2025 Indy 500 odds: Alex Palou favorite to win 'The Greatest Spectacle in Racing'

The countdown is on to the 109th Running of the Indianapolis 500. The big event takes place on FOX on May 25, and motorsports fans are diving into the betting action.

Last year's second-place finisher, Pato O'Ward, was at the top of the oddsboard at the beginning of February at 6/1. But now, Alex Palou is in that spot, moving to 4/1 from 10/1 over the last three months. 

Palou started the year off in dominant fashion, winning the first two races of the 2025 season and then getting his third win of the year at Barber.

The reigning Indy 500 champion is Josef Newgarden, and he's third on this board at 13/2.

Will we see a repeat champion at The Brickyard in May? Check out the latest odds for "The Greatest Spectacle in Racing" at DraftKings Sportsbook as of May 5.

Alex Palou: 4/1 (bet $10 to win $50 total)
Pato O'Ward: 11/2 (bet $10 to win $65 total)
Josef Newgarden: 13/2 (bet $10 to win $75 total)
Kyle Larson: 8/1 (bet $10 to win $90 total)
Scott McLaughlin: 9/1 (bet $10 to win $100 total)
Scott Dixon: 10/1 (bet $10 to win $110 total)
Will Power: 12/1 (bet $10 to win $130 total)
Colton Herta: 12/1 (bet $10 to win $130 total)
Alexander Rossi: 17/1 (bet $10 to win $180 total)
Santino Ferrucci: 18/1 (bet $10 to win $190 total)
Kyle Kirkwood: 18/1 (bet $10 to win $190 total)
Marcus Ericsson: 20/1 (bet $10 to win $210 total)
Christian Lundgaard: 20/1 (bet $10 to win $210 total)
Helio Castroneves: 30/1 (bet $10 to win $310 total)
Felix Rosenqvist: 30/1 (bet $10 to win $310 total)
Conor Daly: 30/1 (bet $10 to win $310 total)
Takuma Sato: 30/1 (bet $10 to win $310 total)
Rinus Veekay: 30/1 (bet $10 to win $310 total)
David Malukas: 30/1 (bet $10 to win $310 total)
Ed Carpenter: 40/1 (bet $10 to win $410 total)
Graham Rahal: 40/1 (bet $10 to win $410