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Betting Guide

2023 Preakness Stakes Odds

2023 Preakness Stakes

By TVG Staff
Updated May 19th, 2023

The flagship race of the Pimlico Race Course meet, the Preakness Stakes will be run on Saturday, May 20. The race goes 1 3/16 miles on the dirt track, and is open to three-year-old colts, geldings, and fillies. The purse is a soaring $1.65 million, and the winner not only earns a big payday but also a place in horse racing history: doubly so for Kentucky Derby winner Mage, who would keep a Triple Crown bid alive if he wins in Baltimore.

For bettors, the Preakness presents one of the most interesting challenges of the year. And the race got even more challenging Friday morning with the scratch of one of the favorites, original morning-line second choice First Mission, who was removed from the race Friday morning due to a left hind ankle issue.

Preakness Stakes Contenders

Mage, the Kentucky Derby winner at Churchill Downs on May 6, is the 3-5 morning line favorite on the revised line released after the scratch of First Mission. It makes sense that he will now be odds-on. He impressed in the Kentucky Derby, and he is the only last-out graded-stakes winner left in the Preakness field.

The other six horses come out of races other than the Kentucky Derby. Those runners include National Treasure for Bob Baffert and Blazing Sevens for Chad Brown. They also include horses who won races that awarded automatic Preakness berths: Chase the Chaos from the El Camino Real Derby, Perform from the Federico Tesio Stakes, and Red Route One from the Bath House Row stakes.

2023 Preakness Stakes Odds Updates

The Preakness Stakes was drawn on Monday, May 15. This is the official Preakness field, including post positions, trainers, jockeys, and morning-line odds for each horse. The morning-line odds reflect the updated prices released Friday morning by Pimlico after the scratch of First Mission.

PostHorseTrainerJockeyML
1National TreasureBob BaffertJohn Velazquez3-1
2Chase the ChaosEd Moger, Jr.Sheldon Russell30-1
3MageGustavo DelgadoJavier Castellano3-5
4CoffeewithchrisLarry RivelliJaime Rodriguez20-1
5Red Route OneSteve AsmussenJoel Rosario8-1
6PerformKeith DesormeauxFeargal Lynch12-1
7Blazing SevensChad BrownIrad Ortiz, Jr5-1
8First MissionBrad CoxLuis SaezSCR

Preakness morning-line odds are the track’s forecast for what payout each horse will offer if he wins. However, the actual odds you will get if your horse wins the second leg of the Triple Crown are determined at post time, since horse racing betting odds are pari-mutuel.

2019 preakness stakes odds

2023 Preakness Stakes Futures Odds

In addition to the morning line, futures odds can provide a picture of what the prices in the Preakness Stakes may look like. One way to try to estimate how well the morning line odds will hold on the day of the race is to track the trends in future books as the race draws closer.

Preakness Stakes Future Wager

Pimlico did run a Preakness Future Wager during the week leading into the Kentucky Derby, though given that it closed about an hour before the Derby, it would be of limited use in predicting actual Preakness odds. Some of the favorites in that wager are horses who are not expected to run in the Preakness Stakes, including Forte, Angel of Empire, and Tapit Trice. First Mission was the second favorite in that pool at 6-1; he ended up the shortest price among horses actually expected to contest the Preakness. Kentucky Derby winner Mage was 22-1 in that pool, though the son of Good Magic will be a much shorter price in the actual Preakness pools after his impressive Kentucky Derby score.

Preakness Stakes Sportsbook Futures

Since morning-line odds are not a guarantee of what you’ll actually see on the third Saturday in May, Preakness futures odds at international sportsbooks can also provide a clue about who bettors may think will be the Preakness winner. These are liable to fluctuate as horses train toward the race and the field takes final shape, but they can provide betting clues.

Since morning-line odds are not a guarantee of what you’ll actually see on the third Saturday in May, Preakness futures odds at international sportsbooks can also provide a clue about who bettors may think will be the Preakness winner. These are liable to fluctuate as horses train toward the race and the field takes final shape, but they can provide betting clues.

As of May 16, these are the odds being offered on Preakness Stakes contenders by international sportsbook Bovada.

HorseTrainerFuture Odds
MageGustavo Delgado7-5
National TreasureBob Baffert9-2
Blazing SevensChad Brown7-1
Red Route OneSteve Asmussen12-1
PerformClaude R. McGaughey III14-1
CoffeewithchrisShug McGaughey25-1
Chase the ChaosEd Moger, Jr.50-1

How the Preakness Odds Are Formulated

Morning line odds are an estimate of how the betting public will approach a race. Preakness odds will be estimated based primarily on the results of the other major sophomore horse races from 2023, including Kentucky Derby preps, the Kentucky Derby itself, and other stakes races including Preakness preps like the El Camino Real Derby, the Federico Tesio Stakes, and the Oaklawn Stakes.

Preakness Stakes Connections

Some horse racing reputation enters calculations as well. Horses trained by people who have won a lot of Triple Crown races or other major horse races like Todd Pletcher, Chad Brown, Brad Cox, and Steve Asmussen for example, are always highly regarded. The Kentucky Derby winner is usually the favorite, though may not be in a year when the Kentucky Derby winner was a distant long shot. Any horse who is able to win a major Grade I race is also typically well-fancied by the bettors at Pimlico Race Course.

wayne lukas, market king, bourbon war

Preakness Stakes Race Day Odds

On May 20, the Preakness Stakes live odds will be calculated by the pari-mutuel system. The final odds are determined by how much is in the pool from bettors around the country divided by the number placed in wagers on each horse.

It makes sense to watch the odds in the pool on race day, since sometimes you get a better price than the morning line forecasts. For example, when War of Will went on to win the 2019 Preakness Stakes, he wasn’t the most popular, meaning his morning line odds of 4/1 became starting odds of 5/1.

Odds on the Preakness will fluctuate a lot on the pari-mutuel system as the event gets closer, especially right before the gates open, so be prepared not to know what odds you will get on your picks for the Preakness until the last moment.

Major Preakness Prep Races And Kentucky Derby Race Winner

The Preakness Stakes is the second jewel in the Triple Crown and carries immense importance, as not every horse will make the cut.

Mage won the most traditional key race in Preakness Stakes history: the Kentucky Derby. If he wins, he will go for a Triple Crown in the Belmont Stakes, though many Kentucky Derby winners have been upset in the second leg by good horses coming out of other races.

And many other top-stakes races will have also taken place in 2023, stretching back to the major Kentucky Derby preps and other important sophomore events, all of which are tough to win. The eventual Preakness winner often comes out of one of these major stakes races.

Preakness Stakes odds are partly shaped by the results of these major races, though for handicapping purposes, be sure to go back and check out how well other horses ran underneath these winners as well. After all, the winners often do not go to the Preakness, but underneath finishers may.

DateRaceVenueWinner
February 18, 2023Risen StarFair GroundsAngel of Empire
February 25, 2022Rebel StakesOaklawn Park Confidence Game
March 4, 2023Fountain of Youth StakesGulfstream ParkForte
March 4, 2023Gotham StakesAqueductRaise Cain
March 4, 2023San Felipe StakesSanta Anita ParkPractical Move
March 11, 2023Tampa Bay DerbyTampa Bay DownsTapit Trice
March 25, 2023Louisiana DerbyFair GroundsKingsbarns
April 1, 2023Florida DerbyGulfstream ParkForte
April 1, 2023Arkansas DerbyOaklawn ParkAngel of Empire
April 8, 2023Santa Anita DerbySanta Anita ParkPractical Move
April 8, 2023Wood MemorialAqueductLord Miles
May 8th, 2023Blue Grass StakesKeenelandTapit Trice
May 6th, 2023Kentucky DerbyChurchill DownsMage

Betting the 2023 Preakness Stakes with TVG

Our team is always on hand to offer in-depth analysis and expert Preakness Stakes picks as we head towards post time for the race.

Find out who is in the running to run down the 148th Preakness Stakes and keep it TVG for Pimlico, your trusted one-stop destination to bet on the Preakness, to the Belmont Stakes, and on horse racing all year long.

AWARE - Always Wager Responsibly - National Gambling Helpline: 1-800-522-4700. 

Disclaimer:TVG provides free information, odds, facts, and commentary about the Preakness Stakes and horse racing and betting, in general. Third-party marks may be referenced in a transformative, editorial, informational, nominative, critical, analytical, or comparative context. TVG may reference marks belonging to third parties pursuant to our right to engage in fair use, fair comment, statutory fair use, or trademark fair use doctrine. As such, TVG does not contribute to any dilution of any trade or service marks.

Get up to $200 Back

If you don't win your first single-horse win bet. Bet the Preakness!

By TVG Staff
Updated May 19th, 2023

The flagship race of the Pimlico Race Course meet, the Preakness Stakes will be run on Saturday, May 20. The race goes 1 3/16 miles on the dirt track, and is open to three-year-old colts, geldings, and fillies. The purse is a soaring $1.65 million, and the winner not only earns a big payday but also a place in horse racing history: doubly so for Kentucky Derby winner Mage, who would keep a Triple Crown bid alive if he wins in Baltimore.

For bettors, the Preakness presents one of the most interesting challenges of the year. And the race got even more challenging Friday morning with the scratch of one of the favorites, original morning-line second choice First Mission, who was removed from the race Friday morning due to a left hind ankle issue.

Preakness Stakes Contenders

Mage, the Kentucky Derby winner at Churchill Downs on May 6, is the 3-5 morning line favorite on the revised line released after the scratch of First Mission. It makes sense that he will now be odds-on. He impressed in the Kentucky Derby, and he is the only last-out graded-stakes winner left in the Preakness field.

The other six horses come out of races other than the Kentucky Derby. Those runners include National Treasure for Bob Baffert and Blazing Sevens for Chad Brown. They also include horses who won races that awarded automatic Preakness berths: Chase the Chaos from the El Camino Real Derby, Perform from the Federico Tesio Stakes, and Red Route One from the Bath House Row stakes.

2023 Preakness Stakes Odds Updates

The Preakness Stakes was drawn on Monday, May 15. This is the official Preakness field, including post positions, trainers, jockeys, and morning-line odds for each horse. The morning-line odds reflect the updated prices released Friday morning by Pimlico after the scratch of First Mission.

PostHorseTrainerJockeyML
1National TreasureBob BaffertJohn Velazquez3-1
2Chase the ChaosEd Moger, Jr.Sheldon Russell30-1
3MageGustavo DelgadoJavier Castellano3-5
4CoffeewithchrisLarry RivelliJaime Rodriguez20-1
5Red Route OneSteve AsmussenJoel Rosario8-1
6PerformKeith DesormeauxFeargal Lynch12-1
7Blazing SevensChad BrownIrad Ortiz, Jr5-1
8First MissionBrad CoxLuis SaezSCR

Preakness morning-line odds are the track’s forecast for what payout each horse will offer if he wins. However, the actual odds you will get if your horse wins the second leg of the Triple Crown are determined at post time, since horse racing betting odds are pari-mutuel.

2019 preakness stakes odds

2023 Preakness Stakes Futures Odds

In addition to the morning line, futures odds can provide a picture of what the prices in the Preakness Stakes may look like. One way to try to estimate how well the morning line odds will hold on the day of the race is to track the trends in future books as the race draws closer.

Preakness Stakes Future Wager

Pimlico did run a Preakness Future Wager during the week leading into the Kentucky Derby, though given that it closed about an hour before the Derby, it would be of limited use in predicting actual Preakness odds. Some of the favorites in that wager are horses who are not expected to run in the Preakness Stakes, including Forte, Angel of Empire, and Tapit Trice. First Mission was the second favorite in that pool at 6-1; he ended up the shortest price among horses actually expected to contest the Preakness. Kentucky Derby winner Mage was 22-1 in that pool, though the son of Good Magic will be a much shorter price in the actual Preakness pools after his impressive Kentucky Derby score.

Preakness Stakes Sportsbook Futures

Since morning-line odds are not a guarantee of what you’ll actually see on the third Saturday in May, Preakness futures odds at international sportsbooks can also provide a clue about who bettors may think will be the Preakness winner. These are liable to fluctuate as horses train toward the race and the field takes final shape, but they can provide betting clues.

Since morning-line odds are not a guarantee of what you’ll actually see on the third Saturday in May, Preakness futures odds at international sportsbooks can also provide a clue about who bettors may think will be the Preakness winner. These are liable to fluctuate as horses train toward the race and the field takes final shape, but they can provide betting clues.

As of May 16, these are the odds being offered on Preakness Stakes contenders by international sportsbook Bovada.

HorseTrainerFuture Odds
MageGustavo Delgado7-5
National TreasureBob Baffert9-2
Blazing SevensChad Brown7-1
Red Route OneSteve Asmussen12-1
PerformClaude R. McGaughey III14-1
CoffeewithchrisShug McGaughey25-1
Chase the ChaosEd Moger, Jr.50-1

How the Preakness Odds Are Formulated

Morning line odds are an estimate of how the betting public will approach a race. Preakness odds will be estimated based primarily on the results of the other major sophomore horse races from 2023, including Kentucky Derby preps, the Kentucky Derby itself, and other stakes races including Preakness preps like the El Camino Real Derby, the Federico Tesio Stakes, and the Oaklawn Stakes.

Preakness Stakes Connections

Some horse racing reputation enters calculations as well. Horses trained by people who have won a lot of Triple Crown races or other major horse races like Todd Pletcher, Chad Brown, Brad Cox, and Steve Asmussen for example, are always highly regarded. The Kentucky Derby winner is usually the favorite, though may not be in a year when the Kentucky Derby winner was a distant long shot. Any horse who is able to win a major Grade I race is also typically well-fancied by the bettors at Pimlico Race Course.

wayne lukas, market king, bourbon war

Preakness Stakes Race Day Odds

On May 20, the Preakness Stakes live odds will be calculated by the pari-mutuel system. The final odds are determined by how much is in the pool from bettors around the country divided by the number placed in wagers on each horse.

It makes sense to watch the odds in the pool on race day, since sometimes you get a better price than the morning line forecasts. For example, when War of Will went on to win the 2019 Preakness Stakes, he wasn’t the most popular, meaning his morning line odds of 4/1 became starting odds of 5/1.

Odds on the Preakness will fluctuate a lot on the pari-mutuel system as the event gets closer, especially right before the gates open, so be prepared not to know what odds you will get on your picks for the Preakness until the last moment.

Major Preakness Prep Races And Kentucky Derby Race Winner

The Preakness Stakes is the second jewel in the Triple Crown and carries immense importance, as not every horse will make the cut.

Mage won the most traditional key race in Preakness Stakes history: the Kentucky Derby. If he wins, he will go for a Triple Crown in the Belmont Stakes, though many Kentucky Derby winners have been upset in the second leg by good horses coming out of other races.

And many other top-stakes races will have also taken place in 2023, stretching back to the major Kentucky Derby preps and other important sophomore events, all of which are tough to win. The eventual Preakness winner often comes out of one of these major stakes races.

Preakness Stakes odds are partly shaped by the results of these major races, though for handicapping purposes, be sure to go back and check out how well other horses ran underneath these winners as well. After all, the winners often do not go to the Preakness, but underneath finishers may.

DateRaceVenueWinner
February 18, 2023Risen StarFair GroundsAngel of Empire
February 25, 2022Rebel StakesOaklawn Park Confidence Game
March 4, 2023Fountain of Youth StakesGulfstream ParkForte
March 4, 2023Gotham StakesAqueductRaise Cain
March 4, 2023San Felipe StakesSanta Anita ParkPractical Move
March 11, 2023Tampa Bay DerbyTampa Bay DownsTapit Trice
March 25, 2023Louisiana DerbyFair GroundsKingsbarns
April 1, 2023Florida DerbyGulfstream ParkForte
April 1, 2023Arkansas DerbyOaklawn ParkAngel of Empire
April 8, 2023Santa Anita DerbySanta Anita ParkPractical Move
April 8, 2023Wood MemorialAqueductLord Miles
May 8th, 2023Blue Grass StakesKeenelandTapit Trice
May 6th, 2023Kentucky DerbyChurchill DownsMage

Betting the 2023 Preakness Stakes with TVG

Our team is always on hand to offer in-depth analysis and expert Preakness Stakes picks as we head towards post time for the race.

Find out who is in the running to run down the 148th Preakness Stakes and keep it TVG for Pimlico, your trusted one-stop destination to bet on the Preakness, to the Belmont Stakes, and on horse racing all year long.

AWARE - Always Wager Responsibly - National Gambling Helpline: 1-800-522-4700. 

Disclaimer:TVG provides free information, odds, facts, and commentary about the Preakness Stakes and horse racing and betting, in general. Third-party marks may be referenced in a transformative, editorial, informational, nominative, critical, analytical, or comparative context. TVG may reference marks belonging to third parties pursuant to our right to engage in fair use, fair comment, statutory fair use, or trademark fair use doctrine. As such, TVG does not contribute to any dilution of any trade or service marks.