2023 Indianapolis 500 Betting Odds and Predictions

Indy 500, Nascar, Racing, Finish Line

The 107th running of the Indy 500 is scheduled for May 28 in Speedway, Indiana. It’s one of the most illustrious and iconic events in motorsports and a dream for every driver in the IndyCar series.

One of them will fulfill it this year, and I try to figure out who is in this article. It includes the latest 2023 Indy 500 betting odds, my analysis of the main favorites, and a prediction for the Indianapolis 500.

2023 Indy 500 Betting Odds

  • Pato O’Ward; +700
  • Scott Dixon; +700
  • Josef Newgarden; +800
  • Colton Herta; +900
  • Alex Palou; +900
  • Scott McLaughlin; +1000

The 2023 Indy 500 winner odds show Scott Dixon and Pato O’Ward as the most likely winners, but there’s no clear favorite. Dixon won the race back in 2008, and O’Ward finished runner-up last year. Josef Newgarden trails Dixon and O’Ward, but not by much.

The odds listed here are provided by BetOnline. They cover the race every year and offer excellent prices. All new players can enjoy a large welcome bonus, so feel free to check the bookmaker on your own.

2023 Indianapolis 500 Top Contenders

Before I offer you my Indianapolis 500 predictions, I want to analyze the main favorites. It’s always easier to determine your betting picks when you study all the contenders in the race. This year, the field will be extremely competitive.

I’ve focused on the four most likely winners, but you should check the rest of the field before betting on the Indy 500, just in case.

Pato O’Ward

  • Age: 24
  • Team: Arrow McLaren
  • IndyCar Standings: 2nd


Pato O’Ward is still in the early days of his IndyCar Series career. However, he’s now a rising star competing in his fourth season with Arrow McLaren. O’Ward so far has four career victories in the IndyCar Series, but the Indianapolis 500 would be a big one.

Is O’Ward good enough to win this race? The young driver has already proven he’s got a bright future ahead of him. O’Ward is also off to a great start in 2023, finishing runner-up in St. Petersburg and Fort Worth.

Overall, O’Ward is a talented driver, only scratching the surface of his full potential. Many believe he’s going to win several IndyCar championships down the road. One thing, however, is for certain – you can’t overlook O’Ward when betting on the Indy 500 in 2023.

Scott Dixon

  • Age: 42
  • Team: Chip Ganassi Racing
  • IndyCar Standings: 8th

Dixon is no stranger to the Indy 500. He won the event in 2008 and is a powerhouse for Chip Ganassi Racing. Many believe that with a solid game plan, Dixon could be the Indy 500 champion for the second time in his career.

In 2020, Dixon dominated the Indy 500 for most of the race but finished second under caution behind Takuma Sato. Many believe he would’ve won because Sato didn’t have enough fuel to finish. However, the caution flag would change the course of history.

It was a similar story in 2022. Dixon was dominating the race again, becoming the all-time leader in laps led in the Indy 500. However, an untimely penalty would cost him the win. This would send Dixon to the back of the field, and he finished 21st.

Will Dixon get the redemption he deserves in 2023? He certainly has got what it takes to win the race. If Dixon can minimize his mistakes, I think he’s got a solid chance at claiming the Indy 500.

Josef Newgarden

  • Age: 32
  • Team: Team Penske
  • IndyCar Standings: 6th

Josef Newgarden is a two-time IndyCar champion and a dominant force in the sport since his pro debut in 2012. He’s one of the most consistent drivers in the IndyCar circuit. Unfortunately, claiming the Indianapolis 500 has been elusive.

With 26 victories so far in his IndyCar career, Newgarden is an absolute monster. He’s one of the main reasons why the IndyCar circuit is so competitive at the moment. Newgarden brings a dynamic approach that allows him to be a contender in every race.

Could Newgarden finally conquer the Indy 500? It’s the one race that he can’t quite seem to figure out. In 11 attempts, Newgarden’s best performance was third place back in 2016. Last year, he finished 13th.

The key to victory for Newgarden will be his decision-making. He’s one of the best at executing in the IndyCar Series, so proper planning on how to approach the race will be the key to success this year.

Colton Herta

  • Age: 23
  • Team: Andretti Autosport
  • IndyCar Standings: 10th

Colton Herta is another driver you should consider targeting with your Indianapolis 500 betting picks, despite his young age. The Andretti Autosport star has already won seven races and earned the reputation of a fierce competitor.

Unfortunately, Herta is also facing the longest drought in his IndyCar Series career. He hasn’t won a race since the GMTR Grand Prix in 2022. Every driver loses momentum at some point, but this is Herta’s first real slump.

I also want to point out that Herta is still learning the intricacies of the IndyCar Series. He needs to get better during the qualifiers to improve his positioning. Overall, Herta could win an Indy 500 title at some point in his career, but it doesn’t look like 2023 will be his year.

2023 Indy 500 Prediction and Betting Pick

Newgarden is the best driver in the entire field, which is why I’m picking him to win the Indy 500. He’s never won the prestigious race, but I think he’s due for that elusive victory. The veteran is too good of a driver to continue struggling in Indianapolis.

I thought about picking Dixon because he’s usually consistent while competing at the Brickyard. However, Newgarden is the most naturally talented driver in the entire field. He’s going to put up a good fight against Dixon in 2023.

Personally, I also don’t think that O’Ward and Herta are ready yet to capture the Indy 500. Both drivers are extremely talented and have years of success ahead of them. However, they need more experience to be competitive in this race.

My Pick:
Josef Newgarden to win