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.

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

Indianapolis 500 is wide open this year after an eventful qualifying. Here's how every driver stacks up based on their odds in Sunday's race.

The countdown is on to the 109th Running of the Indianapolis 500. The big event ... fans are diving into the betting action. In the wake of an eventful few days, the odds saw a huge shift.

The big event takes place on FOX and motorsports fans are diving into the betting action ... the pole and his odds surged to 11/1 from 40/1. The reigning Indy 500 champion is Josef Newgarden.

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.

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

No matter which style of racing you prefer, there's a little of something for you Sunday. Formula 1's prestigious Grand Prix of Monaco starts us off at 9 a.m. ET, with IndyCar's historic Indianapolis 500 at 12:45 p.m., and NASCAR's longest race, the Coca-Cola 600, from Charlotte Motor Speedway at 6 p.m. to finish the day.

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