Who will win the Indy 500 in 2023? Odds, expert picks & betting favorites for race at Indianapolis

Racing fans, rejoice. The 2023 Indy 500 is upon us and soon, IndyCar fans everywhere will get a chance to watch a 33-car field compete for one of the most prestigious titles in all of racing.

The 2023 Indianapolis 500 field is set to be the fastest in the history of the race. The average qualifying speed for the 33 drivers to make the field was 232.184 mph, more than a mile-per-hour better than the previous record set in 2022.

So, the 2023 Indy 500 is going to be as fast-paced and exciting as ever. Now, there is just one question remaining to be answered.

Who will win it?

There are nine former champions racing in the field for the Indy 500, but none are favored to win. Instead, the sportsbooks expect several young drivers to have the best shot at earning a victory, though a few veteran stalwarts should remain in the mix for the title.

So, which drivers will be in contention at the Indy 500? The Sporting News has the latest breakdown of the Vegas odds to win the race as well as three expert picks who could take the checkered flag in 2023.

MORE: Full qualifying results for the 2023 Indy 500

Indy 500 odds to win 2023 race

For the first time since 2019, Scott Dixon will not be the pole-sitter for the race. This time, it was Alex Palou (+600) who clocked the fastest time in qualifying. The Spaniard posted an average speed of 234.217 mph during his four-lap qualifying run, and that will place him at the front of the pack for the race.

Also up front with Palou will be Rinus VeeKay (+1200) and Felix Rosenqvist (+1200). However, the only drivers to join Palou with better than 10-1 odds to win the race are Pat O'Ward (+700) and Scott Dixon (+800).

Last year's winner, Marcus Ericsson (+1200) is tied with Rosenqvist for the sixth-shortest odds to win the race. Ericsson is looking to become the first driver to repeat as a champion at the Indy 500 since Helio Castroneves (+4000) did so in 2001 and 2002.

Below are the full opening odds for the 2023 Indy 500, per BetMGM Sportsbook. These odds are subject to change as Sunday's race draws nearer and nearer.

Indy 500 expert picks

Below are three drivers that are good to bet on as winners or top-five finishers at the Indy 500 in 2023.

Alex Palou (+600)

Is picking the pole-sitter to win any race square? Absolutely. But simply put, there's little reason to doubt that Palou can be competitive in this year's Indy 500. His average lap time of 234.217 mph broke the record for fastest qualifying time in Indianapolis 500 history, so that will give him one of the fastest cars on the track Sunday.

Additionally, Palou is coming off a run of success that has seen him finish top-10 in all five races this year. That includes a win at the Indianapolis Motor Speedway's road course last week.

Too, the 26-year-old has a solid history at the Indy 500. He has appeared in the race three times and has logged top-10 finishes in each of his last two appearances. That includes a second-place finish behind Helio Castroneves at the event in 2021.

So, given his consistency, history at Indianapolis Motor Speedway and his recent form, there's little reason not to trust Palou. Perhaps some will prefer a driver with slightly more experience, but Palou looks like a safe bet to take aim at his first Indy 500 title.

Rinus VeeKay (+1200)

VeeKay isn't going to excite people quite as much as Palou will, but this is easily his most favorable spot of the year to date.

Before Indy 500 qualifying, VeeKay had struggled to get into a good position for his first five races. He began the race in the top 10 just once — his ninth-place start at the Grand Prix of Alabama — and started the other four races from 17th place or further back.

However, at Indy 500 qualifying, VeeKay finished second place with a speed of 234.211 mph, just 0.006 mph behind Palou's first-place run. That's certainly an encouraging development for him, and it will give him a chance to start much further ahead of the pack than he has in a race this season.

Some will note that the field, in general, at this year's Indy 500 is fast. Its average speed of 232.184 mph is an Indy 500 record — and better than a full mile per hour faster than the previous record of 231.023 mph set last year — so VeeKay's advantage in this category may be a bit overstated.

Perhaps that is true, but it's worth noting that VeeKay knows how to navigate a racetrack well and uses his speed to his advantage. Case and point, he has an average starting spot of 19 in his races this season yet has managed to log an average finishing spot of 17.4.

That is because VeeKay has moved up from his starting spot in three of five races. That an 11th-place finish at the Grand Prix of Texas, a race that he started in 26th place.

As such, VeeKay's ability to move up in the field makes him an attractive target from the front row, as he should be able to maintain a lead and gain on any cars that pull in front of him during the race. And since we're getting 10-1 odds on the Dutch driver to win, he looks like a strong value pick overall.

Will Power (+1600)

Speaking of moving up in races, that is something that has become a Will Power specialty in recent years. The veteran Australian driver has become adept at moving up from the middle of the pack, and that is something that he will look to do in the Indy 500.

This season, Power, like VeeKay, has moved up in three of the five races that he has run. That includes two jumps from outside the top 10 into a top-six finish.

Below is a look at Power's starting and finishing position this season on a race-by-race basis:

So, what does that mean? Well, Power should have a chance to move up similarly in the Indy 500. Given that he qualified 12th overall, that should give him a chance to log a top-10 finish. And if all goes well, he could sneak into the top five overall.

Power also has seven top-10 finishes at the Indy 500 to his name, including a win at the 2018 iteration of the race. So, if you're looking for a nice mid-tier value or high-end sleeper pick, you won't find many better options than the 16-year IndyCar racing veteran.

Indy 500 winners by year

Marcus Ericsson won the Indy 500 in 2022, the first of his career to date. The then-31-year-old was the second Swedish driver to win the race and the first to do so since Kenny Brack in 1999.

Ericsson will now seek to become the first driver to win back-to-back Indy 500s since Helio Castroneves did so in 2001 and 2002. He will have to do so while racing in a field full of former champions, as he is one of nine participating in this year's race. They are as follows:

• Marcus Ericcson
• Helio Castroneves
• Takuma Sato
• Simon Pagenaud
• Will Power
• Scott Dixon
• Tony Kanaan
• Alexander Rossi
• Juan Pablo Montoya

Below is a full list of the race's winners dating back to Ray Harroun's win in the 1911 iteration of the race.