In this article, we’ll teach you everything there is to know about the Preakness Stakes odds. What are they? How do I read them? Which sites should I bet at? We’ll 20answer all of these questions and more besides.
Known as the “The Middle Jewel of the Triple Crown”, this event is one of the biggest in US horse racing. And although the Kentucky Derby winner Rich Strike will not be lining up, we’re still set for a thrilling day at Pimlico Race Course.
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Current Preakness Odds 2023
We’ll get into details later, including sharing our expert Preakness Stakes picks. But let’s first check out the current Preakness odds with some of our top-rated horse racing betting sites.
All prices correct as of 11:00 EDT on Thursday, May 11 2023.Preakness Stakes Horses BetUS Bovada Sportsbetting.ag BetOnline MyBookie Mage +175 +175 +185 +185 +137 First Mission +225 +200 +240 +240 +225 Two Phil’s N/A +400 N/A N/A +400 National Treasure +800 +650 +1000 +1000 +1000 Derma Sotogake N/A N/A N/A N/A +800 Tapit Trice N/A N/A N/A N/A +800 Disarm +850 +1000 +750 +750 +800 Blazing Sevens +1100 +1000 +1200 +1200 +1400 Confidence Game +1100 +1000 +1200 +1200 +1600 Red Route One +1400 +1200 +1600 +1600 +2000 Perform +1500 N/A +1600 +1600 +1000 Henry Q N/A +1600 N/A N/A N/A Instant Coffee N/A +2500 N/A N/A N/A Chase The Chaos +3500 +2500 +5000 +5000 +6600 Il Miracolo N/A +5000 N/A N/A +6600 Our Top Racebooks for Preakness Odds
Okay, now we know the odds for the Preakness in 2023, but where should we bet? Here’s a list of our most highly recommended online sportsbooks.
Our expert panel of analysts regularly scours the internet for the top bookmakers which service players in the USA. We check out every single element, from the operating license through to the user interface. Only the most secure brands with the best horse racing odds and biggest promotions make this list of the best operators for Preakness Stakes betting.
- BetUS – Our top pick for great value Preakness Stakes odds
- Bovada – Famous around the world for prompt payouts and strong security
- BetOnline – Nice mobile app which horse racing fans are sure to love
- MyBookie – Competitive Preakness futures odds
- XBet – Among the better cryptocurrency betting sites in the US
- Sportsbetting.ag – Trusted sportsbook which offers Preakness live odds
- Everygame – Used to be known as Intertops, a brand with a long history in the USA
- Betanysports – Plenty of horse racing and other betting promos
- BUSR – Some of the biggest Preakness 2023 odds
- GT Bets – Excellent loyalty program among other great bonuses
How do the Preakness Stakes Odds Work?
Right, it’s time to delve into how the odds actually work. First things first, it’s important to point out that there are multiple odds formats.
You’ve probably seen the Vegas style US odds format already, with its plus and minus signs. But in Europe, they favor decimal odds, the Brits prefer fractions and there are countless Asian odds formats too. High quality betting sites will let you pick your preferred format to make your life a little easier.
Explaining Preakness Odds
When you’ve settled on your preferred odds style, there are three different types of Preakness odds. First of all, you have futures betting, which is when you attempt to predict the winner weeks, or even months in advance. Since this is more difficult to achieve, the odds tend to be bigger as a trade off.
Nearer to the day of the race, we actually know the true Preakness odds and post positions. Odds setters are able to price the market much more accurately when they know for certain which horses will run. Plus they have a better idea of their form and fitness going into the race. Finally, once the event actually starts, you’ll have live, in-running odds.
No matter whether you prefer decimal, fractional or American style odds, they all have one thing in common. If you want to know who is favored at the Preakness, simply find the horse with the smallest odds value. This is known as the “favorite”, since it has the shortest price, implying it is the most likely to win. So naturally, the bigger values represent a lower chance of winning.
How to Read Preakness Stakes Odds
If we look at the 2023 Preakness Vegas odds, we’ll see that the current favorite is Mage. The horse is generally priced up at around +175. This means that, if you were to place a $100 bet, you’d pick up a profit of $175. That’s a total return of $275, since you also get your original stake back when you win.
With American odds, you will sometimes see a minus sign in front of the number. If that’s the case, it means that you have to place that amount in order to win $100 of profit. So odds of -200 would mean that a $200 bet would earn you $100 profit, for total returns of $300.
If you’d rather see the Preakness Stakes odds in a different format, all of our recommended bookmakers allow you to switch. Here’s an example of how the Preakness morning line odds might look in the three most common odds displays.
Runner US Odds Fractional Odds Decimal Odds Mage +175 7/4 2.75 First Mission +225 9/4 3.25 National Treasure +800 8/1 9.00 When dealing with fractions, the number on the top represents the profit you’d make if you bet the bottom number. So for Epicenter in the above table, a $4 bet returns a profit of $6, therefore a total return of $10.
European style decimal odds are perhaps the easiest of all to understand. All you need to do is multiply the odds value by your bet to calculate the returns. So a winning $5 bet on National Treasure would generate a return of $45.
How to Register and Find the Preakness Stakes Odds
In this next section, we’ll explain how to bet on the Preakness Stakes. After all, there’s not much point learning about the odds if you’re not going to use them!
We’ve taken BetUS as our guide in the following steps. But all US bookmakers follow a similar registration process.
Step 1: Choose your bookmaker
Choose your favorite bookmaker from our list of high quality gambling apps and betting sites. You can click on the links found in this article to go directly to the homepage. Locate the light blue “Join” button towards the top of the page and click on it.
Step 2: Complete the form
This will open up a simple registration form, which you must complete with valid details. It’s a regulatory requirement and it won’t take long, so don’t be put off. All legit bookmakers have to do this in order to keep their license, so it’s a good thing!
Step 3: Make a deposit
After you’re done with the registration process, you’ll need to make a deposit. BetUS is one of America’s best Bitcoin betting sites, with an enhanced welcome offer for crypto deposits.So naturally, we recommend using BTC to credit your account. But you’re free to pick from the wide range of options.
As you make that first deposit, remember to enter your promo code. If you forget to enter it, you’ll miss out on the welcome bonus. Try using JOIN200 when signing up with BetUS, to ensure you get the enhanced 200% crypto deposit bonus worth up to $2,500.
Step 4: Hit the racebook
Your account is now funded, so you’re ready to check out the Preakness Stakes odds for this year’s race. Navigate to the right section of the site by clicking “Racebook” at the top of the page. Then you’ll need to browse through the markets until you find the Preakness winner odds.
Step 5: Make your picks
Take your time to peruse the various Preakness horses and odds. When you’re ready to bet, just enter your desired stake into the relevant box. You can bet on your horse to win, place or show. At some bookmakers, you’ll simply click on the odds to add the selection to your bet slip and enter the stake there.
Types of Preakness Odds Available
There are so many different ways to bet on this big race. In the following section of our Preakness odds guide, we’ll cover all of the most common types of wager.
Standard Wagers
Betting on horse racing is divided up into two types. “Exotic” wagers are more complex, and we’ll come onto those shortly. But the simplest bet types are the most common. Let’s run through these standard bets now.
Win Bet
Trying to pick out the winner of the big race it’s what it’s all about. All you have to do is pick the name or number of the beast you think will cross the line in first position. Your stake is entirely up to you and your returns will depend on whatever the Preakness 2023 odds are.
Example: Mage to win the Preakness Stakes @ +185
Place Bet
This kind of bet gives you a little bit of a cushion, which is handy when you fancy a horse at bigger odds. When you bet to place instead of to win, your horse can finish either first or second. The odds will be a little lower as a result of having a better chance to win the bet.
Example: First Mission to place
Show Bet
A show bet takes the place bet one step further. Your wager will be successful if your pick finishes anywhere in the first three to come home. Naturally, the odds are greatly reduced when compared to win betting, as you have a much bigger safety net.
Example: National Treasure to show
Double Bet
Here you can pick out two horses in two consecutive races and parlay them up. For example, you could double your selections in races 1 and 2, or 2 and 3, and so on. Since it’s quite hard to find back to back winners, the payouts will be more lucrative than with a single win bet.
Example: Epicenter and Justify to win
Exotic Wagers
Okay, that’s the standard bets covered. Now it’s time to get into the more complicated exotic picks. If you’ve heard about a Trifecta, Quinella or Superfecta but have no idea what they mean, stick with us!
All of the following are pari-mutuel bets, so your stake goes into a pool. At the end of the race, that pot of money is split between all of the winning predictions. So you’ll never be sure of what your returns are until the race is run. However, they do provide guides at the track and online, giving you a rough idea of how much is in the pool.
Exacta Bet
The goal of an Exacta is to correctly predict both of the first and second placed horses. So not only do you have to call the winner, but the runner-up too.
Known as a “forecast” in the UK, dividends can sometimes hit three figures due to the relative difficulty. You’ll need to bet at least $2 in order to play.
Example: 5-6 (5 to beat 6)
Quinella Bet
A Quinella is just an Exacta where you get both combinations of your pick. It’s called a “reverse forecast” in Britain, because you win if your initial selection comes in, as well as the reverse.
The minimum required stake for a Quinella is $1.
Example: 2-6 (2 to beat 6 or 6 to beat 2)
Trifecta Bet
As you might be able to guess from the name, a Trifecta is essentially an Exacta but for the first three finishers. It might look easy to guess the first three in the right order, but it’s extremely tricky. That’s why many bettors opt to “box” their selections, covering all six permutations.
The minimum bet for a Trifecta is a punter-friendly $0.50.
Example: 8-5-2 (Box Trifecta: 8-5-2, 8-2-5, 2-5-8, 2-8-5, 5-8-2, 5-2-8)
Superfecta Bet
If you want to ramp up the difficulty, and therefore the potential prize money, the Superfecta is for you. Or should we say “four” you? Because here you’re looking to identify the first four horses to cross the line in the exact order.
You can place a Superfecta for as little as $0.10 and the rewards can be huge.
Example: 9-2-5-8
Super Hi-Five Bet
We’re sure that you’ll have spotted the pattern by now and can probably already tell us what a Super Hi-Five is. That’s right, you must correctly call the front five, in the exact sequence. Boxing your selections here would mean a total of 120 different permutations.
It’s so tough to find the right combination that dividends are often massive. The 2020 Preakness Super Hi-Five paid $64,812.60 for a $1 stake!
Example: 2-1-6-4-9
Our Preakness Stakes Odds Expert Picks
Having already gone into detail about the odds, all that’s left to do now is share our Preakness Stakes expert picks.
Read on to see our analysis of the 2023 Preakness odds and predictions, including a longshot and an Exacta pick. But let’s kick off with our strongest fancy to win the 2023 Preakness.
Mage to win the Preakness Stakes
If we look into the form of recent Preakness winners, three of the last nine were also successful in the Kentucky Derby. Seven of the 10 latest victors at Pimlico ran at Churchill Downs on their last start, so that only adds to the appeal of the pre-race favorite Mage. The market leader also has 30 per cent success race in this race over the last decade.
In the absence of Forte, who had twice beaten him earlier in the year, Mage made hay in the Bluegrass State by landing The Run for the Roses. That sets a clear and obvious form standard. Mage may well do what his sire Good Magic could not and that’s complete the first two legs of the Triple Crown.
Top Pick: Mage to win @ +185 with BetOnline.
Mage to Beat First Mission (Exacta)
Skipping the Kentucky Derby altogether is something three of the last six eligible winners of the Preakness Stakes have in common. That brings First Mission into calculations. Trained by Brad Cox for powerful global owner-breeders Godolphin, he could’ve had a wildcard entry for Churchill Downs via his Lexington Stakes victory at Keeneland in mid-April, so it looks significant that he’s been saved for this.
First Mission stayed on strongly for his Grade III triumph over the extended mile, so the Street Sense colt should appreciate the extra furlong of the Preakness. This is a big step up in class, however, and although open to further improvement, the same can be said of Mage who has that Triple Crown race victory on his resume.
Exacta Pick: Mage to beat First Mission.
National Treasure to Show in the Preakness Stakes
Santa Anita Derby fourth National Treasure has enjoyed an even longer break than those more-fancied than him by oddsmakers. With juvenile form behind Forte, his form ties in with the Preakness favorite Mage through that horse. National Treasure is a colt by Florida Derby winner Quality Road with a good record of making the show at the highest level.
We’d recommend signing up at one of our top-rated bookmakers and claiming a welcome bonus. That way, you can use your free bets to back National Treasure and reduce your real money risk.
Pick: National Treasure to show.
Recent Preakness Stakes Winners’ Odds
Pimlico has held major horse races since it first opened in 1870. The Dinner Party Stakes and the Black-Eyed Susan Stakes are both special occasions in the racing calendar. But the showpiece race at the Baltimore track is undoubtedly the Preakness, which forms the second leg of America’s Triple Crown.
The race has been won by some true legends of the sport, including Triple Crown winners Justify and American Pharoah. Not to mention eventual Dubai World Cup winner California Chrome.
Here’s a recap of the last ten Preakness Stakes winners.
Year Winning Horse Jockey Trainer Betting Odds 2022 Early Voting Jose Ortiz Chad Brown 5.70 2021 Rombauer Flavien Prat Michael McCarthy 11.80 2020 Swiss Skydiver Robby Albarado Kenneth McPeek 11.70 2019 War of Will Tyler Gaffalione Mark E. Casse 6.10 2018 Justify Mike E. Smith Bob Baffert 0.40 2017 Cloud Computing Javier Castellano Chad C. Brown 13.40 2016 Exaggerator Kent Desormeaux J. Keith Desormeaux 2.60 2015 American Pharoah Victor Espinoza Bob Baffert 0.90 2014 California Chrome Victor Espinoza Art Sherman 0.50 2013 Oxbow Gary Stevens D. Wayne Lukas 15.40 2012 I’ll Have Another Mario Gutierrez Doug O’Neill 3.20 Our Top Site for Preakness Odds
Thanks for reading our guide to the Preakness Stakes odds. You’ve learned about the most popular bet types, what horses will be in the Preakness and their current prices. We’ve also shared our expert picks for the big race on May 21.
If you’d like to put any of this newly acquired knowledge to good use, we can highly recommend checking out BetUS. Sign up using the promo code JOIN125 to bank a 125% welcome bonus. Or if you’ll be making our first deposit with Bitcoin, use JOIN200 for a special offer of 200% up to $2,500!
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Dominic Field
Dominic Field
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