IndyCar: How to read and understand motorsport betting odds

As a seasoned gamer with a knack for motorsports, I’ve always been intrigued by the dynamic world of IndyCar racing. The thrill of the race, the strategy, and the suspense have kept me hooked for years. However, the introduction of betting odds into the mix has taken my fascination to a whole new level!

Regardless of opinion, the prevalence of sports wagering is undeniable, and it’s spreading rapidly as it becomes lawful in an expanding number of U.S. states.

While it may appear that sportsbooks and odds are predominantly associated with conventional sports like football, basketball, and baseball when you’re a spectator, an increasing number of people have been engaging in betting within the motor racing community as well.

Though it’s not quite as popular as NASCAR, that community certainly includes IndyCar.

What do IndyCar betting odds mean?

A while back, it was challenging to discover IndyCar betting odds during the racing season, regardless of where you searched. However, today, the IndyCar championship isn’t the only thing that sportsbooks allow betting on. Common options include individual race outcomes, podium placements, and head-to-head contests.

To clarify the concept of odds, let’s consider the IndyCar championship as an example. In this context, a driver with negative odds (e.g., -200) indicates that you would need to wager $200 to potentially win $100, while drivers with positive odds (e.g., +300) represent scenarios where a $100 bet could potentially earn you $300.

For beginners in betting, the symbol “+” indicates the amount you earn when you wager $100, while the symbol “-” represents the amount you need to bet to win $100.

In a series as competitive as IndyCar is, there usually aren’t any drivers listed with minus odds for an individual race.

According to FanDuel Sportsbook, the current series champion Alex Palou from Chip Ganassi Racing is priced at -200 odds to secure this year’s championship title. Essentially, if you wager $200 on him and he emerges victorious, your return would be $100, resulting in a total payout of $300.

The implied probability of -200 odds is 66.67% (200/300).

Scott Dixon, your teammate, ranks second in popularity with odds of +550. Translated, this means if you wager $100 on Dixon to secure his seventh title and he succeeds, you’ll earn an additional $550, giving you a total payout of $650.

The implied probability of +550 odds is 15.38% (100/650).

It’s also important to note that in sports betting, the sportsbooks always maintain an advantage, often referred to as the house edge. This means that bettors cannot consistently make a profit by wagering different amounts on every possible outcome because the total probability of all potential outcomes within a single market is always more than 100%. In other words, the odds offered are slightly biased towards the sportsbook’s favor to ensure their long-term profitability.

Odds refresh periodically and are subject to change. If you or someone you know has a gambling problem, call 1-800-GAMBLER.

The upcoming IndyCar event in 2024, known as the Bommarito Automotive Group 500, will be televised live on USA Network starting at 6:00 p.m. ET on Saturday, August 17, from World Wide Technology Raceway at Gateway. Catch all the excitement by signing up for a free trial of FuboTV!

2024-08-13 17:32