2025 Indy 500 Odds: Front Runners and New Faces Shaking Up the Race

Alright, picture this: it’s a crisp morning in May, and you’re at the Indianapolis Motor Speedway. The air smells like gasoline and burnt rubber. The grandstands are buzzing with excitement, and you can hear the engines roar as they warm up.

It’s that time of year again—Indy 500 season! There’s something special about it, right? You feel the anticipation building up as the cars get ready for the race of a lifetime.

Now, if you’re anything like me, you’ve probably started thinking about who’s going to take home the famous bottle of milk this year. We’ve got a mix of established champs looking to make history, along with some hungry newcomers ready to shake things up.

So, let’s talk about it. Who’s hot, who’s not, and where are the odds stacking up for the 2025 Indy 500?

Comparing the Odds: Offshore vs. USA Sportsbooks

Here’s something you may not realize—odds can be a little different depending on where you’re placing your bets.

Some sportsbooks, especially offshore ones, have slightly different rankings for the favorites and long shots. Let’s take a look at how the odds compare between some of the biggest names at BetOnline, Bovada, BetMGM, and DraftKings (as of March 26, 2025):

Driver	BetOnline (Offshore)	Bovada (Offshore)	BetMGM (U.S. Regulated)	DraftKings (U.S. Regulated)
Josef Newgarden	+700	+650	+550	+700
Pato O’Ward	+800	+700	+650	+800
Kyle Larson	+900	+700	+700	+900
Alex Palou	+1000	+1000	+1000	+1000
Scott Dixon	+1000	+1000	+1000	+1000

Odds updated April 22, 2025.

Notice how Newgarden’s odds are shorter (i.e., they think he’s more likely to win) on BetMGM at +550 compared to +700 on BetOnline?

That means BetMGM is really backing him to make history. On the flip side, the larger numbers, like Bovada, offer a higher payout. It’s always a good idea to shop around and find the best value for your bet.

Front Runners: Who’s Leading the Pack?

Let’s be real here—while the Indy 500 is known for surprising twists and turns, there are always a few names that stand out when we’re talking about who’s most likely to win.

These guys have the experience, the skills, and the history to back them up. So, who are we betting on?

Josef Newgarden – The Three-Peat Dreamer

You can’t talk about Indy 500 favorites without mentioning Newgarden. The guy has absolutely dominated the last two races, winning both 2023 and 2024 in dramatic fashion. Seriously, if you didn’t see the way he passed Pato O’Ward on the final lap last year, I’m not sure we can be friends.

Now, Newgarden is going for an unheard-of three-peat. No driver in history has won three in a row—so, yeah, no pressure, right? At the moment, you’ll find him as the favorite across most sportsbooks, with odds around +650 at Bovada and even shorter at BetMGM (about +550).

That just shows how much confidence people have in him right now. Can he make history and win for the third year in a row? It’s a tall order, but would you bet against him?

Pato O’Ward – The Nearly Man

If consistency were money, Pato O’Ward would be a millionaire by now. This guy’s been on fire the last few years, finishing second in two of the last three Indy 500s. Last year, he led the most laps, and still, it wasn’t enough to cross the finish line first (thanks to Newgarden’s last-lap magic).

He’s got the aggression, he’s got the talent, and you know he’s hungry for a win. Oddsmakers are taking him seriously—he’s sitting around +700 at Bovada and +800 at DraftKings.

This could be the year he finally gets his moment in Victory Lane. Fingers crossed, right?

Kyle Larson – The NASCAR Crossover Star

Now here’s a name that’s shaking things up—Kyle Larson. Yep, the NASCAR champ is pulling double duty this Memorial Day weekend, racing the Indy 500 in the afternoon and then heading straight to the NASCAR Coca-Cola 600 in the evening. That’s insane, right?

Larson’s a rookie at Indy, but don’t let that fool you. The guy’s a talent machine. He was solid in his first Indy 500 attempt last year until a pit road penalty took him out of contention. Still, his odds are high for a rookie, hovering around +900 at BetOnline and +900 at DraftKings.

People are starting to take notice after he posted some blistering speeds in testing earlier this year. Can he win it on his first try? It’s been done before, but it’s definitely a tall order. But hey, this is Indy—anything can happen.

Alex Palou – The Consistent Contender

Palou has been dominating the IndyCar series for the last few years, and yet, the Indy 500 win has somehow eluded him. This guy’s a two-time series champion, he’s set qualifying records, and he’s finished in the top five multiple times.

But he just hasn’t been able to seal the deal when it comes to the 500. Could this be his year?

His odds are sitting around +1000 (10-to-1), which feels like a solid bet for a guy who’s always in the mix. If you believe in his ability to finally break through, this might be the time to jump on him.

Scott Dixon – The Veteran Who Knows How to Win

Dixon’s been a fixture at Indy for what feels like forever. The guy’s a six-time IndyCar champion and knows this track like the back of his hand. Yes, his last Indy 500 win came in 2008, but he’s always in the hunt.

Even though he’s 43, he’s still got the experience and the smarts to pull off a surprise win. He’s sitting at about +1000 odds, right alongside Palou. He’s not the flashiest pick anymore, but for the seasoned Indy fan, Dixon’s a guy you can never count out.

New Faces to Watch at the 109th Indy 500

Now, let’s talk about the newcomers. Every year, the Indy 500 is full of fresh faces, and this year is no exception. Sure, we’ve got the seasoned vets, but there are some rookies and switch-ups that could surprise us all.

Closing Thoughts: The Countdown Is On!

This year’s Indy 500 is shaping up to be one of the most exciting yet. We’ve got the veterans chasing history, the young guns making their mark, and a couple of rookies who might just surprise everyone.

The odds are still shifting, and as race day gets closer, you know there will be even more drama leading up to the big event.

So, who are you picking to win? Are you sticking with the favorite, or do you have a hunch about an underdog? I wanna hear your thoughts! Drop a comment below and let’s get the conversation going.

If you are interested in placing a bet, read my IndyCar betting guide for more insights on how to bet and strategies I like to use.

May is just around the corner, so get ready for the roar of the engines, the rush of adrenaline, and the greatest spectacle in racing. I know I’ll be counting down the days!