2024 Indianapolis 500 Predictions & Picks: Will Penske Celebrate a 20th Brickyard Victory?

Last year, Team Penske won the Indianapolis 500 for a record 19^th time as Josef Newgarden denied Marcus Ericsson’s bid to become the first driver in over two decades to win the race in consecutive years.

In the process, Newgarden, who started 17^th, became the first driver to win from outside the top 15 in the starting lineup since Ryan Hunter-Reay in 2014.

Today, Newgarden will attempt to become the 21^st driver to win the Indianapolis 500 multiple times and join Helio Castroneves, Dario Franchitti, Juan Pablo Montoya, Takuma Sato, and the late Dan Wheldon as the drivers to join the club in the 21^st century.

He will do so from third as part of an all-Penske front row. Like Newgarden, Will Power will be looking to become a two-time winner, while teammate Scott McLaughlin has his sights set on becoming the first Indianapolis 500 polesitter to take the checkered flag since Simon Pagenaud in 2019.

Penske’s potential dominance is one of the main storylines of this year’s race. The other involves a potential Indianapolis 500/Coca-Cola 600 double dip for Kyle Larson. Larson, who currently sits atop the NASCAR Cup Series standings, qualified fifth for his first Indy start and is set to start tenth in tonight’s race at Charlotte Motor Speedway.

Despite being an Indy 500 rookie, Larson is one of the favorites to win. How likely is it that he will pull it off? Since rookies won in back-to-back years in 1926 (Frank Lockhart) and 1927 (George Souders), only three rookies have won the race: Graham Hill in 1966, Montoya in 2000, and Alexander Rossi in 2016.

Odds to Win the 2024 Indianapolis 500

• Josef Newgarden +550
• Scott McLaughlin +575
• Will Power +700
• Pato O’Ward +750
• Kyle Larson +750
• Alexander Rossi +900
• Colton Herta +950
• Alex Palou +1100
• Scott Dixon +1400
• Santino Ferrucci +1600
• Rinus VeeKay +2000
• Kyle Kirkwood +2800
• Takuma Sato +2800
• Felix Rosenqvist +3300
• Helio Castroneves +3300
• Ryan Hunter-Reay +4000
• Christian Rasmussen +5000
• Callum Ilott +5000
• Ed Carpenter +6000
• Marco Andretti +6000

See the rest of the race winner odds at BetOnline. Check out our BetOnline sportsbook review, then bag a big bonus (100% if your first deposit is with Bitcoin, Ethereum, or another cryptocurrency) to bet on the Indianapolis 500.

2024 Indianapolis 500 Predictions & Picks

Whereas there is a straightforward element to betting most races in either Formula 1 or one of the three national NASCAR series (Cup Series, Xfinity Series, and Craftsman Truck Series), the same can’t be said for the Indianapolis 500.

Sure, it is just one of the 17 races of the IndyCar Series season. But it is also the signature event of the season, and it’s approached a bit differently. To win the Indianapolis 500 is to put one’s name alongside some legendary names, and the chances that some take to win this race, they may not do so in most of the other 16 events this season.

Also, the unpredictability involved makes investing in finishing position picks far riskier than with most Formula 1 and NASCAR races.

That said, Penske’s current success makes it hard to look beyond them, and Bovada has them at evens to be the winning team.

Where is the best value elsewhere? In his last seven Indianapolis 500 starts, Takuma Sato has two wins and four top-ten finishes. Sato will start tenth in today’s race, and at Bovada, he is +115 to follow last year’s seventh-place finish with another top ten.