The 94th running of the Indianapolis 500 takes place this Sunday and Helio Castroneves not only has the pole, but he’s also been instilled as the favorite.

Bet 2010 Indy 500 Odds

Castroneves has won three Indy 500 races and claimed the 2001 Indianapolis 500 Rookie of the Year award, as well. The 35-year-old Brazilian driver is the current defending champion after winning at Indianapolis Motor Speedway last year.

Oddsmakers from online sports book Sports Interaction currently list Castroneves as a 5/2 favorite to win the 2010 Indianapolis 500. Scott Dixon has the next best odds at 7/2, while Ryan Briscoe and Dario Franchitti are both 4/1 to win.

After claiming the honors on Monday, Castroneves now holds 38 starts in the pole position, including four at Indianapolis Motor Speedway. This year’s new Indy 500 qualifying format also awarded him with 15 points towards the championship.

This season Castroneves has one win in five starts and has also collected three top 5 finishes and five top 10s. He has only led for 20 laps this season and his win on Monday was the first time he's claimed the pole position this season.

The 2010 Indianapolis 500 will start at 1:00PM ET on Sunday. For more information on the race, check out our 2010 Indy 500 Viewing Guide and for odds, see below.

Odds to win the Indianapolis 500 – Indianapolis Motor Speedway – May 30, 2010

Helio Castroneves 5/2    

Scott Dixon 7/2    

Ryan Briscoe 4/1    

Dario Franchitti 4/1    

Will Power 6/1    

Alex Tagliani 20/1    

Marco Andretti 20/1    

Field (Any Other Driver) 25/1    

Dan Wheldon 25/1    

Tony Kanaan 25/1    

Ryan Hunter-Reay 30/1    

Danica Patrick 30/1    

Hideki Mutoh 30/1    

Vitor Meira 40/1    

Raphael Matos 50/1    

Ed Carpenter 50/1    

Justin Wilson 100/1    

Mike Conway 100/1    

Takuma Sato 100/1

Bet 2010 Indy 500 Odds

Posted: 5/24/10 10:30PM ET