Preakness Stakes Horse: Chip Honcho Odds, History, and Predictions

The Preakness Stakes happens Saturday, May 16. For the first and only time ever, the middle race of the Triple Crown will be at Laurel Park while Pimlico, its usual Baltimore home, is rebuilt. Post time Saturday for this wide-open Preakness Stakes is set for 7:01 p.m. Eastern Daylight Time.

Chip Honcho earned enough points on the New Orleans spur of the Kentucky Derby trail to earn his way into the Run for the Roses. However, trainer Steve Asmussen decided to redirect him to the second jewel of the Triple Crown instead, deciding that the race would be a better fit for him than the Kentucky Derby. In a Preakness news release after Asmussen took Chip Honcho out of Derby consideration, he cited his horse’s inconsistency and suggested that the 4,800 spectators allowed at Laurel would be less likely to set Chip Honcho off than the 150,000 at the Derby.

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Chip Honcho Preakness Stakes Odds and Post Positions

The Preakness Stakes was drawn on Monday, May 11. Chip Honcho drew a nice middle post, gate 6 of 14, and is the joint second choice on the morning line at 5-1. He ran some good races in graded-stakes company at Fair Grounds during the Kentucky Derby trail – since his racing record shows more class than many of his opponents, and his trainer Steve Asmussen is a two-time Preakness winner, he does shape to be one of the better-bet horses in the field.

The 2026 Preakness Stakes drew a full field of 14, the largest Preakness field since 2011. These are the post positions, entrants, trainers, and morning-line odds released at Monday’s draw:

Chip Honcho Horse Trainer and Jockey

Chip Honcho is trained by Hall of Fame trainer Steve Asmussen, the winningest trainer in North American history. Though the Kentucky Derby still eludes him, his history in the Preakness has been far stronger. Asmussen has run 17 horses in the Preakness between 2000 and 2025, winning the middle jewel with two eventual Hall of Famers: Curlin in 2007 and Rachel Alexandra in 2009. He has trained four other horses who hit the trifecta: Midnight Bourbon (2021) and Epicenter (2022) were runners-up, and Astrology (2011) and Tenfold (2018) finished third.

Chip Honcho will be ridden by Jose Ortiz in the Preakness Stakes since his Kentucky Derby mount, winner Golden Tempo, is being routed straight to the Belmont Stakes instead. Ortiz has ridden Chip Honcho once before, guiding him to a maiden special weight win last November at Churchill Downs. Jose Ortiz has ridden in the Preakness six times, winning in 2022 with Early Voting.

Chip Honcho Race History

Chip Honcho started his career in Kentucky, running second in a maiden sprint at Keeneland last October before graduating in a muddy one-turn mile at Churchill Downs on November 20. He then ran in all four points preps at Fair Grounds, picking up at least a few points each time. He won the Gun Runner Stakes in December, had a close fourth-place finish behind eventual Kentucky Derby winner Golden Tempo in the Lecomte (G3), missed by half a length to Paladin in the Risen Star, and then weakened to a distant fifth-place finish in the Louisiana Derby. He has freshened since that race on March 21.

Speed ratings are courtesy of Equibase.

Chip Honcho Preakness Stakes Prediction and Pick

Similarly to if he had run in the Kentucky Derby, the major question about Chip Honcho is whether the Louisiana Derby was a regression or something worse. If it was a regression before moving forward again, the Risen Star was a fast race against a very good horse in Paladin, and a step up from that could make him a major Preakness contender.

On the other hand, his dam was a sprinter, and Connect didn’t quite have the stamina of his sire Curlin, so there’s reason to think he might have distance limitations. Though, that’s not completely out of the question to think a son of Connect can stretch out – after all, Ocelli, another Connect son, ran a strong third in the Kentucky Derby. There are also pace considerations for Chip Honcho. He does his best work on the lead, and Taj Mahal, Crupper, Robusta, Napoleon Solo, Corona de Oro, and Pretty Boy Miah all tend to hit the gas.

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The above author is a FanDuel employee and is not eligible to compete in public daily fantasy contests or place sports betting wagers on FanDuel. The advice provided by the author does not necessarily represent the views of FanDuel. Taking the author's advice will not guarantee a successful outcome. You should use your own judgment when participating in daily fantasy contests or placing sports wagers.