Ladies And Gentlemen, Start Your Sportsbook Apps! How To Bet On The Indy 500 In Michigan

Written By Drew Ellis on May 24, 2022 - Last Updated on May 26, 2022
Indy 500 betting

The Indianapolis 500 has been one of the great American traditions on Memorial Day weekend.

This Sunday, the 106th edition of the Indy 500 is set to take place from Indianapolis Motor Speedway.

Whether you are a sports betting veteran of the Indy 500 or a new one, we’ve got you covered for Sunday’s race.

How to watch the 2022 Indianapolis 500

  • What: 2022 Indianapolis 500
  • When: Sunday, May 29
  • Where: Indianapolis Motor Speedway
  • Track Type: Oval
  • Race Distance: 500 miles
  • Start Time: 12:45 p.m.
  • TV Broadcast: NBC, beginning at 11 a.m. ET
  • Radio Broadcast: SiriusXM, INDYCAR Radio
  • Online viewing: Peacock
  • Weather Forecast: Sunny, high 81 degrees, minimal chance of rain

Dixon, Palou among the Indy 500 favorites

Some familiar names are among the oddsmakers’ favorites to win the 2022 Indy 500.

Scott Dixon and Alex Palou, who were among the favorites in 2021, are also considered the top contenders this year.

Various oddsmakers are a bit scattered in other top contenders, but here’s a look at the consensus top 5 and their odds at the various operators.

Indy 500 OddsScott DixonAlex PalouPatricio O'WardJosef NewgardenRinus Veekay
DraftKings+550+600+900+1200+1100
FanDuel+650+850+1200+1000+1500
BetMGM+500+700+800+1000+1000
Caesars+400+450+850+1000+1200
BetRivers+550+700+1100+1200+1100

Dixon owns pole position at Indy 500

For the second consecutive year, Scott Dixon will be starting from the pole position for the Indy 500.

This marks the fifth time that Dixon starts up front. Last year, it didn’t do much for him, as he finished 17th in the race.

Dixon is set to compete in his 20th Indy 500 on Sunday. He has just one win, which came back in 2008 from the pole position as well.

In 2022, Dixon is sitting fifth in the IndyCar point standings. He has not finished better than fifth in any of the five races.

Castroneves seeks Indy 500 history

The 2021 winner, Helio Castroneves, has an opportunity to set a new standard in Indy 500 history on Sunday.

The four-time champion of this race looks to become the first in history to win a fifth Indianapolis 500.

Castroneves went 12 years in between his third and fourth Indy 500 victory. He is considered a long shot to repeat as champion. Both DraftKings Sportsbook MI and BetMGM Michigan list him at +2800 to win.

Repeating as Indy 500 champion is something familiar for the Brazilian. He was the last driver to do it, winning in 2001 and 2002.

Jimmie Johnson makes Indy 500 debut

Those not too familiar with IndyCar Racing still should recognize the name Jimmie Johnson.

The seven-time NASCAR Cup Series champion is competing in his first Indianapolis 500 on Sunday.

He competed in 12 IndyCar races last year, including the two races at Belle Isle in 2021. This year, Johnson has competed in all five races in the series.

Positive results haven’t occurred for the NASCAR veteran. He has finished 20th or worse in four of the five races and has never cracked the top 5 in any of his 17 IndyCar appearances.

Still, oddsmakers are listing Johnson at +1600 to win the race in most cases.

To Johnson’s credit, he was a four-time winner of the Brickyard 400, NASCAR’s annual race at Indianapolis Motor Speedway.

Local blackout of Indy 500?

While sports bettors here in Michigan will have no issue watching live coverage of the Indianapolis 500, that’s not the case everywhere.

Those in central Indiana could be facing a local blackout of live race coverage this year. According to the Indianapolis Star, IMS is not expected to sell out its roughly 240,000 reserve grandstand seats for Sunday’s race. That means the race will have a local blackout.

The blackout isn’t uncommon, as it has only aired live for central Indiana five times over 105 races. However, that included the last two years due to the pandemic.

Now, despite an anticipated attendance over 300,000, the race may still is expected to be blacked out.

How to bet on the Indy 500?

While organizations like NASCAR and Formula 1 are different than IndyCar, the betting options for all motorsports are pretty similar.

Here are the types of wagers you can expect to find for the Indy 500, or IndyCar racing in general.

  • Outrights: Bet on a driver to win the race. Book the bet at currently posted moneyline odds. IndyCar outrights always offer positive odds, because there are no odds-on favorites to win. The number indicates how much you stand to win for every $100 you bet.
  • Driver matchups/groups: Bet on one driver against another or a group. Book the bet at currently posted moneyline odds. No need to pick winners here, just who will finish ahead in a head-to-head scenario or out of a group of drivers.
  • Podium/top-five finish: If you’re not confident in a driver to win, you can often find odds to finish in the top 3 or top 5 at lesser odds.
  • Prop Odds: As the race approaches, more markets become available. You can often find over/under odds for finishing position, fastest lap odds or even live bets. There will also be prop odds regarding the actual race itself, including number of caution flags, brand of winning car and more.
Photo by Michael Conroy / Associated Press
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Written by
Drew Ellis

Drew Ellis has lived in Michigan his whole life, and has been writing professionally for the last 21 years. Ellis has covered anything from youth baseball in mid-Michigan, a top-25 college football program, and pro sports in the Detroit area. Always keeping busy, Ellis also has over 10 years of experience in covering sports betting, handling all major sports.

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