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

Fact Checked by Shannon Lane

Key Takeaways:

  • šŸ„‡ National Treasure (4-1) won the 2023 Preakness, making Bob Baffert the most decorated Preakness Stakes trainer with 8 wins at Pimlico.
  • āœ… Mage (8-5) was the morning line odds favorite to win the 148th Preakness Stakes at +160.
  • ā­ļø Seven horses ran in the 2023 Preakness Stakes; the maximum limit for this race is 14.

The Preakness Stakes, held at Pimlico Race Course in Baltimore, Maryland, is the second jewel of the horse racing Triple Crown.

Final Results of the 2023 Preakness Stakes

Here are the results of the 2023 Preakness Stakes:

šŸ„‡ National Treasure (4-1)
ā±ļø 1:55.12
šŸ„ˆ Blazing Sevens (6-1)
Head
šŸ„‰ Mage (8-5)
2 1/4 Length Behind

Coming into the race, Kentucky Derby winner Mage was the Morning Line Odds favorite to win and keep hopes alive of a Triple Crown horse in 2023. However, National Treasure, another strong odds favorite, won the Preakness Stakes by 2 1/4 lengths.

National Treasure wins 2023 Preakness Stakes

Reviewing 2023 Preakness Stakes Odds

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

ā­ļø Mage
8-5 (38.5%)
ā­ļø First Mission
5-2 (28.6%)
ā­ļø National Treasure
4-1 (20%)
ā­ļø Blazing Sevens
6-1 (16.7%)
ā­ļø Red Rout One
10-1 (9.1%)
ā­ļø Perform
15-1 (6.2%)
ā­ļø Coffeewithchris
20-1 (4.8%)
ā­ļø Chase The Chaos
50-1 (2%)
šŸ“† Last Updated
April 22, 2024

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 who the top horses were heading into the 2023 Preakness Stakes:

Mage (8-5)

  • šŸ‡ Jockey: Javier Castellano
  • šŸ‹ļø Trainer: Gustavo Delgado
  • šŸ’° Earnings: $2,107,200
  • šŸ“ Sire: Good Magic
  • šŸ“ Post Position: 3

Mage was the winner of the 2023 Kentucky Derby after inching past Two Phil's in an exciting final stretch. The horse was the early favorite to win the Preakness, and Delgado said "everything went according to plan" in Churchill Downs this year. Mage is a younger three-year-old and could just be hitting his stride.

First Mission (SCRATCHED)

  • šŸ‡ Jockey: Florent Geroux
  • šŸ‹ļø Trainer: Brad Cox
  • šŸ’° Earnings: $276,500
  • šŸ“ Sire: Street Sense
  • šŸ“ 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). Unfortunately, First Mission was scratched from the Preakness pre-race, so Kentucky bettors weren't able to get a good look at him as a contender. 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. 

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Reviewing Other Preakness Odds & Horses

Here were the rest of the top-contending horses that entered the 2023 Preakness Stakes:

National Treasure (4-1)

  • šŸ‡ Jockey: John Velazquez
  • šŸ‹ļø Trainer: Bob Baffert
  • šŸ’° Earnings: $345,000
  • šŸ“ Sire: Quality Road
  • šŸ“ Post Position: 1

Blazing Sevens (6-1)

  • šŸ‡ Jockey: Jose Ortiz
  • šŸ‹ļø Trainer: Chad Brown
  • šŸ’° Earnings: $565,250
  • šŸ“ Sire: Good Magic
  • šŸ“ Post Position: 7

Red Route One (10-1)

  • šŸ‡ Jockey: Joel Rosario
  • šŸ‹ļø Trainer: Steven Asmussen
  • šŸ’° Earnings: $631,575
  • šŸ“ Sire: Gun Runner
  • šŸ“ Post Position: 5

Perform (15-1)

  • šŸ‡ Jockey: Irad Ortiz Jr.
  • šŸ‹ļø Trainer: Claude McGaughey II
  • šŸ’° Earnings: $130,956
  • šŸ“ Sire: Good Magic
  • šŸ“ Post Position: 6

Coffeewithchris (20-1)

  • šŸ‡ Jockey: Jamie Rodriquez
  • šŸ‹ļø Trainer: John Salzman, Jr.
  • šŸ’° Earnings: $225,600
  • šŸ“ Sire: Ride On Curlin
  • šŸ“ Post Position: 4

Chase The Chaos (50-1)

  • šŸ‡ Jockey: Sheldon Russell
  • šŸ‹ļø Trainer: Ed Moger, Jr
  • šŸ’° Earnings: $123,950
  • šŸ“ Sire: Astern
  • šŸ“ Post Position: 2
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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:

  • 1ļøāƒ£ National Treasure (4-1)
  • 2ļøāƒ£ Chase The Chaos (50-1)
  • 3ļøāƒ£ Mage (8-5)
  • 4ļøāƒ£ Coffeewithchris (20-1)
  • 5ļøāƒ£ Red Route One (10-1)
  • 6ļøāƒ£ Perform (15-1)
  • 7ļøāƒ£ Blazing Sevens (6-1)
  • 8ļøāƒ£ First Mission (SCRATCHED) āŒ

How Do Post Positions Affect Odds of Winning the Preakness?

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

  • ā¬‡ļø 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.
  • ā¬†ļø 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 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.

ā­ļø Sportsbook Spotlight: Caesars Sportsbook Kentucky Promotions

Where is 2024 Preakness Stakes?

The 2024 Preakness Stakes will be held at the Pimlico Race Course in Baltimore, Maryland, where it's been held since 1909. Here's all the other the information you need to know about the Preakness in 2024:

  • šŸ“Location: Pimlico Race Course (Baltimore)
  • šŸ—“ļø Date: May 18, 2024
  • šŸ“ŗ TV: NBC
  • šŸ‡ Track Surface: Dirt
  • šŸ“ Track Distance: 13/16 mile (9.5 furlongs)

Preakness Stakes 2024 Predictions

To predict the outcome of the Preakness, you should always start your analysis with the winner of the Kentucky Derby. A brilliant winner of either the Kentucky Derby or Kentucky Oaks will have a huge impact on Preakness Stakes odds. So much of the Preakness Stakes build-up will focus on how those Churchill Downs contests panned out.

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.

šŸŽ MORE: Best Kentucky Derby Jockeys

2024 Preakness Stakes Odds to Watch

The 2024 odds for next year's Preakness Stakes aren't available yet, but we'll update you as soon as they are! Bookmark this page for the latest Preakness Stakes odds updates.

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How To Bet on Preakness Stakes Odds

There are many ways to bet on Preakness Stakes odds and try your hand at Kentucky horse betting. 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. 

Check out our list of the best Kentucky betting promos before you place your next wager. 

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. 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 betting 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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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.

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

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

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. 

Six fillies have won the Preakness in its history: Swiss Skydiver (2020), Rachel Alexandra (2009), Nellie Morse (1924), Rhine Maiden (1915),ļø Whimsical (1906) and Flocarline (1903).

šŸŽ MORE: 2023 Breeders' Cup Odds

Road to the 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: 

  • ā­ļø Florida Derby
  • ā­ļø Wood Memorial
  • ā­ļø Blue Grass
  • ā­ļø Santa Anita Derby

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

  • ā­ļø Kentucky Derby
  • ā­ļø Federico Tesio Stakes
  • ā­ļø Oaklawn Invitational
  • ā­ļø El Camino Real Derby

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.

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

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:

šŸ„‡ Early VotingšŸ‡ Jose L. Ortiz
šŸ„ˆ EpicenteršŸ‡ Joel Rosario
šŸ„‰ Creative MinisteršŸ‡ Brian Joseph Hernandez, Jr.
4ļøāƒ£ Secret OathšŸ‡ Luis Saez
5ļøāƒ£ SkippylongstockingšŸ‡ 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.

Preakness Stakes Winners Since 2013

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

ā­ļø National TreasurešŸ—“ļø 2023ā±ļø 1:55.12šŸ’° $1.5M
ā­ļø Early VotingšŸ—“ļø 2022ā±ļø 1:54.54šŸ’° $1.5M
ā­ļø RombaueršŸ—“ļø 2021ā±ļø 1:53.62šŸ’° $1M
ā­ļø Swiss SkydivešŸ—“ļø 2020ā±ļø 1:53.28šŸ’° $1.05M
ā­ļø War of WillšŸ—“ļø 2019ā±ļø 1:54.34šŸ’° $1.5M
ā­ļø JustifyšŸ—“ļø 2018ā±ļø 1:55.93šŸ’° $1.5M
ā­ļø Cloud ComputingšŸ—“ļø 2017ā±ļø 1:55.98šŸ’° $1.5M
ā­ļø ExaggeratoršŸ—“ļø 2016ā±ļø 1:58.31šŸ’° $1.5M
ā­ļø American PharoahšŸ—“ļø 2015ā±ļø 1:58.46šŸ’° $1.5M
ā­ļø California ChromešŸ—“ļø 2014ā±ļø 1:54.84šŸ’° $1.5M
ā­ļø OxbowšŸ—“ļø 2013ā±ļø 1:57.54šŸ’° $1M

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:

ā­ļø JustifyšŸ—“ļø 2018ā±ļø 1:55.93šŸ’° $1.5M
ā­ļø American PharoahšŸ—“ļø 2015ā±ļø 1:58.46šŸ’° $1.5M
ā­ļø AffirmedšŸ—“ļø 1978ā±ļø 1:54.40šŸ’° $250K
ā­ļø Seattle SlewšŸ—“ļø 2013ā±ļø 1:54.40šŸ’° $250K
ā­ļø SecretariatšŸ—“ļø 1973ā±ļø 1:53.00šŸ’° $250K
ā­ļø CitationšŸ—“ļø 1948ā±ļø 2:02.40šŸ’° $160K
ā­ļø AssaultšŸ—“ļø 1946ā±ļø 2:01.40šŸ’° $160K
ā­ļø Count FleetšŸ—“ļø 1943ā±ļø 1:57.40šŸ’° $75K
ā­ļø WhirlawayšŸ—“ļø 1941ā±ļø 1:58.80šŸ’° $75K
ā­ļø War AdmiralšŸ—“ļø 1937ā±ļø 1:58.40šŸ’° $75K
ā­ļø OmahašŸ—“ļø 1935ā±ļø 1:58.40šŸ’° $50K
ā­ļø Gallant FoxšŸ—“ļø 1930ā±ļø 2:00.60šŸ’° $90K
ā­ļø Sir BartonšŸ—“ļø 1919ā±ļø 1:53.00šŸ’° $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

Author

Gavin Beech is a writer and contributor for BetKentucky.com 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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