As of race day on Sunday morning, O'Ward (+475) and Palou (+475) are still favored to win, per BetMGM. But two-time defending Indy 500 champ Josef Newgarden jumped ahead of McLaughlin and Dixon and now has the third-best odds to win his third straight Indy 500 at +700 — despite being part of the Team Penske controversy this week.

Pole sitter Robert Shwartzman isn't getting much love from the sports books but we've got you covered with a longshot pick

With speeds often exceeding 230 mph, there will be plenty of excitement on track, race-day strategies that can turn on a dime, making betting on the Indy 500 even more exciting for fans. We'll take you through all the latest Indy 500 odds for the race ...

Kyle Larson attempts to become the second driver to pull off "The Double" by completing the Indianapolis 500 and Coca-Cola 600 on Sunday

The Indy 500 will take place this Sunday on FOX. Check out these fun ways that you can wager on the upcoming action.

Today is the day that the 109th Running of the Indianapolis 500 takes the green ... fans are diving into the betting action. In the wake of an eventful few days, the odds saw a huge shift.

Kyle Larson didn't make it to Charlotte in time to turn a lap in the rain-shortened Coca-Cola 600. This year, he's favored to win.

Palou overtook David Malukas with 12 laps to go on Sunday to secure his 14th IndyCar Series victory and, crucially, his very first on an oval. FROM BARCELONA TO THE BRICKYARD! Alex Palou wins the 109th Running of the #Indy500! 🙌 pic.twitter.com/BVpnVDw0Uh