2022 Indy 500: Should Scott Dixon, Josef Newgarden, Colton Herta, Alex Palou be Favorites to Win It All?

Dan Favale
By , Updated on: Sep 4, 2022 08:00 PM
2022 Indy 500: Should Scott Dixon, Josef Newgarden, Colton Herta, Alex Palou be Favorites to Win It All?

Check out our best bets to win the 2022 Indianapolis 500.

You know summer is right around the corner when odds on the Indy 500 start dominating the motorsports discourse. And, well, we've officially reached that point. This, naturally, can mean only one thing: We have to drop our best 2022 Indy 500 bets while answering all the biggest questions surrounding the primetime race. Among those questions, we need to determine who from the quartet of Scott Dixon, Josef Newgarden, Colton Herta, and Alex Palou should actually be the favorite to win it all.

This year's Indianapolis 500 will take place on Saturday, May 29, at the usual location: The Indianapolis Motor Speedway. Rather than waste any more time, let's have a look at the latest odds to win the 2022 Indy 500, courtesy of the fine folks over at Bovada:

Driver to WinBovada
Scott Dixon+850
Josef Newgarden+850
Colton Herta+850
Alex Palou+850
Patricio O'Ward+1000
Scott McLaughlin+1000
Will Power+1300
Helio Castroneves+1800
Alexander Rossi+2000
Tony Kanaan+2200
Graham Rahal+2200
Takuma Sato+2200
Jimmie Johnson+2400
Marcus Ericsson+2800
Felix Rosenqvist+2800
Simon Pagenaud+2800
Romain Grosjean+3000
Rinus Veekay+3000
Juan Pablo Montoya+3000
Ed Carpenter+5000
Kyle Kirkwood+5000
Conor Daly+5000
Marco Andretti+5000
Jack Harvey+7000
Santino Ferrucci+7000
Devlin Defrancesco+7000

Please note our Indy 500 betting odds are accurate as of Friday, May 20. Make sure you recheck them before settling on your official prediction, as these betting odds are liable to shift right up until the opening lap.

You should likewise make an effort to check out our reviews of the top online sportsbooks. They have all the information you need to determine the best Indy 500 betting sites in 2022. Not sure whether official motorsports wagers can be made in your area? That's fine! Go ahead and look at all the places that have legal sports betting in the United States, so you can see if your region will allow you to bet on the Indianapolis 500.

Who is the REAL Favorite to Win the 2022 Indy 500?

Scott Dixon (+850), Josef Newgarden (+850), Colton Herta (+850) and Alex Palou (+850) all currently register as co-favorites to win this late-May extravaganza. That almost never happens. Usually one driver, if not two drivers, separate themselves from the field by the opening gun. That could still happen. The Indianapolis 500 odds are changing almost daily. Select sportsbooks have shown some favor to Dixon and Herta, specifically. Both have ranked as singular favorites at one point or another.

Right now, though, we have a whopping four drivers offering 8.5-to-1 payouts as odds-on favorites. We need to winnow that field down to the best bet, even if all four are quality options.

Dixon is immediately out for us. He has done a good job hovering around the top 10 in most races this season, but he has yet to turn in a flat-out victory, and it has been more than a decade since he last won this race in 2008. Somewhat reluctantly, we're bouncing Alex Palou from consideration, as well. He may be second in the current Indy Series racing standings, but he also hasn't churned out a first-place win this year.

From there, we're inclined to roll with Colton Herta over Josef Newgarden. Newgarden is the only racer on the circuit with multiple victories so far, but he hasn't fared well at the Indianapolis Motor Speedway in years past and continues to employ a very boom-or-bust driving style. Colton Herta, to be fair, isn't exactly a billboard for success on this track. But he's shown signs of breaking through previously, and his driving this season has been top-notch, to the point that he seems severely underrated not just in this discussion but the larger Indy Series Championship debate.

Colton Herta To win the 2022 Indy 500

Can Helio Castroneves Repeat as Champion?

The most recent winners of this race are typically given a favor by oddsmakers. That isn't happening this time around. The reigning champion Helio Castroneves (+1800) is barely laying top-10 odds to win. It is one of the more egregious drop-offs in recent memory.

That doesn't mean the linemakers are wrong. Castroneves hasn't given anyone much reason to be confident in him this season. To this point, he ranks 18th in the IndyCar series, has no first-place or top-five finishes and has only one top-10 ribbon. His maneuvering midway through races has been all over the place, so it's tough to fully trust him.

Still, if you're looking for long-shot odds on someone who has historically proven his mettle at the Indianapolis Motor Speedway, Castroneves is clearly your guy.

Helio Castroneves To win the 2022 Indy 500

Is Will Power Undervalued?

Someone call the authorities. We need to report a crime: The odds on Will Power (+1300) to win the 2022 Indy 500. 

This isn't merely about Power having won the event back in 2018. He's currently pacing the entire IndyCar Series standings, and it isn't particularly close. His 170 total points tower over the 156 that Alex Palou has in second.

Many will be scared off knowing that Power has yet to secure an actual victory. We're not worried. He's going to get that gold star eventually. He already has 10 combined top-five and top-10 finishes to go along with his singular pole placement (aka top-three finish). 

Will Power To win the 2022 Indy 500

Better Bet: Tony Kanaan, Graham Rahal or Takuma Sato?

The answer to this question is a no-brainer.

Tony Kanaan (+2200) shouldn't even be laying top-25 oddsGraham Rahal (+2200) is somewhat enticing, but he has yet to crack the top five in any one race this year.

Go with Takuma Sato (+2200) as the best bet from this group of 22-to-1 payouts. Indeed, he has fewer top-10 finishes than Rahal, but we value his experience in Indianapolis. Sato has won the Indy 500 twice over the past half-decade, first in 2017 and then again in 2020.

Takuma Sato To win the 2022 Indy 500

Official 2022 Indy 500 Winner Prediction

And our winner of the 2022 Indy 500 is...Colton Herta.

He may be young, but Herta has quickly grown into one of the most consistent drivers on tour. And he's continued to flex that muscle this season, only with some added power coming around the outside on turns. Pounce on him at 22-to-1 while you can.

OSB Prediction: Colton Herta (+2200)

Colton Herta To win the 2022 Indy 500

Take a look at this list of the top online sportsbooks so you can decide which one is the best fit for all of your Indianapolis 500 betting:

Meet the author

Dan Favale

Dan Favale leverages over 12 years of sports journalism expertise in his role as New York staff writer. He provides in-depth analysis across the NBA, NFL, MLB, NHL, tennis, NASCAR, college basketball, and sports betting. Dan co-hosts the popular Hardwood Knocks NBA podc...

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