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2022 Indianapolis 500: IndyCar Odds, Bets, Picks & Predictions

by May 27, 2022

The Indianapolis 500 has run on the 2.5-mile Indianapolis Motor Speedway since 1911, and it’s the NTT IndyCar Series’ most prestigious annual event. This year will mark its 106th running. Motorsports fans know it as one of the Triple Crown events alongside the Monaco Grand Prix, which also runs on Memorial Day Weekend each year, and the 24 Hours of Le Mans.

This year’s Indianapolis 500 will feature several big names from around the world of racing. Former NASCAR and Formula One driver Juan Pablo Montoya will look for his third Indy 500 win this year with Arrow McLaren SP. Seven-time NASCAR Cup Series champion Jimmie Johnson will make his first Indy 500 start, and he’ll do it with Chip Ganassi Racing. Four-time Indy 500 winner Helio Castroneves will look for a record-breaking fifth win this year with Meyer Shank Racing.

But it’s the full-time stars of the IndyCar Series who are the betting favorites for the event, and rightfully so. One-time winner Scott Dixon and third-year racer Alex Palou boast the shortest odds to win Sunday’s event. They qualified first and second, respectively, and Dixon even ran the fastest-ever pole lap at Indianapolis.

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Odds to Win the Indy 500

Best Bets for the Indy 500

Scott Dixon Podium: -140 at DraftKings Sportsbook
Although I have Alex Palou winning this race, I still expect a solid performance from his Ganassi teammate, Scott Dixon. I was conflicted between betting on him to record a top-three or a top-five result, but I decided to play it safe. Dixon is a conservative driver and won't take the same late-race risks for a podium that part-time competitors may consider. Also, Dixon will need to run well consistently if he wants to secure his seventh American open-wheel title, which would tie him with A.J. Foyt for the most ever.

Jimmie Johnson Top 5: +230 (.5u) at BetMGM
This line is frustratingly short for a driver who is yet to record a top-five in the NTT IndyCar Series, but I think it's Johnson's best market. He nearly scored a top-five result back at Texas Motor Speedway, after all. While Johnson will have to compete against more drivers at Indy than here did there, Chip Ganassi Racing has shown the most speed all weekend and could easily put two or three cars in the top five. Let's wager a half-unit on Johnson that will land us more than a full-unit return should he have a solid showing.

Alex Palou Winner:  +750 (.25u) at FanDuel Sportsbook

Palou has looked great on IndyCar's large oval circuits, and he almost won last year's Indy 500. He secured his first-ever IndyCar win last year at the Grand Prix of Alabama, and he followed it up with wins at Road America and Portland. While those are all road-course tracks, his large oval results speak for themselves: fourth at Texas 1, seventh at Texas 2, second at Indianapolis. Those results propelled him to his first NTT IndyCar Series Championship.

Palou also finished seventh at Texas this year, but the 25-year-old Spaniard showed more talent than the result indicates. He never ran faster than 10th in any practice session, and he started 11th on the grid. Yet that was enough for him to record a seventh-place result for Chip Ganassi Racing. Fortunately for Palou, he won't have to outperform his equipment on Sunday to secure a solid finish.

Palou has shown winning speed all week. He ran fourth in the last practice session before qualifying and first in the final practice session before Carb Day. He also qualified second for the event, and four of his Chip Ganassi Racing teammates will join him in the grid's top six. Ganassi is the team to beat this weekend, and Palou combines elite talent and betting value. Lock him in at +750 at FanDuel Sportsbook; you'll find him at only +550 at BetMGM and +600 at DraftKings Sportsbook.

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IndyCar, Motorsports