Oddsmakers betting on Alonso 500 win

The fans and media have been caught up in "Fernando Mania" all month, but the sports books around the globe are also on the bandwagon and have done the unthinkable: made Alonso the favorite to win the 101st Indianapolis 500.

Despite never having turned a lap in competition at the Indianapolis Motor Speedway, the two-time Formula 1 champion is either the favorite, co-favorite or second choice in six prominent online sports books.

BetUs.com, Bovada.com, SportsBook.com and 5Dimes.com have installed the 35-year-old Spaniard as the man to beat from his fifth starting spot.

Alonso is 4.5-1 at Bovada, 5-1 at SportsBook.com, 6-1 at BetUs.com and 5Dimes.com. He and pole-sitter Dixon are both 5-1 at TopBet.com. At PaddyPower.com in England, he's second behind Dixon (6-1) at 6.5-1 and at OddsSharl.com, where the 2008 Indy winner is 6-1 and Alonso is 8-1. Only VegasInsider.com seems to be a little more realistic at 10-1, with Dixon 6-1, followed by Helio Castroneves, Juan Montoya, Marco Andretti, Ryan Hunter-Reay and Tony Kanaan at 9-1.

Two-time Indy winner Montoya scored his initial victory in 2000 as a rookie but had come over to run the race from CART, where he was the 1999 champion and had run nine previous oval track races (winning three of them) with 300 more horsepower than an IRL car.

"It's a little surprising he's the favorite but he could do it," said Montoya, who starts 18th in one of Roger Penske's five entries. "His biggest challenge is to learn and understand traffic and also it will be the longest race of his career. But he's a great driver with a good car so it's possible."