Colts vs Ravens Odds, Picks, Probable Starters & How to Watch (Preseason Week 1)

• The Colts are heavy road favorites at the Ravens on Thursday night
• Indianapolis is expected to gives its starters some playing time, while Baltimore will be playing reserves
• See the Colts vs Ravens odds, picks, and likely starters at key positions for Thursday’s preseason game

The former darlings of preseason, the Baltimore Ravens (2-4 in preseason over last two years), are catching nearly a touchdown at home against the Indianapolis Colts (4-2 in preseason over last two years) on Thursday night when the teams tangle at M&T Bank Stadium in Maryland. The first preseason contest for both sides kicks off at 7:00 pm ET. The game will be broadcast nationally on the NFL Network.

The spread, which opened with Indy as a 3.5-point favorite, has been steadily moving in the Colts’ direction for the last three days.

Indianapolis Colts vs Baltimore Ravens Odds

As of Thursday afternoon, the Colts/Ravens spread had climbed a full field goal towards Indianapolis, sitting at Colts -6.5. On the moneyline, the Colts have shortened from -185 (64.91% implied win probability) all the way to -292 (74.49% implied win probability). The Ravens, meanwhile, faded from +154 (39.37%) to +235 (29.85%), which is on par with the biggest preseason Week 1 underdogs. The game total has climbed a half-point since opening, from 36.0 to 36.5.

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The Ravens, who won an astounding 24 straight preseason games from 2016 to 2022, have managed just a 1-2 record in each of the last two years. The Colts, meanwhile, went 2-1 straight-up during both their 2023 and 2024 preseason slates.

The latest NFL public betting splits show a massive divide between ATS and moneyline bettors: Indianapolis is getting 83% of ATS handle as 6.5-point road favorites, but the Ravens are getting 82% of moneyline handle as +235 home underdogs. The public is also leaning to the over, with 63% of O/U money currently wagered on over 36.5.

Who Is Playing in Colts vs Ravens?

Of course, the biggest reason the Colts/Ravens spread is tilted to heavily to the visitors is personnel. The Colts are expected to give significant playing time to both QB1 Anthony Richardson and QB2 Daniel Jones, who are still in an open competition to start in Week 1 of the regular season.

Baltimore, meanwhile, isn’t expected to give former NFL MVP Lamar Jackson any reps tonight, leaving Cooper Rush and Devin Leary to handle the snaps. Rush, a longtime Cowboy, was brought in to replace journeyman Josh Johnson, who signed with Washington in the offseason. Leary is a 2024 sixth-round pick who has yet to play a down of regular-season action in the NFL.

Leary appeared in all three preseason games for the Ravens last year, going an ugly 15-of–28 (53.6%) for just 95 yards, zero touchdowns, and two interceptions.

In a rarity, a kicker will be one of the more intriguing players on the field on Thursday night. Potential Hall-of-Famer Justin Tucker is gone and rookie sixth-round pick Tyler Loop enters the preseason as the only kicker on the Baltimore roster. He’s been Tucker-esque in camp, bombing in kicks from 60-plus-yards, but it remains to be seen whether the former Arizona Wildcat can do it in a game situation. ‘

IND Colts vs BAL Ravens Picks & Predictions

• Ravens first-half moneyline (+222) at Caesars
• Under 36.5 points (-110) at bet365

I cannot quite fathom why the Colts are such big favorites in this road game. Even with Anthony Richardson and Daniel Jones scheduled to see snaps, Cooper Rush may still end up being the best quarterback on the field. The former Dallas backup always performed admirably during Dak Prescott’s injury stints. Last year, when he started eight games (and appeared in 12), he posted the best numbers of his career: 1,844 yards, 12 TDs, five INTs. He went 4-4 straight-up in his eight starts, accounting for over half of Dallas’ seven wins.

Rush’s 2024 passer rating (83.8) was considerably higher than both Richardson (61.6) and Jones (79.4). He also outpaced them in TD-to-INT ratio; Jones had eight touchdowns and seven picks, while Richardson had eight TDs and 12 interceptions.

It’s likely that the Colts will also give more playing time to their first-string skill-position players, . in order to see how both Richardson and/or Jones look in some approximation of the first-team offense. Rush may have to work with almost exclusively second-string and below. But let’s not forget that the Ravens are coming off a 12-5 season (with an AFC-co-leading +157 point differential) and are sitting at 11.5 O/U in the 2025 NFL win totals, tied for the highest in the NFL. The Colts went 8-9 last year (with a -50 point differential) and have a 2025 win total of just 7.5.

Baltimore is a much stronger team, with a much better coach, and a not-so-distant history of dominating in the preseason. If the Richardson and Jones struggle to move the ball, which they both did last season and have done for the vast majority of their careers, a few bombs from Tyler Loop could put Baltimore in a good position to win.