Preakness Stakes Odds 2023: Preakness Betting Odds Favorite National Treasure Wins

Fact Checked by Shannon Lane
Jose Ortiz aboard Early Voting wins the Preakness

2023 Preakness Stakes Odds Highlights:

  • πŸ₯‡ National Treasure (4-1) won the 2023 Preakness, making Bob Baffert the most decorated Preakness Stakes trainer with 8 wins at Pimlico. 
  • βœ… Mage (8-5) will be running from post 3 and is the morning line odds favorite to win the 148th Preakness Stakes at +160.
  • 8️⃣ horses will be running in the 2023 Preakness Stakes and Post-Positions have been announced. Other favorites to watch include πŸ‡ National Treasure at 4-1 ML odds, and πŸ‡ Blazing Sevens at 6-1 ML odds

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Early 2023 Preakness Odds are starting to take shape as the field of 14 horses will be limited to eight this year. The Preakness Stakes, held at Pimlico Race Course in Baltimore, Maryland, is the second jewel of the horse racing Triple Crown.

Follow us here for live updates of the 2023 Preakness Odds, betting favorites, horses to watch, and the latest Post Position Standings leading up to the historic race on May 20.

2023 Preakness Stakes Odds

Here are the Preakness Stakes Morning Line Odds with implied probability, according to TwinSpires:

⭐️ Mage
8-5 (38.5%)
⭐️ First Mission
5-2 (28.6%)
⭐️ National Treasure
4-1 (20%)
⭐️ Blazing Sevens
6-1 (16.7%)
⭐️ Red Rout One
10-1 (9.1%)
⭐️ Perform
15-1 (6.2%)
⭐️ Coffeewithchris
20-1 (4.8%)
⭐️ Chase The Chaos
50-1 (2%)
πŸ“† Last Updated
May 31, 2023

By far the biggest form pointer to Preakness betting odds in 2023 is the Kentucky Derby. In all, 35 horses have done the Kentucky Derby/Preakness Stakes double and set themselves up for a Triple Crown tilt, 13 of which went on to earn hero status by completing the historic trio.

Preakness Stakes betting lists will contain the best three-year-old Dirt horses in training and any horse that has already won a Grade 1 contest will almost certainly rate prominently.

The Preakness Stakes is the shortest of the three Triple Crown races at 9.5 furlongs so it is slightly more of a speed test than the Kentucky Derby and much more of a speed test than the 12-furlong Belmont Stakes. The Kentucky Derby always has a major bearing on Preakness Stakes betting. Horses that have posted notable performances in that Churchill Downs contest will be towards the top of any Preakness Stakes odds list.

2023 Preakness Morning Line Odds Betting Favorites

Let's take a closer look at the top horses to watch at the 2023 Preakness Stakes:

Mage, with Javier Castellano up (8) leads Two Phil's, with Jareth Loveberry up (3) and Angel of Empire, with Flavien Prat up across the line to win the 149th running of The Kentucky Derby, Saturday, May 6, 2023 in Louisville, Ky

Mage (8-5)

  • Jockey: Javier Castellano
  • Trainer: Gustavo Delgado
  • Earnings: $2,107,200
  • Sire: Good Magic
  • Post Position: 3

Mage was the winner of the 2023 Derby after inching past Two Phil's in an exciting final stretch. The horse is the early favorite to win the Preakness, and assistant trainer Gustavo Delgado mentioned that "everything went according to plan" in Churchill Downs this year. Mage is a younger three-year-old and could just be hitting his stride, making him a real contender for the Triple Crown.

First Mission (SCRATCHED)

  • Jockey: Florent Geroux
  • Trainer: Brad Cox
  • Earnings: $276,500
  • Sire: Street Sense
  • Post Position: 8

While First Mission was not able to qualify for the Derby, trainers set their sights on the Preakness after winning the Stonestreet Lexington Stakes (Gr. 3). In total, the colt has three starts with one win in one graded start as well as a win and a place in his other two stakes races. This horse is clearly still coming into form and will be one to watch as we approach race day. 

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Other Preakness Odds & Horses To Watch

The Preakness field and post-position draw and morning line odds have been announced. Here are the rest of the horses that will be entering the 2023 Preakness.

National Treasure (4-1)

  • Jockey: John Velazquez
  • Trainer: Bob Baffert
  • Career Earnings: $345,000
  • Sire: Quality Road
  • Post Position: 1

Blazing Sevens (6-1)

  • Jockey: Jose Ortiz
  • Trainer: Chad Brown
  • Career Earnings: $565,250
  • Sire: Good Magic
  • Post Position: 7

Red Route One (10-1)

  • Jockey: Joel Rosario
  • Trainer: Steven Asmussen
  • Career Earnings: $631,575
  • Sire: Gun Runner
  • Post Position: 5

Perform (15-1)

  • Jockey: Irad Ortiz Jr.
  • Trainer: Claude McGaughey II
  • Career Earnings: $130,956
  • Sire: Good Magic
  • Post Position: 6

Coffeewithchris (20-1)

  • Jockey: Jamie Rodriquez
  • Trainer: John Salzman, Jr.
  • Career Earnings: $225,600
  • Sire: Ride On Curlin
  • Post Position: 4

Chase The Chaos (50-1)

  • Jockey: Sheldon Russell
  • Trainer: Ed Moger, Jr
  • Career Earnings: $123,950
  • Sire: Astern
  • Post Position: 2
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2023 Preakness Odds: Eligibility

To be eligible for the Preakness, the horse must be Triple-Crown nominated by its owner. If their connections accept, the top five horses in the Kentucky Derby are awarded entry into the Preakness.

Additionally, the following races earn the winner an automatic berth into the Preakness (given that the horse is triple-crown nominated).

  • πŸ’ Kentucky Derby
  • πŸ¦€ Federico Tesio Stakes
  • 🐟 Oaklawn Invitational
  • β˜€οΈ El Camino Real Derby

Since only a maximum of 14 horses can enter the field, here's how the field is finalized if more than 14 horses qualify:

  1. The first seven entries are awarded based on earnings in graded-stakes races.
  2. Four entries are awarded based on lifetime earnings in nonrestricted races.
  3. The final three entries are awarded based on lifetime prize money, regardless of race type.

Preakness Stakes 2023 Predictions

To predict the outcome of the Preakness, you should always start your analysis with the winner of the Kentucky Derby. Mage is widely considered the early favorite in known odds and had an impressive Derby trip where Jockey Javier Castellano cruised to victory without pushing the horse very hard. Mage is a younger thoroughbred that could still be ascending to his peak performance and because of that, he will be a popular prediction from horse racing fans and pundits everywhere. 

While Forte's status for Pimlico is still up in the air after a race day scratch in Churchill Downs, it is worth noting that the manner in which Forte ground out victory in the Florida Derby suggests he's a strong stayer that might just find the speed test of Pimlico counting against him. 

He could have easily won at Churchill Downs but could struggle to follow up in the Preakness. The Belmont Stakes, over 12f, looks right up his street. A brilliant winner of either the Kentucky Derby or Kentucky Oaks will have a huge impact on Preakness Stakes odds and so much of the Preakness Stakes build-up will focus on how those Churchill Downs contests panned out.

At this early stage, Angel of Empire appears to have all the right tools to run big in the 2023 Preakness Stakes. As we already pointed out, it often pays to focus on horses that have run well in defeat and are more likely to be suited by the slightly speedier Pimlico test. However, Angel of Empire is not yet a confirmed entry to the race.

Here's the information you need to know about the Preakness race before it starts:

  • πŸ“Location: Pimlico Race Course (Baltimore)
  • πŸ—“οΈ Date: May 20th, 2023
  • πŸ“Ί TV: NBC
  • πŸ‡ Track Surface: Dirt
  • πŸ“ Track Distance: 13/16 mile (9.5 furlongs)
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Preakness Stakes Odds to Watch

What the above section serves to highlight is that going to Pimlico having been beaten last time is no barrier to success in the second leg of the Triple Crown. Since Justify went on to win the Triple Crown in 2018, every subsequent Preakness Stakes winner had been beaten on their penultimate start. That trend will have a good chance of continuing unless the Kentucky Derby throws up a dominant winner.

In general, anyone looking to find the 2023 Preakness Stakes winner should make the Kentucky Derby winner their first stop. Since the turn of the century, eight Churchill Downs winners have followed up at Pimlico (No pressure, MageπŸ˜‰). 

It's one hell of a pointer. While the Kentucky Derby will have a major bearing on Preakness Stakes betting, it's worth remembering that the last three Pimlico winners didn't even take part in the Churchill Downs Classic. 

Forte, winner of his last five starts, has looked just about the best three-year-old colt out there so far this season. Some weren't impressed by his one-length Florida Derby win last time out but he showed he could win races ugly having been posted wide in gate 11. Whether Forte will enter the 2023 Preakness remains to be seen (it seems very unlikely), after he was a race day scratch at the Kentucky Derby. 

2023 Preakness Stakes Post Positions

The field, post positions, and morning line odds are out and this year's running of the Preakness is certainly going to be compelling. 

Here are the results of the post-position draw for the 2023 Preakness Stakes:

  • 1️⃣ National Treasure (4-1) πŸ‘€
  • 2️⃣ Chase The Chaos (50-1)
  • 3️⃣ Mage (8-5) πŸ”₯
  • 4️⃣ Coffeewithchris (20-1)
  • 5️⃣ Red Route One (10-1)
  • 6️⃣ Perform (15-1)
  • 7️⃣ Blazing Sevens (6-1)
  • 8️⃣ First Mission (SCRATCHED) ❌

How do post positions affect a horse’s odds of winning at The Preakness?

The influence of starting positions on a horse's likelihood of securing a win in horse racing is substantial, though often overlooked. 

  • Inside Positions: Those horses positioned on the interior lanes, closer to the track railing, might be considered advantaged. The rationale behind this lies in the fact that they have less distance to cover around the bends of the track. This reduced distance conserves their energy, enabling them to sustain their speed and placement in the race more efficiently.
  • Outside Positions: Horses starting from exterior positions often have a wider berth to navigate, potentially evading the bustle and congestion of a densely packed field. This particular advantage can be invaluable, especially when the race is characterized by a considerable number of participants.

The magnitude of impact exerted by post positions can fluctuate significantly based on numerous factors such as the design of the racetrack, the total distance of the race, and the number of horses involved.

The influence of starting positions could diminish when competing horses possess superior pedigree and the stakes of the race are high. In such cases, the importance of post-position bias tends to wane.

Which post positions have produced the most Preakness winners?

Since the introduction of the starting gate in 1930, post position 6 has produced the most winners at the Preakness Stakes with 16

14 horses have reached victory at the Preakness from Post No. 4 and Posts 1, 2, and 3 have each produced 12 Preakness winners. 

Although the importance of post positions in a horse's performance is undeniable, it is merely one of the myriad factors that shape the final outcome of a race. Elements like the horse's current form, the competence of the jockey and trainer, as well as the prevailing track conditions, all play significant roles in deciding the victory of a horse race.

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How To Bet on the 2023 Preakness Stakes Odds

Horse racing betting season is in full swing and there are many ways to bet on the 2023 Preakness Stakes odds. The best way to wager on this legendary horse race will depend to a large degree on your bankroll, potential return and your strength of opinion on the race.

Straight win bets on Preakness favorites has not proved a great strategy in recent years, with no market leader having won the race since Justify in 2018. However, the last three favorites have all hit the board so anyone planning an exotic wager should probably include the big race board leader. Backers of bigger-priced runners have fared much better, especially so in 2020 and 2021, where the winning SP was 117/10 and 118/10 respectively.

The bigger the odds, the less likely (mathematically) you are to hit on a winner but the rewards are obviously greater than straight win bets on a Preakness Stakes favorite.

Preakness Stakes Betting Types

Preakness Stakes odds will vary greatly, from the short-priced favorite to the complete outsider of the field, which can often even a three-figure price on the board. Bettors can choose to play individual win odds or combine runners in exotic wagers which normally yield a much bigger return, especially if one or more of the outsiders hits the frame. 2023 Preakness Stakes bettors can bet into the pari-mutuel pool (accessible online or on-track) or bet via one of the online sportsbooks that are now legal in the state of Maryland.

How to Read Preakness Stakes Odds

Preakness Stakes betting lists on horse betting apps will be headed by the shortest-priced horse in the field, i.e. the horse with the greatest theoretical chance of winning. Normally, the list begins with the favorite and the list goes right down to the complete outsider, the horse with the smallest theoretical chance of winning.

If the odds are displayed as decimal, then a $10 straight win only wager on a horse trading at 4.0 would return $40. If a horse is 4/1, then that same bet would return $50, because the right hand side of the fraction represents the stake, which is always returned.

Remember, if you the betting into the pari-mutuel pool, then the Preakness Stakes odds on the screen will be constantly changing as the amount bet into the pool increases. With that in mind, the price a horse goes off will often be different to that when you actually place your wager at the terminal.

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Preakness Stakes Pari-Mutuel Betting System

Pari-mutuel betting is a pool-based betting system in which odds are reflective of the amount bet into the pool on that particular runner. The more money bet onto a particular horse, the shorter its odds will be and vice versa. Pari-mutuel betting can be more rewarding than betting fixed odds but there is always a danger of lower returns, so there is an element of risk involved.

Pari-mutuel betting on the Preakness Stakes will open up in the close build-up to the race and tends to be at its busiest in the final hour or so before post time. It is best to wait as long as possible before placing a Pari-mutuel wager because the greater the liquidity in the pool, the more accurate the prices will be compared to closing price. Check out our list of the best horse racing betting sites to learn more about where to place your wager!

Preakness Stakes Futures Betting

Preakness Stakes futures betting via a Kentucky sportsbook app will appeal to those punters who think that the odds of their selection is going to shorten by post time, meaning they will be sitting on a "value bet.'"

Futures betting carries risk in that it is not certain whether your selection will even be declared to run; if that happens you are on a loser. However, if you can beat the odds and back the Preakness Stakes winner, then that is a double success!

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Road To The 2023 Preakness Stakes

There are several Grade 1 contests run early in the season that serve up pointers to the Triple Crown races that season, but ultimately, the most important development in the build up to a Preakness Stakes is what happens in the Kentucky Derby two weeks earlier.

Influential races leading up to Preakness Stakes include: 

  • 🍊Florida Derby
  • 🍎Wood Memorial
  • 🌾 Blue Grass
  • β˜€οΈ Santa Anita Derby

Forte put down his marker for the 2023 Kentucky Derby and Preakness Stakes with a hard-fought one length success in the Florida Derby.

However, the most impressive derby winner in the build up to the 2023 Preakness Stakes is arguably Angel Of Empire who made it 2-2 this year when powering away to win the G1 Arkansas Derby a Oaklawn Park by just over four lengths. He's a Dirt horse that has gears, which is exactly what you want in the Preakness.

2022 Preakness Stakes Results

Early Voting won with a time of 1:54.54. These were the top 5 finishers in last year's Preakness Stakes, listed with their jockeys:

πŸ₯‡ Early VotingπŸ‡ Jose L. Ortiz
πŸ₯ˆ EpicenterπŸ‡ Joel Rosario
πŸ₯‰ Creative MinisterπŸ‡ Brian Joseph Hernandez, Jr.
4️⃣ Secret OathπŸ‡ Luis Saez
5️⃣ SkippylongstockingπŸ‡ Junior Alvarado

Epicenter was all the rage for the 2022 Preakness Stakes having run a huge race in defeat behind shock winner Rich Strike in the Kentucky Derby. However, Epicenter was foiled for the second big race in a row because he couldn't get by the more forwardly-ridden Early Voting, who was just over a length on top at the wire. 

Secret Oath, who had won the Kentucky Oaks on her previous start, could manage only fourth and was never able to add another Grade 1 success to her resume.

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History of the Preakness Stakes

The Preakness Stakes has been in existence for 150 years, dating back to the late 19th century. Held at Pimlico Race Course in Baltimore, Maryland, the Preakness is the second leg of the Triple Crown and the second oldest among the three races.

The Preakness is also among the most popular Kentucky sports betting events of the year and is widely considered the second most popular horse racing event in general. 

This timeline tracks from its beginning in 1873 to present day:

  • πŸ—“οΈ 2019: The Stronach Group reaches an agreement in principle with Baltimore and Maryland horsemen that would permanently keep the Preakness at Pimlico.
  • πŸ—“οΈ 2014: Preakness winnings increase to $1.5M.
  • πŸ—“οΈ 1997: Preakness winnings hit $1M.
  • πŸ—“οΈ 1959: Preakness winnings increase to $150K.
  • πŸ—“οΈ 1948: The Preakness is first televised by CBS.
  • πŸ—“οΈ 1946: Preakness winnings increase to $100K.
  • πŸ—“οΈ 1932: Preakness Stakes is established as the second of the three Triple Crown jewels.
  • πŸ—“οΈ 1919: Preakness winnings are increased to $25,000.
  • πŸ—“οΈ 1917: The Woodlawn Vase becomes the trophy presented to the winner of the Preakness.
  • πŸ—“οΈ 1909: Preakness Stakes returns to Pimlico, where it is still raced today.
  • πŸ—“οΈ 1894-1908: Preakness Stakes is held in Coney Island.
  • πŸ—“οΈ 1890: Preakness Stakes is held in Bronx, NY. There would be no Preakness Stakes race held for the next three years.
  • πŸ—“οΈ 1873: First Preakness Stakes is first run with winnings totaling $1,000. It was named by a former Maryland governor after the colt who won the first Dinner Party Stakes at Pimlico.

Here are the Preakness Steaks winners from the last decade, listed with their final time and total winnings:

⭐️ Early VotingπŸ—“οΈ 2022⏱️ 1:54.54πŸ’° $1.5M
⭐️ RombauerπŸ—“οΈ 2021⏱️ 1:53.62πŸ’° $1M
⭐️ Swiss SkydiveπŸ—“οΈ 2020⏱️ 1:53.28πŸ’° $1.05M
⭐️ War of WillπŸ—“οΈ 2019⏱️ 1:54.34πŸ’° $1.5M
⭐️ JustifyπŸ—“οΈ 2018⏱️ 1:55.93πŸ’° $1.5M
⭐️ Cloud ComputingπŸ—“οΈ 2017⏱️ 1:55.98πŸ’° $1.5M
⭐️ ExaggeratorπŸ—“οΈ 2016⏱️ 1:58.31πŸ’° $1.5M
⭐️ American PharoahπŸ—“οΈ 2015⏱️ 1:58.46πŸ’° $1.5M
⭐️ California ChromeπŸ—“οΈ 2014⏱️ 1:54.84πŸ’° $1.5M
⭐️ OxbowπŸ—“οΈ 2013⏱️ 1:57.54πŸ’° $1M

Six fillies have won the Preakness in its history:

  • πŸ—“οΈ 2020: Swiss Skydiver
  • πŸ—“οΈ 2009: Rachel Alexandra
  • πŸ—“οΈ 1924: Nellie Morse
  • πŸ—“οΈ 1915: Rhine Maiden
  • πŸ—“οΈ 1906: Whimsical
  • πŸ—“οΈ 1903: Flocarline

The Preakness Stakes is run two weeks after the Kentucky Derby, and three weeks before the Belmont Stakes. The race is run no earlier than May 15, and no later than May 21. The race has been termed "The Run for the Black-Eyed Susans" because a symbolic blanket of Maryland's state flower is placed on the winning horse. 

Preakness Stakes Records

Secretariat holds the track record for all three Triple Crown races so his 1:53 time from 1973 remains unbeaten. Below is a list of all 13 horses to win the Triple Crown, listed with their Preakness time and Preakness winnings:

⭐️ JustifyπŸ—“οΈ 2018⏱️ 1:55.93πŸ’° $1.5M
⭐️ American PharoahπŸ—“οΈ 2015⏱️ 1:58.46πŸ’° $1.5M
⭐️ AffirmedπŸ—“οΈ 1978⏱️ 1:54.40πŸ’° $250K
⭐️ Seattle SlewπŸ—“οΈ 2013⏱️ 1:54.40πŸ’° $250K
⭐️ SecretariatπŸ—“οΈ 1973⏱️ 1:53.00πŸ’° $250K
⭐️ CitationπŸ—“οΈ 1948⏱️ 2:02.40πŸ’° $160K
⭐️ AssaultπŸ—“οΈ 1946⏱️ 2:01.40πŸ’° $160K
⭐️ Count FleetπŸ—“οΈ 1943⏱️ 1:57.40πŸ’° $75K
⭐️ WhirlawayπŸ—“οΈ 1941⏱️ 1:58.80πŸ’° $75K
⭐️ War AdmiralπŸ—“οΈ 1937⏱️ 1:58.40πŸ’° $75K
⭐️ OmahaπŸ—“οΈ 1935⏱️ 1:58.40πŸ’° $50K
⭐️ Gallant FoxπŸ—“οΈ 1930⏱️ 2:00.60πŸ’° $90K
⭐️ Sir BartonπŸ—“οΈ 1919⏱️ 1:53.00πŸ’° $40K

2004 winner Smarty Jones holds the record for the widest Preakness Stakes winning margin, scoring by a whopping 11.5 lengths under Stewart Elliott.

Bob Baffert's seven Preakness Stakes wins is by some distance a modern-day record while Calumet Farm (7) hold the record for the winning-most owners.

Preakness Odds FAQ


Gavin Beech is a writer and contributor for and has worked in the betting industry for almost 20 years. Gavin is an experienced horse racing journalist, sports betting content writer and tipster. He has worked for some of the biggest online operators around, notably MailOnline and the Racing Post, where he is a regular on the Live Tipster slot.

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