This is where to find the the latest Preakness Stakes odds on the Triple Crown race run at Pimlico in Baltimore. We’ve got all the latest odds for the Preakness, direct from our recommended offshore betting sites for this major sporting event. Read on to check out the latest odds and to find out more about the range of bets available on the Preakness Stakes.

Current Preakness Stakes Odds 2024

Odds are now available for the Preakness Stakes horses running in this year’s big race! Compare Preakness Stakes odds across our recommended sites to find the best prices for your fancied horses.

The winner at Churchill Downs is generally made the favorite for the Preakness at Pimlico Race Course, which is the second-leg of the Triple Crown. Which is again the case in 2024 with Kentucky Derby winner Mystik Dan the Pimlico market leader in the betting.

How Do Preakness Betting Odds Work?

When you examine the Preakness Stakes odds and prices for other horse racing events, you may wonder how they work.

The prices offered reflect the implied probability of a horse’s chances of winning the race. Say a horse is priced at +450. Those odds show you the amount that you would win, if you bet $100. There is a formula that can be used to determine the implied probability.

With odds of +450, that translates as follows…

So with odds of +450 there is an implied probability of 18.1% for that horse to win.

The formula is different in the case of a favorite, where the price is odds on and is displayed with a negative sign. If a horse is priced at -200 it means that you have to bet $200 to win £100. The formula to find the implied probability of a favorite, is as follows.

Which for odds of -200, would work out like this…

So with Preakness Stakes odds of -200, the implied probability for that horse to win would be 66.66%.

When odds are first drawn up, they will be influenced by form, particularly in terms of performance in the Kentucky Derby, which takes place two weeks before. When bettors then start to place wagers, the amount of money being staked on certain horses, will also have an impact on the odds.

Live Preakness odds will fluctuate and can end up being quite different to what they started out as. That means that prices can get bigger than when they are first offered, but the reverse is also true and they can also get smaller.

How To Read Preakness Stakes Live Odds

The type of odds that we have been showing you are American odds. With this race being one of the highlights on the US horse racing calendar, Preakness Stakes odds will generally be displayed in this format.

There are however, other types of odds, which are more commonly used in different parts of the world. The most common are fractional odds and decimal odds.

When the odds for the Preakness become available, we will display them in the various formats, so you can see how they work. In the meanwhile, here is a brief explanation of the different price formats that you will find Preakness Stakes odds displayed in.

Different Types of Preakness Stakes Betting Odds Explained

There are many different options for bettors that want to gamble on the Preakness Stakes. When you’re looking through Preakness Stakes odds, here are some of the options that you will encounter.

Preakness Future Wager

As the name suggests, you are wagering on an event that is to take place some time in the future. In the case of Preakness Stakes betting sites, the first markets tend to appear after the Kentucky Derby has been run, which will be the first opportunity to place a bet on the second-leg of the Triple Crown.

At that stage, the official lineup of runners will not necessarily be known. Therefore, the early Preakness futures markets will look very different to the ones closer to the race taking place.

Preakness Stakes Pool Odds

You won’t find Preakness Stakes odds when you bet using pari-mutuel betting pools. You bet on a horse and if it is successful, the payout is determined by the amount of money that has collectively been wagered on that horse.

So, should you place a bet on a horse in a Preakness Stakes pool and it wins, your return is calculated by dividing the total amount wagered on the horse, by the number of people that bet on it. Each bettor then receives an equal split of the money. If you’re betting on an outsider in the Preakness, you will often find that pool betting generates bigger returns than fixed odds.

Preakness Horse Racing Odds & Bet Types

When betting on Preakness horses and odds, you will find many types of individual bets available. Let’s take you through some of them.

Standard Wagers

Here are the standard wagers that you will find when betting on the Preakness Stakes. These are Win, Place, Show and Across the Board. To help to illustrate how they work, we have included examples from the Preakness Stakes results from 2023.

Win Only Bet

Quite simply, you are betting on a horse to win the Preakness Stakes. Your selection has to cross the wire before any of the other runners.

Place Bet

With a place bet you are wagering on a horse to finish in the top two positions in the Preakness Stakes. This gives you more of a chance of success than simply betting on a horse to win, but of course, the odds will reflect this by being slimmer.

Show Bet

A show bet will pay out if your horse finishes in the top three positions in the race. This obviously massively increases the chances of your selection to be successful, but you will find that the Preakness live odds will reflect this, by offering narrow margins.

Across the Board

With an across the board bet, you are wagering on a horse to win, place and show. This means that you are essentially placing three bets. So if you place a $10 across the board bet, your initial unit stake will be multiplied by three, making $30 in total wagered. If your horse wins the race, then all three bets will be successful. Should it place, then the win wager is a loser, but the place and show parts will be winners. If it finishes third, then the win and place parts will lose, but the show part will be a winner.

Exotic Bets

There are also some more complicated bets that you might want to consider when browsing the Preakness Stakes odds. They are known as exotic bets. Here are some the wagers that you will find in this category.

Exacta

With an exacta you have to pick out the horse that will finish first in the race and the horse that will finish second, in the correct order. You won’t know the payout until the result is known and the bet has been settled. As this is a difficult bet to get right, the payouts can be quite generous. The minimum stake is normally $2.

Quinella

A quinella is like an exacta, but is a little easier to predict. You are picking out the top two finishers in the Preakness Stakes, but they can finish in either order. So if you bet on 1 and 7, you will be a winner if 1 beats 7, or if 7 beats 1. Minimum stakes start at $1.

Trifecta

A trifecta is like an exacta, except that you have to pick out the first three finishers in the Preakness Stakes, in the correct order. This is obviously a difficult bet to have success with, so there is also the option to ‘box’ selections, so that you cover every permutation of how your three selections finish. Minimum stakes are 50c.

Superfecta

A superfecta sets an even tougher challenge. Can you pick out the top four finishers in the Preakness Stakes, in the correct order? As you might imagine, the payouts can be very generous if you manage to predict correctly. As it is so difficult a bet to win, stakes start at just 10c and there are options to box your selections.

Super Hi-Five

The ultimate exotic wager is a super hi-five. You are tasked with picking out the first five finishers in the Preakness, in the correct order. Should a couple of big outsiders in the live Preakness Stakes odds finish in the top five, then the payouts can be huge, with six-figure sums going to the lucky winners. To cover all the permutations by boxing your selections, requires 120 separate bets.

Finding Preakness Stakes Current Odds Online

You may now be thinking about placing a bet on the Preakness Stakes. We sure hope so! Here are the steps that you will need to go through, if you’re wondering how to bet on the Preakness Stakes the right way:

1. Pick a Horse Racing Betting Sites

Take a look at our recommended Preakness Stakes online sportsbooks with a racebook attached and choose one of them. They are all good choices, so take a close look at them and try to work out which one will be best for you.

2. Register Your Account

To sign up with a bookmaker there will generally be a ‘join now’ button or similar, which you have to click on to start the sign up process. Fill in your personal details to open your account.

3. Select a Payment Option

In order to place a bet, you will need money in your account. Go to the banking section of your new bookmaker and register a payment method. You can then deposit funds.

4. Secure Your Bonus

Bookmakers will give a welcome bonus to new customers. To ensure that you successfully get your bonus, make sure that you have fulfilled the terms and conditions attached to the offer, in order to secure the deal.

5. Place Your Bet

Now comes the fun part. Head to the horse racing section and click on the Preakness Stakes from the list of events. Browse the Preakness Stakes odds and choose your bet. Select your stake and confirm the wager.

Final Odds for the Preakness Stakes Winners

Here are the odds for the Preakness Stakes winners over the past 20 years. As you will see, these have ranged from hot favorites that were odds-on to win the race, to relatively big outsiders. Past winners marked in bold indicate horses that won the Triple Crown that year.

Heading into the 2024 renewal, the last winning Preakness Stakes favorite was Justify in 2018

The Best Betting Site for the Latest Preakness Odds

When it comes to selecting the best betting side for Preakness prices, there are a number of factors that we consider. How generous are the odds? Are the Preakness odds live markets updated regularly? What are the range of available bets like?

Taking all of this into account, we consider Bovada to be the best choice in this category. They perform well on all of the aforementioned criteria and have a number of innovative features. You can make a request for a special Preakness bet if you can’t find what you’re looking for. This means that Bovada can provide odds for you, no matter how niche the bet that you’re looking for.

FAQs

How are Preakness Stakes odds displayed?

With the Preakness being one of the top events in the US horse racing calendar, the odds are generally displayed using the American odds format. For odds-on favorites, you will see a negative number that shows how much you need to bet to win $100. Figures with a plus sign before them, show how much you win if you bet $100.

What horse is favorite for the Preakness?

The Kentucky Derby winner 2024, Mystik Dan is the most likely Preakness Stakes betting favorite.

Where can I find pick and odds on the Preakness Stakes?

You will find the latest picks and odds for the Preakness Stakes right here at PreaknessStakesBetting. We will keep you up to date with the Preakness current odds and the best betting advice.

What are the current Preakness odds like?

You will have to check for the prices for the Preakness after the Kentucky Derby has been run on the first Saturday in May. The Preakness odds are heavily impacted by the Derby results, with many trainers and stables waiting until after the big race at Churchill Downs to decide whether their horse should run at the Preakness.

Should I bet the Kentucky Derby winner in the Preakness Stakes?

The Derby winner, who was Mystik Dan in 2024, will normally be the favorite for the Preakness. However, it’s no guarantee that they will win. The last Preakness winner that also won the Kentucky Derby was Justify in 2018, en-route to clinching the Triple Crown.

When will we know the Preakness odds and post positions?

Odds for the Preakness will begin to appear after the Kentucky Derby has been run on Saturday, May 4. It takes place two weeks later on Saturday, May 18, with Preakness Stakes post positions due to be announced when the post draw is made on Monday, May 13.