finishing line in first, second, or third. For example, if you bet on Will Power to place in the top 3, and he overtakes Scott McLaughlin on the final turn to sneak into 3rd position, you win! This is a less risky bet than a race winner wager but typically has a lower payout.
- Head-to-Head Match-Up: With this Indy 500 bet type, the sportsbook will pick two drivers, and you need to predict which driver will finish higher in the race. For example, the Indy 500 betting site pairs Josef Newgarden against Hélio Castroneves, and you bet on Castroneves. If the Brazilian finishes above Newgarden, you win. It doesn’t matter if Castroneves comes second last and Newgarden comes last you still win.
- Props: Props allows you to bet on different aspects of an Indy 500 race. For example, you can bet on which team will win the race or which car manufacturer the winning driver will cross the line in. You can also bet on silly things like the winning car number being odd or even.
Indy 500 Betting Tips
Boost your odds of rounding the final bend in first place with these simple Indy 500 betting tips:
- Find longshots with a chance of winning – When you pull up the odds for the Indy 500, you will notice some drivers are paying out crazy figures, odds of +30,000 are not uncommon. However, don’t be blinded by these odds; there is usually a very good reason why a sportsbook is offering +30,000. You want to find a few drivers who are paying in the +1,000 to +2,500 range, these drivers are still considered long shots, but you will find former Indy 500 winners and drivers who have won numerous IndyCar races.
- Hedge by betting favorites – Only backing drivers with +2,000 or higher odds is a risky strategy, but you can take some risk off by mixing a few favorites. For example, you might bet on two drivers at +2,000 and +2,500 odds and then bet on two race favorites at +500 and +700. Just make sure you size your bets so you are guaranteed a profit if one of your drivers wins the Indy 500.
- Pay attention to Indy 500 practice sessions – As the Indy 500 is the first race of the IndyCar series, practice sessions are the very first look at drivers. Interestingly, the Indy 500 has literal weeks of practice, so you can get a really good feel for which drivers are on fire and who has the fastest car.
- Fade the betting public – If the money comes pouring in on certain drivers, the lines will often shift dramatically as the online sportsbooks frantically try to get the public to bet on other drivers. You can take advantage of the shift in prices and get fantastic odds on drivers the public aren’t interested in.
How Indy 500 Betting Odds Work
Before you place any bet on the Indy 500, study the odds closely.
The odds reveal two critical pieces of information: how much you can win and your likelihood of winning, or implied probability. For example, if you bet $100 on Pato O’Ward at +500, then your potential payout is $600. When making bets with + odds, to calculate your potential payout, you simply multiply your stake by the odds and then add the stake.
To calculate your likelihood of winning, convert the odds to decimal odds and then divide 1 by the decimal odds. So + 500 becomes 6.00, and you divide 1 by 6. So, in this example, the sportsbook is giving Pato O’Ward a 16.67% chance of winning the Indy 500.
Also, if you watch the direction the odds move in, you can tell which drivers the betting public is expecting to win. For example, if Pato O’Ward starts as a +500 favorite but then shrinks to a +400 favorite, that means a lot of people are betting on him, and the sportsbooks are reducing the line to incentivize bettors to wager on other drivers.
To calculate the odds, sportsbooks use complex models that look at all kinds of factors, such as the type of car the driver is driving, the driver’s form, previous results in the Indy 500, the weather, and virtually everything you can think of that might impact a race.
Also, as described above, the sportsbooks will move the odds based on the betting action. This is because sportsbooks don’t care about the result of the Indy 500; their goal is to spread the action across different drivers and make money, irrespective of the result.
Sportsbooks do this by adding juice to the odds, which is the sportsbook’s commission. The commission is baked into the odds, which you can calculate by adding up the implied probability for all drivers in the race. The amount over 100% is the implied probability. For example, if you add up the implied probability for every driver in the Indy 500 and it comes out to 107%, then the juice is 7% (107 – 100).
Common Mistakes to Avoid When Betting on Indy 500
Indy 500 betting sites lick their lips when newbie bettors make mistakes. To avoid gifting money to online betting sites, avoid these common Indy 500 betting errors:
- Going all in on favorites: Betting on heavy Indy 500 favorites is like picking up pennies in front of a steamroller. If the favorite wins, you get a small payout, but if the favorite loses, then you have lost your entire bankroll. The risk-reward ratio does not make sense. Instead, you should go for mild underdogs and use a smaller portion of your bankroll to bet on them.
- Not using bonuses: Betting sites are constantly running great promos in the lead-up to the Indy 500, including insurance and odds boosts. You can use these promos to flip the house’s edge in your favor. You should be constantly looking to get the most amount of free play from an Indy 500 betting site as humanly possible.
- Betting on a single driver: Predicting the winner of the Indy 500 is difficult as often the driver in pole position doesn’t go on to win the race. To increase your odds of winning, bet on a number of drivers to win, usually, a mix of favorites and underdogs makes sense.
- Factoring in last season’s IndyCar results: The Indy 500 is the very first race of the season and is a completely different beast from the other events throughout the year. You can’t predict who is going to win based on the driver rankings from the previous year. You are much better off paying close attention to qualifying and using your eye to see which drivers have their game face on.
- Betting on non-Indy 500 drivers: The Indy 500 attracts lots of NASCAR drivers and even some F1 stars. Unfortunately for these drivers, they rarely have success at the Indy 500 as this is a unique race, and they are battling against drivers who have decades of experience racing Indy cars. Even the great Fernando Alonso couldn’t win the Indy 500, he had to retire in 2017 when his car suffered engine failure.
Responsible Gambling
When betting on the Indy 500, it is important to always bet responsibly.
Only wager with money you can comfortably afford to lose, and set loss limits and have reasonable expectations.
If a lost bet is causing you emotional stress, then you are likely wagering beyond your comfort level. To stay in control of your betting, you should always set strict limits and know when to quit.
If you feel like gambling is negatively affecting your life and or the people around you, consider seeking professional help. Here are some free resources that can help you avoid problem gambling:
- National Council on Problem Gambling (NCPG)
- Gamblers Anonymous
- Gam-Anon
- International Center for Responsible Gaming (NCRG)
- Association of Problem Gambling Service Administrators (APGSA)
- GamTalk
- Gambling Therapy