Indy 500 is a racing game played from a top-down point of view. In the one-player game, your goal is to complete as many laps as you can in 60 seconds. In the two-player game, the first player to complete 25 laps wins! The game features several different race tracks, two difficulty levels, and additional game variations called ice race, tag, and crash 'n score.
Ice race adds an extra level of challenge as the track is icy, causing your car to slide often and making it difficult to steer. In tag, one player is "it" and needs to tag the other player, earning points for each second they are not tagged. Crash 'n score is a fun variation where you need to crash into targets on the race track, with the first player to do so earning a point and a new target appearing elsewhere on the track.