It’s almost Memorial Day, which can only mean one annual tradition in the world of motorsports — it’s Indy 500 time. The Indianapolis race goes down on Sunday, May 29 and we have a complete betting guide for the 2022 Indy 500 right here. You’ll want to read this through for up-to-date odds and, of course, our expert picks to win!

2022 Indy 500 Betting Odds

It feels only right to begin our guide with the latest Indy 500 betting odds. The best online sportsbooks have lines to win for the entire 33-driver field. That’s a lot of drivers, but for your convenience, we’ve listed the current betting favorites underneath:

Alex Palou+800+800
Josef Newgarden+800+800
Scott Dixon+800+800
Colton Herta+900+900
Pato O'Ward+900+900
Scott McLaughlin+900+900
Will Power+1200+1200
Helio Castroneves+1600+1600
Takuma Sato+2000+2000
Graham Rahal+2000+2000
Tony Kanaan+2000+2000

The defending champion is Helio Castroneves, who is somehow only getting +1400 odds to go back-to-back. Never mind the 2021 victory, but Helio has four Indy 500 wins all-time — which is tied for most in the sport's illustrious history. Perhaps popular sports betting sites are discrediting Castroneves for being 47 years old now.

It makes sense that the co-favorites to win are Alex Palou, Josef Newgarden, and Scott Dixon. One of three has won the past five IndyCar championships. However, of the three, only Dixon has won the Indianapolis 500 before, doing so way back in 2008. Helio’s fourth Indy 500 win came after a 12-year drought, so it’s not unimaginable to think Dixon can snap his own 14-year dry spell at Brickyard.

Best Bets To Win 2022 Indy 500 Race

You have 33 different betting options at the 2022 Indy 500. That’s a lot, but there are three in particular that we believe are worth your consideration due to their own driving ability and betting value. Here are the three drivers we’ve hand-selected from the racing field for betting consideration:

Josef Newgarden

With our first bet, we’re going to pick among the favorites. It would be too easy to take them all so we’ve decided to narrow it down to the single driver we think is the most worthy bet. After heavy consideration, we’ve sided with Newgarden.

More than anything else, we love Newgarden’s consistency in a sport notorious for being unpredictable. Here’s a guy who has finished top two in the end-of-year standings in four of the previous five seasons. He’s trending that way again 2022 thanks to two outright victories — the only IndyCar driver so far this season with multiple wins.

But admittedly, Newgarden has had middling success at the Indy 500 up this point in his career. Aside from a third-place finish in 2016, he hasn’t achieved much at this track. But we don’t want to hold that against him — especially given the fast start he’s off to in 2022. Newgarden is the driver to beat in Indianapolis, and perhaps, for the rest of the season.

Josef Newgarden to win 2022 Indianapolis 500 race

Helio Castroneves

A victory for Helio come May 29 would break a tie with A.J. Foyt, Al Unser, and Rick Mears for most Indy 500 wins ever. Therefore, why not throw a few dollars his way in case Helio indeed makes history?

The way we see it, Helio has been running this track for 21 years now. That experience HAS to mean something, right? Not only that, but this would not be the first time he’s repeated at Brickyard. Let’s not forget Helio won two in a row in 2001 and 2002 — he’s the last Indy 500 victor to have repeated, as a matter of fact. The BorgWarner fund would payout Helio and his team, Meyer Shank Racing, a cool, hard $2 million if he indeed finishes first, so the incentives are all there for Helio and company.

Lastly, getting an all-time great like Helio at +1400 odds feels like pure value to us. Yes, he hasn’t had the best 2022 season so far, but it’s Indianapolis Motor Speedway, and history says Helio is one of the best to ever race at the track (he has three second-place finishes here too). Take him as a mid-value play!

Helio Castroneves to win 2022 Indianapolis 500 race

Jimmie Johnson

Alright, Johnson — one of the NASCAR all-time greats — gets a look from us due to his value. At +3300 odds, he’s the definition of a longshot. But here’s why we’re throwing money on Johnson: oval tracks, like the Indianapolis Motor Speedway, are his specialty going back to his NASCAR days. That gives him a shot to win this track, in which he’s as experienced as Helio in that regard.

Jimmie Johnson to win 2022 Indianapolis 500 race

How To Bet & Watch 2022 Indy 500?

For those inside the United States, the only place to watch the Indy 500 is on NBC. Coverage for the 106th running of the “Greatest Spectacle in Racing” begins at 11 am EST on May 29. More than 300,000 fans are expected at Brickyard, marking the first time in three years the race will have zero restrictions on attendance.

Last but not least, you can drop your Indy 500 bets using one of the betting sites below. These same sites also offer lucrative sign-up bonuses to new players in case you want free play to make your race wagers with! See the table below for details on what deals are currently available.