The second leg of the Triple Crown each year is the Preakness Stakes. This race is just as important as the Kentucky Derby before it, as a horse needs to win both of those races to have a chance to close out the Triple Crown at the Belmont Stakes later on. But betting on this race is a little different than betting on the Derby from a strategy standpoint. Here, we look at the Preakness Stakes odds for this year and talk about some of the horse racing betting strategy that needs to be considered.
Latest Preakness Stakes Odds
Typically, the horse that won the Kentucky Derby is the favorite to win the Preakness Stakes as well, though that is not always the case. Here, we look at the odds for the upcoming Preakness Stakes, which bettors should keep an eye on going into the second race of this year’s Triple Crown season.
Odds current as of May 14, 2024
- Muth 8/5
- Mystik Dan 5/2
- Imagination 5/1
- Catching Freedom 6/1
- Tuscan Gold 8/1
- Seize the Grey 15/1
- Just Steel 15/1
- Mugatu 20/1
- Uncle Heavy 20/1
As you can see, the winner of the Kentucky Derby is not the favorite to win the Preakness Stakes. That is instead Muth, who was not allowed to run in the Kentucky Derby. But there are high expectations for Muth in the Preakness, while Mystik Dan is being given a shot despite being a surprising winner in the Derby. This race can go one of many directions, though, as there is no clear top horse in this year’s Triple Crown field.
Where Can I Bet On the Preakness Stakes?
The most convenient place to bet on the Preakness Stakes is FanDuel Sportsbook, which offers horse racing betting right from their sportsbook app in most states where FanDuel is legal. Bettors can use their sportsbook balance to place horse racing wagers, which is incredibly convenient, especially for those who only have an interest in betting the ponies during the three Triple Crown races.
Bettors can take advantage of our FanDuel Sportsbook bonus code to help build their bankroll ahead of the Preakness. Just click the button on this page and sign up at FanDuel, with no promo code required, to get your bonus ahead of one of the most exciting days of the year in horse racing.
Preakness Stakes Track Info
The Preakness Stakes features the shortest track of the three Triple Crown races at 1 3/16 miles in length. That is 1/16 of a mile shorter than the Kentucky Derby, which comes in at 1 1/4 miles. While this is the shortest track on the Triple Crown schedule, it is by no means a sprint of a race, as jockeys still need to manage their horses throughout the course of this race to avoid them being gassed by the time the final stretch rolls around.
Bettors are typically able to correlate Kentucky Derby performances into this race given the similar distances between the two events. But there are still plenty of chances for bettors to look back at past performances at this distance to get an idea of where there might be value in the Preakness Stakes betting markets.
Past Preakness Stakes Winners and Odds
Looking at the winners of the Preakness Stakes in recent years, you will notice that this is not typically an event reserved for longshots. The relatively short distance combined with the thinning of the field after the Kentucky Derby make this race one that is often won by horses near the top of the odds board. Below is the list of recent winners of this race and their odds when the race started.
| Year | Horse | Odds |
| 2023 | National Treasure | 4/1 |
| 2022 | Early Voting | 5/1 |
| 2021 | Rombauer | 12/1 |
| 2020 | Swiss Skydiver | 11/1 |
| 2019 | War of Will | 4/1 |
| 2018 | Justify | 1/2 |
| 2017 | Cloud Computing | 12/1 |
| 2016 | Exaggerator | 3/1 |
| 2015 | American Pharoah | 4/5 |
| 2014 | California Chrome | 3/5 |
Preakness Stakes Betting Strategy
From a strategy standpoint, the Preakness Stakes is a fascinating race. It is tempting to bet on the horse that won the Kentucky Derby to win this race as well, as the distances are similar and that horse is coming off of a win. But there are no guarantees that the winner of the Derby will come out on top in the Preakness. Bettors still have to handicap this race diligently in order to give themselves the best chance at cashing their ticket.
With that said, bettors should also avoid heading straight to the longshots when betting on this race. As you can see above, no horse has won this race at longer than 12/1 odds over the last decade. While it is always possible that streak ends in the next edition of the Preakness Stakes, this track is nothing like the Belmont, where longshots have certainly had a better chance of coming out on top.
