2024 Indianapolis 500 odds: How to watch, bet 'The Greatest Spectacle in Racing'

It's race week for the 108th running of the Indianapolis 500!

A field of 33 cars will cross the famed yard of bricks Sunday at Indianapolis Motor Speedway for what is considered "The Greatest Spectacle in Racing."

Scott McLaughlin of Team Penske will be on the pole after breaking the four-lap qualifying record with an average of 234.220 mph. Next to him are teammates Will Power and defending winner Josef Newgarden, whose last-lap pass of Marcus Ericsson during a controversial finish a year ago gave team owner Roger Penske his record-extending 19th win.

Team Penske arrived at Gasoline Alley this year under scrutiny, though. The team owner suspended two senior leaders and two engineers as punishment for a cheating scandal centered on Newgarden’s illegal use of his push-to-pass system in his March 10 win in St. Petersburg, Florida. IndyCar stripped Newgarden of the win and McLaughlin of a third-place finish.

Beyond the controversy, storylines abound: How will Larson, who qualified fifth, fare in his Indy 500 debut, and will he be able to complete "The Double" by also finishing the Coca-Cola 600 in Charlotte the same night? Will Alex Palou finally be able to win the Indy 500 after coming close the past three years? Can Helio Castroneves win a record fifth Indy 500?

Let's dive into the odds, plus how to watch the big event.

WHO ARE THE INDY 500 FAVORITES?

McLaughlin is the favorite after qualifying on the pole, holding +450 odds to win the race on DraftKings Sportsbook. Newgarden has the second-best odds (+550) and Power has the third-best odds (+650).

Here's a look at the odds board and some of the favorites ahead of Sunday's race:

Scott McLaughlin: +450 (bet $10 to win $55 total)
Josef Newgarden: +550 (bet $10 to win $65 total)
Will Power: +650 (bet $10 to win $75 total)
Kyle Larson: +700 (bet $10 to win $80 total)
Alexander Rossi: +1000 (bet $10 to win $110 total)
Colton Herta: +1000 (bet $10 to win $110 total)
Pato O'Ward: +1100 (bet $10 to win $120 total)
Alex Palou: +1200 (bet $10 to win $130 total)
Scott Dixon: +1600 (bet $10 to win $170 total)
Santino Ferrucci: +1800 (bet $10 to win $190 total)
Rinus Veekay: +2000 (bet $10 to win $210 total)
Kyle Kirkwood: +2500 (bet $10 to win $260 total)
Helio Castroneves: +3000 (bet $10 to win $310 total)
Felix Rosenqvist: +3000 (bet $10 to win $310 total)
Takuma Sato: +4000 (bet $10 to win $410 total)
Marco Andretti: +6000 (bet $10 to win $610 total)

WHEN IS THE INDY 500?

The green flag falls for the Indy 500 at 12:45 p.m. EDT on May 26. The final practice, known as Carb Day, takes place Friday. There are several festivities, including the annual Indy 500 parade, that take place Saturday.

HOW WILL THEY LINE UP?

The final car on the track among six in the pole shootout, McLaughlin ripped around Indianapolis Motor Speedway to post a four-lap average of 234.220 mph last Sunday. Power and Newgarden joined him in giving Team Penske its first front-row sweep since 1988, when polesitter and eventual race winner Rick Mears was joined by Danny Sullivan and Al Unser Sr.

Larson will start in the middle of the second row with Arrow McLaren teammate Alexander Rossi to his inside and Santino Ferrucci of A.J. Foyt Racing to his outside, giving Chevrolet-powered cars the first two rows on the starting grid.

HOW CAN I WATCH THE INDY 500?

Race coverage on Sunday also begins at 11 a.m. ET with pre-race festivities on NBC, Peacock and Universo.

The Associated Press contributed to this report.