PREAKNESS STAKES BETTING ODDS

Last updated: May 16, 2026

Preakness Stakes odds, like other US horse races, are pari-mutuel, meaning they are based on public wagering. The track first removes a fixed percentage from the total betting pool to cover operations, purses, and state taxes.]As more money is bet on a horse, its odds decrease, making it a favorite. For the 2026 Preakness Stakes odds, projected betting probabilities, and updates on potential favorites and longshots are closely watched as the field takes shape for the upcoming race. The 2026 Preakness Stakes features a competitive field of 14 horses, with no clear heavy favorite, reflecting recent trends in horse racing. Morning line odds, also referred to as early odds, estimate the public's approach to a race, factoring in the results of major 2025 horse races and the reputations of big-race trainers like Todd Pletcher and Chad Brown. The outcome of the Kentucky Derby is the single most influential factor for betting on the Preakness Stakes. The Preakness Stakes is part of a two-day festival of live racing, with several major stakes races scheduled for Friday, May 15, 2026, including the Black Eyed Susan Stakes, a prestigious race for three-year-old fillies, and the Pimlico Special, both of which are highlights of the Maryland racing calendar.

Although long shots can change this, the Kentucky Derby winner typically becomes the favorite. Horses winning Major Grade I races also attract bettors at Laurel Park. On May 16th, live Preakness Stakes odds will be calculated using the pari-mutuel system, with final odds determined by dividing the total pool by the amount wagered on each horse. Field size for the Preakness Stakes is typically smaller than the Kentucky Derby, which can lead to more predictable outcomes and lower exotic payouts.

Monitor the Preakness Stakes odds on race day, as they can differ from morning line forecasts, like War of Will's 2019 Preakness Stakes win, where his 4/1 morning line odds shifted to 5/1 starting odds. Preakness odds fluctuate significantly on the pari-mutuel system as the event nears, so be prepared for last-minute changes to your picks' odds.

The Preakness Stakes is widely recognized as the second jewel of the coveted Triple Crown series. In 2026, the race will be held at Laurel Park in Laurel, Maryland, while Pimlico Race Course in Baltimore undergoes redevelopment. As a jewel of American horse racing, the Preakness has a rich tradition and is a major highlight of the racing calendar. First run in 1873, making it older than the Kentucky Derby by two years—the race was named in honor of the horse Preakness, who won the Dinner Party Stakes at Pimlico in 1870. The inaugural Preakness featured a field of seven runners and was won by My Sheba by 10 lengths. Since 1909, the Preakness Stakes has been contested at Pimlico Race Course in Baltimore, except for a few early years when it moved, including a stint in New York. The modern Triple Crown order, with the Kentucky Derby first, Preakness as the second leg, and Belmont last, was established in 1932. The Preakness is traditionally run on the third Saturday in May.

The Preakness Stakes, aka The Run for the Black-Eyed Susans, recognized as the second leg of the coveted Triple Crown series, is scheduled to be contested at Laurel Park in Baltimore, Maryland, on Saturday, May 16, 2026. This prestigious horse racing event will be run at a distance of 1 3/16 miles (1.91 kilometers) and features a purse of $2 million for 2026, making it the shortest of the Triple Crown races.

The draw for the 151st Preakness Stakes took place on Monday, May 11, 2026, when post positions for the 2026 Preakness Stakes will be determined. The morning line odds for the 2026 Preakness Stakes will be released following the post positions draw on May 11, 2026. Post positions play a significant role in shaping both the odds and betting strategies, as certain positions have historically produced more winners. The Maryland Jockey Club announces the official field and odds, and the Federico Tesio Stakes serves as a key prep race for three-year-olds to qualify for the Preakness, often granting automatic entry to promising contenders. There is also a Preakness Stakes Future Win Wager that is open the week before the Kentucky Derby. Though not every horse in that betting pool will definitely run in the Preakness—that’s the risk of a futures bet, after all! It often contains many of the major contenders and can be a good way to get an early jump on your Preakness analysis and betting.

Like the main race, the Preakness Future Wager through Pimlico is pari-mutuel. The track releases a morning line, and the wager opens Friday, May 15th. Final odds are not determined until the pool closes on Kentucky Derby day, May 2. (However, note that this wager closes before the Kentucky Derby starts, so you have to make your judgment before the race as to who might press on!). When discussing odds, it is important to reference third-party marks and information sources for accuracy and transparency in analysis.

About the Preakness Stakes

The Preakness Stakes stands as one of the most prestigious events in horse racing, serving as the pivotal second leg of the Triple Crown, often referred to as the "jewel of the Triple, nestled between the Kentucky Derby and the Belmont Stakes. Traditionally run on the third Saturday in May, the 2026 Preakness Stakes will make its mark at Laurel Park in Maryland, offering a thrilling contest over 1 3/16 miles of dirt. Open exclusively to three-year-old Thoroughbreds, this event draws elite horses, owners, and trainers from across the globe, all vying for a place in racing history.

Since its inaugural running in 1873, the Preakness Stakes has showcased speed, stamina, and strategy as the second leg of the Triple Crown. The race is historically tied to Baltimore and Pimlico Race Course, its traditional home since 1909. For 2026, however, the Preakness will temporarily shift to Laurel Park while Pimlico undergoes redevelopment. Preakness Stakes history includes memorable moments and legendary winners, with the race having been contested at other venues such as Gravesend Race Track in New York during its early years before returning permanently to Pimlico. The Preakness Stakes is more than just a race; it’s a celebration of tradition, competition, and the enduring spirit of the sport, making it a must-watch event for horse racing enthusiasts every year. The tradition of draping the winner in yellow flowers that resemble the Black-Eyed Susan, Maryland's state flower, adds to its unique charm. The Preakness Stakes purse is one of the richest in American horse racing, currently set at $2 million for the 2024 race.

Derby Winner Golden Tempo

Golden Tempo, the winner of the 2026 Kentucky Derby, has made the surprising decision to skip the Preakness Stakes, ending any hopes of a Triple Crown bid this year. Trained by Cherie DeVaux, a female trainer who made history as the first female trainer to win the Kentucky Derby, Golden Tempo delivered an impressive and unexpected victory at Churchill Downs, rallying from the back of the pack to claim the roses. Despite this triumph, the connections have prioritized the horse's long-term health and future racing career, opting to give Golden Tempo more time to recover before targeting the Belmont Stakes. This decision marks the second consecutive year that the Kentucky Derby winner has bypassed the Preakness, highlighting the increasing trend of Derby champions focusing on rest and preparation for later races rather than the grueling Triple Crown challenge. Golden Tempo’s absence has significantly reshaped the 2026 Preakness Stakes odds and opened the field for other contenders to vie for the prestigious second jewel of the Triple Crown.

CURRENT PREAKNESS STAKES ODDS

Below are the latest odds for each horse in the 2026 Preakness Stakes. As of May 7, 2026, Iron Honor is the morning line favorite at 9-2, having previously won the Gotham Stakes but finishing seventh in the Wood Memorial. Taj Mahal, one of the favorites at 5-1, has won all three of his races at Laurel Park, where the event will be held. Chip Honcho, also at 5-1 odds, draws the historically advantageous Post 6, often called the 'chip honcho' post for producing the most winners in Preakness history. Steve Asmussen trains Chip Honcho and will be ridden by Jose Ortiz, both bringing a 'bull by the horns' approach to this year's race. Ocelli is listed at 6-1 odds despite being winless in seven career starts, coming off a remarkable third-place finish in the Kentucky Derby at 70-1 odds, just half a length behind the winner. Napoleon Solo, Pretty Boy, and Pretty Boy Miah are also in the field, with Pretty Boy Miah drawing Post 14, a post that has never produced a winner, which is a notable disadvantage for this contender. Corona de Oro, with John Velazquez as jockey, is entered at 30-1 odds, while Hell and Further Ado round out the field. Irad Ortiz Jr. will be aboard Talkin from Post 5, adding further depth to the jockey talent in this year's race. Renegade is currently listed at 10-1, with Crude Velocity and Further Ado both at 12-1. Notably, the Kentucky Derby winner, Golden Tempo, will not be running in the Preakness Stakes this year. The absence of Derby winner Golden Tempo has significantly impacted the 2026 Preakness Stakes odds, opening up the field and shifting attention to other top contenders. Keep checking back, as Preakness Stakes odds update in real time leading up to post time due to pari-mutuel wagering.

2026 Preakness Stakes Morning Line Odds
Post Position	Horse	Trainer	Jockey	Owner	Morning Line
1	Taj Majal	Brittany Russell	Sheldon Russell	SF Racing, Starlight Racing, Madaket Stables, Stonestreet Stables, Bashor Racing, Determined Stables, Golconda Stable, Waves Edge Capital and Catherine Donovan	5-1
2	Ocelli	Whit Beckman	Tyler Gaffalione	Ashley Durr, Anthony Tate, and Front Page Equestrian	6-1
3	Crupper	Donnie Von Hemel	Junior Alvarado	Robert Zoellner	30-1
4	Robusta	Doug O’Neill	Rafael Bejarano	Calumet Farm	30-1
5	Talkin	Danny Gargan	Irad Ortiz Jr.	Reeves Thoroughbred Racing, Pine Racing Stables, Legendary Thoroughbreds, Belmar Racing and Breeding, and R. A. Hill Stable	20-1
6	Chip Honcho	Steve Asmussen	Jose Ortiz	Leland Ackerley Racing, James Sherwood, Jode Shupe, John Cilia	5-1
7	The Hell We Did	Todd Fincher	Luis Saez	Peacock Family Racing Stable	15-1
8	Bull by the Horns	Saffie Joseph Jr.	Micah Husbands	Peachtree Stable and Mark Corrado	30-1
9	Iron Honor	Chad Brown	Flavien Prat	St. Elias Stable, William Lawrence, and Glassman Racing	9-2
10	Napoleon Solo	Chad Summers	Paco Lopez	Gold Square (Al Gold)	8-1
11	Corona De Oro	Dallas Stewart	John Velazquez	On Our Own Stable, Commonwealth Stable, U Racing Stables, Saints or Sinners, Titletown Racing Stables, Jim Nichols, Edwin Barker, Rivers Thoroughbreds, John Haines and Dallas Stewart	30-1
12	Incredibolt	Riley Mott	Jaime Tores	Pin Oak Stud	5-1
13	Great White	John Ennis	Alex Achard	Three Chimneys Farm and John Ennis	15-1
14	Pretty Boy Miah	Jeremiah Englehart	Ricardo Santana Jr.	Team Penney Racing, Echo Racing, Flower City Racing, Anthony Bruno, and Christopher Meyer	15-1

POPULAR PREAKNESS STAKES BET TYPES

Betting on the Preakness Stakes involves a variety of wagering styles, from simple to advanced. The three main types of bets are Win, Place, and Show: a Win bet requires your horse to finish first (horse wins), a Place bet requires your horse to finish in the top two, and a Show bet requires your horse to finish in the top three. If your horse wins, you cash your Win bet; if not, your bet does not cash.

More experienced bettors often explore exotic bets like Exacta, Trifecta, and Superfecta, as well as multi-race wagers such as Pick 3 and Pick 5. An Exacta bet requires you to predict which horses will finish first and second in the correct order, while a Trifecta requires selecting the first three finishers in the exact order. Hitting these exotic bets can lead to much larger payouts, but they demand greater precision and strategy.

For the Preakness Stakes, the minimum wager amounts are $1.00 for Win, Place, Show, Exacta, and Daily Double bets, and $0.10 for Superfecta bets.

Whether you’re new to horse racing or more experienced, understanding how odds apply to each bet type is essential, especially in a fast-moving race like the Preakness Stakes, where odds can shift leading up to post time.

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What Influences Horse Racing Odds?

Horse Profiles & Recent Results: Understanding a horse’s running style, previous race pace, and past odds performance can help you spot value picks. Several horses must qualify for the Preakness Stakes through prep races like the Federico Tesio Stakes, Blue Grass Stakes, Kentucky Oaks, Virginia Derby, Gotham Stakes, and Champagne Stakes—each serving as important benchmarks for evaluating contenders. For example, Iron Honor participated in both the Gotham Stakes and Wood Memorial, showcasing his form against top competition before targeting the Preakness. Similarly, Early Voting, trained by Chad Brown, bypassed the Kentucky Derby and went directly to the Preakness, a strategy that paid off with a win, echoing Brown's earlier success with Cloud Computing in 2017. Trainer Chad Brown’s deliberate training patterns and his proven ability to prepare horses for this event make his entries especially noteworthy. Taj Mahal—a 3-year-old colt trained by Brittany Russell, whose team has guided him to notable wins at Laurel Park. Cherokee Nation, another notable contender, has drawn attention for its racing pedigree and recent strong showings, thanks to the efforts of its trainer and dedicated team. Great White was under consideration for the Kentucky Derby but was ultimately scratched from the race, affecting the field's dynamics. When evaluating contenders, consider how each horse is trained and the collaborative effort of the trainer and team behind their preparation. Some trainers may even employ a silent tactic as part of their race strategy, aiming to gain an under-the-radar advantage.

Pimlico Track Bias & Conditions: Pimlico’s shorter 1 3/16-mile dirt track can favor speed horses. Track conditions—like rain on race day—can shift which horses hold an edge. Adjust your betting approach accordingly.

Line Movement & Odds Value: Track how a horse’s odds shift from the morning line to post time. For example, if a horse opens at 10-1 and moves to 6-1, it may indicate increased betting interest and market confidence from bettors. Monitoring line movement can help identify potential value or late market trends.

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How to Read Preakness Odds Like a Pro

If you’re new to betting on the Preakness Stakes, make sure you know what the odds mean. That includes being able to tell how odds translate to winnings, as well as what shifts in odds mean. Understanding post positions is also crucial, as the draw process and assigned post positions can significantly impact race dynamics and influence the odds, making them an important factor in betting strategies. The starting gate plays a key role in how horses line up and begin the race, with each horse’s position in the starting gate affecting their initial break and overall race performance.

Odds Formats: Preakness Stakes odds are typically shown in three formats: fractional, American, and decimal. For informational or analytical purposes, third-party marks or sources may be referenced to provide background or context.

Understanding Fractional Odds

Fractional odds are the most common format at the racetrack and appear on the tote board. They represent your potential profit relative to your stake and do not include your original wager in the displayed payout.

Especially with the rise of sports betting, horse racing odds are shown in American and decimal formats more often as well.

Understanding American Odds

American odds are, as the name implies, the common format in American sports betting. They can be either a positive or negative number. A positive number, for a horse even-money or better, shows how much you’ll get back in winnings (not counting the return of the base stake) if you bet $100 on the horse. A negative number, which you’ll see for an odds-on favorite, shows how much you’ll have to bet to get back $100 in winnings.

Understanding Decimal Odds

Decimal odds are common in Europe and Australia. They show the total payout—including getting your base stake back—if you bet $1 on the horse.

This is a chart of common odds you’ll see at the racetrack showing fractional, decimal, and American odds, the payoff on a $2 bet at those odds (including winnings plus getting your stake back), as well as implied probability. Implied probability just translates the betting odds to a likelihood of a horse to win. This can help you determine overlays or underlays: you should bet a horse if you think their probability of winning is higher than the implied probability associated with their odds.

Fractional	American	Decimal	$2 Bet Payoff	Implied Probability
1-5	-500	1.20	$2.40	83.33%
1-2	-200	1.50	$3.00	66.67%
1-1	+100	2.00	$4.00	50.00%
3-2	+150	2.50	$5.00	40.00%
2-1	+200	3.00	$6.00	33.33%
5-2	+250	3.50	$7.00	28.57%
3-1	+300	4.00	$8.00	25.00%
7-2	+350	4.50	$9.00	22.22%
4-1	+400	5.00	$10.00	20.00%
9-2	+450	5.50	$11.00	18.18%
5-1	+500	6.00	$12.00	16.67%
8-1	+800	9.00	$18.00	11.11%
10-1	+1000	11.00	$22.00	9.09%
15-1	+1500	16.00	$32.00	6.25%
20-1	+2000	21.00	$42.00	4.76%
30-1	+3000	31.00	$62.00	3.23%
50-1	+5000	51.00	$102.00	1.96%

How to Interpret the Morning Line and Shifting Odds: When you look at the entries in the days before the Preakness Stakes, that price is the morning line. That is a handicapper’s educated estimate for how the odds will look, but not what the price will definitely be at post time. That is because betting is pari-mutuel—amongst the bettors. Once the race starts, the real favorite will be the horse with the most money on them, with the long shots being the horses with less real money bet on them.

Experienced bettors will often incorporate “playing the board” into their play. This means, if a horse who is a middle price or even a long shot on the morning line actually ranks as one of the favorites during live wagering, it’s worth tuning into FanDuel TV or trusted racing analysts to find out why that may be.

The opposite can happen, too—if a favorite on the morning line ends up a middle or long price on race day, they are “cold on the board.” It’s worth finding out whether there’s a good reason they can’t win, or if you’re just getting a bonanza price on a good horse.

2026 Preakness Stakes Odds Trends From Recent Years

The Preakness Stakes has a reputation for being friendly to favorites, and that bears out in the long term. 73 of 149 Preakness winners, or 49%, have been favorites. This is the highest rate of winning favorites of any of the Triple Crown races.

However, recent history has not been as kind to favorites as the longer-term history of the Preakness Stakes. Looking at the last ten years of the race’s history, only two favorites have won: Triple Crown winners American Pharoah and Justify.

In fact, over the last ten years, twice as many horses paying over $20 have won than favorites. Those include Cloud Computing ($28.80), Swiss Skydiver ($25.40), Rombauer ($25.60), and Seize the Grey ($21.60). All four of these horses brought proven graded-stakes class to the Preakness, but came out of races other than the Kentucky Derby. So, keeping track of other quality three-year-old races can pay dividends when finding Preakness longshots.

Year	Horse	Payout	Odds	Morning Line
2025	Journalism	$4.00	1-1	8-5
2024	Seize the Grey	$21.60	9.8-1	12-1
2023	National Treasure	$7.80	2.9-1	4-1
2022	Early Voting	$13.40	5.7-1	7-2
2021	Rombauer	$25.60	11.8-1	12-1
2020	Swiss Skydiver	$25.40	11.7-1	6-1
2019	War of Will	$14.20	6.1-1	4-1
2018	Justify	$2.80 (f)	2-5	1-2
2017	Cloud Computing	$28.80	13.4-1	12-1
2016	Exaggerator	$7.20	2.6-1	3-1
2015	American Pharoah	$3.80 (f)	9-10	4-5

A positive note is that even though only two favorites have won in the last ten years, favorites have still performed generally well. Eight of the last ten betting favorites in the Preakness have finished in the top three, meaning it’s worth it to look at alternatives on the win end, but favorites can still be good keys for exotics.

Looking at odds shifts between the morning line and race day for recent Preakness Stakes winners, there is not a strong correlation between morning-line activity and winning the race. Over the last ten years, there have been six Preakness winners whose odds shortened compared to the morning line, as well as four whose odds lengthened. That includes favorites as well as longer shots.

In short, while tracking odds movement can provide useful signals, it should be used alongside other handicapping factors rather than as a standalone indicator when evaluating Preakness Stakes bets.

How to Watch the 2026 Preakness Stakes

Catching all the action of the 2026 Preakness Stakes is easier than ever, whether you’re tuning in from home or joining the excitement at Laurel Park. NBC will provide live television coverage starting at 4:00 PM ET on Saturday, May 16, ensuring fans don’t miss a moment of the main event. Horse racing fans can follow the day’s festivities, live racing coverage, expert picks, and betting analysis through FanDuel TV and FanDuel TV+, which offer extensive horse racing programming and race-day coverage throughout the spring racing calendar. While the 2026 Triple Crown bid came to an end after the Kentucky Derby winner announced it would skip the Preakness Stakes, this year’s race still features a competitive field and major betting storylines heading into Baltimore.

If you’re planning to experience the Preakness Stakes in person at Laurel Park, gates open at 10:00 AM ET, giving fans plenty of time to enjoy a full slate of races and on-site entertainment before the featured event. Bettors can also follow updated odds, race insights, and wagering coverage through FanDuel Racing platforms, making it easy to stay connected to every moment of the 2026 Preakness Stakes. With elite horses, top jockeys, and one of horse racing’s most historic stages, the Preakness Stakes remains one of the premier events on the racing calendar.