How to bet on Indianapolis 500
Learning how to bet on the Indy 500
If you have ever wondered if you could bet on the “Greatest Spectacle in Racing,” you are definitely in luck. The prestigious racing event is heavily covered in the United States, so gaining access to view it should be a breeze.
Top Five Tips for Betting on the Indy 500
Talking about the Indy 500 to a racing fan is similar to the same emotion as letting your kids open gifts early for Christmas. The excitement is heavy, and the betting opportunities are abundant.
Five quick tips for betting on the event are:
- Narrow down your sportsbook
- The type of bet you will place
- Seeing the odds and results
- Finance the bets
- Know your limits
Narrow Down Your Sportsbook
The first domino to take down is to find the right sportsbook. With an increasing number of sportsbooks coming along over the years, this makes the process somewhat difficult.
To save time and hassle, you need to do at least three things. You need to do a search for sportsbooks and copy down their names.
Then, look each one up to see their reviews and see how their payouts look. Finally, compare one sportsbook to another and go from there.
The Type of Bets You Will Place
As with any sport you bet on, there are a lot of opportunities to bet on something happening at the event. To keep things simple, we will talk about the three main types of bets you will encounter.
A race-winner bet is as straightforward as it sounds. You are simply betting on the driver that you think is going to win.
The top three finish is another one that is simple to follow. You are selecting a bet for a certain driver to finish the race somewhere in the top three.
Prop bets are popular because they add a little spice to the scenarios. For example, one might ask whether or not a Canadian will win the event.
Another might ask for a certain driver will rank in the top five. These are a little more engaging bets and deserve more research before placing a bet.
Seeing The Odds and The Results
One thing to keep in mind when you are looking at the overall betting picture is the odds. Another thing to look out for is trying to completely rely on the odds. Oftentimes, the odds do not reflect the outcome.
For example, back in 2015 for this event, your third-place driver had odds placed at 100/1 before the event. He nearly won this event and look at how his odds were. This shows that even though someone is placed at certain odds, anything can happen on the racetrack.
Finance Your Indy 500 Bets
Now, I do not mean to take out a loan to play with your money. I am simply saying that you should get your finances in order beforehand to improve your focus on certain events.
You will want to set up a budget or a system of knowing how much money to spend. This way, you can get that out of your mind, and you are free to dedicate your time to other things.
Know Your Limits
For the final step, you need to understand how your betting habits are. If you are new to sports betting, then you need to pace yourself. If you are a seasoned professional at betting, it does not hurt to check on yourself now and then to make sure you are not overdoing it.
With this in mind, you should set a goal for yourself. For example, make a rule for how much you gain or lose before you call it a day, week, or even month. These steady steps can save you money and stress in the long run.
How To Bet On The Indianapolis 500 FAQ
Odds are always subject to changes as the events get closer to time. The sportsbooks are adjusting the odds as the market continues to bet on them, and as other various information comes about.
The most common bets, in my view, are the easiest ones to comprehend and to make money on. The best one to do is the overall winner of the race. If you do your research on the drivers and past stats on the event, you can come up with a narrower list of drivers to choose from.
Each sportsbook will have variations of odds for each betting type and driver. So, you would have to check your sportsbook or another one to find the best odds and payouts.
Photo Credits: ANDY LYONS / GETTY IMAGES NORTH AMERICA / Getty Images via AFP