A remarkable audience of up to 300,000 petrol heads turn up each year to watch cars and drivers take on a gruelling 200 laps of the Motor Speedway’s over circuit.
Along with the Monaco Grand Prix and the 24 hours of Le Mans endurance race, it makes up one third of the Triple Crown of Motorsport – with only Britain’s Graham Hill having successfully claimed the career hattrick.
And there’s a Scottish connection, with West Lothian’s Dario Franchitti an Indy 500 legend of the was a legend, having won the race three times – in 2007, 2010 and 2012 – until a horrific crash ended his career in 2013.
Here’s everything you need to know about this year’s event – the 106th running.
When and where is the race held?
Qualifying for the Indy 500 has already taken place, with the 33-car race taking place on Sunday, May 29, from 12.45pm local time - 5.45pm UK time.
The race tends to last around three hours, so the winner should be known by 9pm UK time.
It’s held at the Indianapolis Motor Speedway (IMS) in Speedway, Indiana – a suburb of the US state capital of Indianapolis.
Who is favourite to win the Indy 500?
The bookies have Scott Dixon as 7/1 favourite, followed by Colton Herta (8/1), Alex Palou (8/1), Josef Newgarden (8/1), Patricio O’Ward (9/1) and Scott McLaughlin (9/1).
Defending champion Helio Castoneves is 16/1 to win again.
What record could be broken at this year’s race?
Helio Castroneves, is looking to make history by winning the race for a record-breaking fifth time.
Currently he is tied on four wins with A.J. Foyt, Al Unser and Rick Mears.
The 47-year-old won his fourth title last year, 20 years after winning his first in his debut drive in 2001.
It’s been a remarkable late career renaissance which has also included him lifting two 24 Hours of Daytona trophies and a 2020 Sportscar title.
What happened in qualification?
Scott Dixon took pole position with the fastest pole-winning qualifying run in the history of the race, followed by Alex Palou, Rinus VeeKay, Ed Carpenter, Marcus Ericsson, Tony Kanaan in the ‘Fast Six’.
Pato O’Ward, Felix Rosenqvist, Romain Grosjean, Takuma Sato, Will Power and Jimmie Johnson complete the top 12 racers.
Can I watch the race in the UK?
The Indy 500 will be available via Sky Sports or NOW TV on the Sky Sports F1 channel.
Sky Sports F1 currently costs £18 per month month as an add-on to existing Sky packages, or £41 per month for new customers.
But with NOW TV you can buy a day’s membership for just £11.99.
How much money does the winner get?
The purse, which comes from the Indianapolis Motor Speedway, is not announced until after the race and depends on a range of factors, including the contribution handed over by sponsors, television networks and the sanctioning body.
Last year’s winner, Helio Castroneves, won $1,828,305, but the record prize was in 2009 when Helio Castroneves took home more than $3 million.
The amount of prize money isn't as straighforward as a simple amount for each placing though, with the winner of pole position takes home a large amount, and drivers earning extra money for the number of laps they lead for.