Reception to Indy 500 was mixed, with some critical comparison to other games such as Sega AM2's Daytona USA and Namco's Ace Driver and Rave Racer.

Indy 500 is a racing game based on IndyCar,[1] and possesses an official license from the Indianapolis Motor Speedway.

[1] Critical reception to Indy 500 was mixed, but often compared the game to other similar arcade releases and focused on graphics and gameplay.

French magazine Player One [fr] praised the game's graphics and stated that Indy 500 continued a racing tradition with Sega that began with Virtua Racing and continued with Daytona USA and Sega Rally Championship.

[17] Brazilian magazine Super GamePower [pt] praised the game in comparison to others, calling both Daytona USA and Sega Rally Championship an appetizer for Indy 500.

[9] In an article for Edge, the staff pointed out that Indy 500's graphics were not as high quality as those in Namco's Ace Driver, which had been released the previous year.

[8] By contrast, a Next Generation reviewer praised the game's graphics and effective simulation of the unique qualities of IndyCar racing, calling Indy 500 "the fastest simulated driving experience ever", but also remarked that the infrequency of powerslides makes the game less fun.