Preakness Stakes Betting Guide

Odds, Analysis And Picks For 2023

Preakness Stakes

National Treasure claimed the crown in the 2023 Preakness Stakes. The horse was 5/2 to win.

Here are Preakness Stakes payouts based on a $2 bet.


  • National Treasure: $7.80


  • National Treasure: $4.00
  • Blazing Sevens: $5.00


  • National Treasure: $2.60
  • Blazing Sevens: $2.80
  • Mage: $2.40

Here are Preakness exotics payouts.

$2.00 Exacta: $31.80

$1.00 Trifecta: $24.20

$1.00 Superfecta: $72.40

The field for the big race at Pimlico was announced on May 15. Mage, who won the Kentucky Derby, is the Preakness favorite at 2-1. National Treasure at 5-2 and Blazing Sevens at 4-1 are among the other favorites.

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Preakness Stakes odds

View Preakness betting odds below and click to wager at FanDuel Racing as morning line prices are now available for 2023.

Post Position NumberHorse NamePreakness OddsTrainerJockey
1National Treasure5-2Bob BaffertJohn Velázquez
2Chase the Chaos7-1Ed Moger Jr. Sheldon Russell
3Mage2-1Gustavo Delgado Javier Castellano
4Coffeewithchris8-1John Salzman Jr. Jaime Rodriguez
5Red Route One6-1Steve AsmussenJoel Rosario
6Perform7-1Shug McGaughey Feargal Lynch
7Blazing Sevens4-1Chad BrownIrad Ortiz, Jr.
SCRFirst MissionSCRBrad Cox Luis Sáez

Preakness betting notes

  • First Mission was a Friday morning scratch. A veterinary exam showed the Colt with a tender left-hind foot. The Preakness field is now at just seven horses, which is the smallest Preakness field since 1986.
  • Mage was installed as the favorite to win the Preakness Stakes with 8-5 morning line odds. He will run out of the 3 post.
  • Mage owner Ramiro Restrepo and trainer Gustavo Delgado are officially committed to having their horse race in the Preakness. The colt was said to be in fine condition following his victory in the first leg of the Triple Crown. Mage will be the only horse racing in the Preakness that ran in the Kentucky Derby.

Preakness field

Here’s an overview of the 2023 field and Preakness Stakes morning line odds announced during Monday’s draw at Pimlico Race Course.

Mage (8-5)

The Kentucky Derby winner has blossomed throughout the 2023 campaign. He approaches the Preakness with a head of steam and an industry-high Beyer speed figure of 105 at 1 1-4 miles. He obtained that number in the Derby, which continued his steady ascent.

Mage showed improvement over his first three races, all at Gulfstream Park, including a nipped-at-the-wire second to Forte in the Florida Derby. The dream rematch with Forte did not happen in the Derby, nor will it in the Preakness.

Has a slow-starting, late-running style. Shorter Preakness track of 1 3-16 miles not in his favor, but he did obtain the Derby lead prior to that point before winning.

First Mission (SCR)

The Lexington Stakes winner was a Friday scratch due to a tender left-hind foot.

National Treasure (4-1)

How ready is he? Had a nice 2-year-old campaign and was the betting favorite in the San Felipe in March before being scratched with a foot injury. Returned in time for the Santa Anita Derby last month and ran a beaten fourth to Practical Move, Mandarin Hero and Skinner.

His entry would mark the Preakness return of Bob Baffert. The Hall of Fame trainer shares the Preakness record of seven triumphs.

Blazing Sevens (6-1)

Like Disarm, saddled with Brides-Maid-Itis on the win line but does like to hit the board. Finished behind Forte in the Breeders’ Cup Juvenile last November and ran a determined, if distant, third to Tapit Trice in the Louisiana Derby.

Had three workouts since then, including five furlongs in just under 1:01 at Belmont Park.

Connections believe he is doing his best running right now. Another son of Good Magic.

Red Route One (10-1)

Was the most intriguing horse on the prep circuit. He establishes early deficits reminiscent of Zenyatta and Silky Sullivan before rallying from another zip code to hit the board.

Waiting too long backfired in the Arkansas Derby. It forced him wide and his furious bid fizzled out. The question is whether his connections feel comfortable with him coming from 20 or more lengths off the pace.

Sometimes, that’s just the horse’s preference. Came from the clouds and won a photo in the Bath House Row Stakes at Oaklawn to qualify for the Preakness. 

Perform (15-1)

Must see for family reasons alone. He has the same sire as Mage in Good Magic. They both love to run late. Maybe they are both procrastinators, but either way the need to rally is in the family genes.

Perform staged an improbable rally to seize the $125,000 Federico Tesio Stakes at Laurel. He was several lengths out of it even partially through the stretch before staging a miraculous rally first inside and then outside.

That was a much lower level of opponents and Pimlico favors speed, but at least he has a little more real estate to work with.

CoffeewithChris (20-1)

Hard-knocking Maryland-based horse who gets a shot based on proximity. Graduated from longshot to favored status in a couple of low-level stakes races at Laurel.

Takes a massive step up here. Owners probably figure he has nothing to lose, might as well take a stab at some purse money.

From a class perspective, he was beaten by Hayes Strike, who was then beaten decisively by Blazing Sevens in the Blue Grass. Doesn’t figure to be able to match these, but he could be a speed factor.

Chase the Chaos (50-1)

Won the $100,000 El Camino Real Derby and took a step up into a Derby prep. Was 30-1 at the San Felipe and was nowhere in the picture. Major stakes races have been the wrong level for him.

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Preakness Stakes payouts

Below is a chart showing standard horse racing payouts for a $2 win bet. Keep in mind these are approximate payouts as horse racing and the Preakness Stakes operates on the pari-mutuel system.


Where to bet the Preakness Stakes and race schedule

The 148th Preakness Stakes is set for Saturday, May 20, 2023. Here is more information and tips on betting the Preakness Stakes, and how you can watch and wager on this year’s event. Many of the same horses that race in the Preakness Stakes competed in the Kentucky Derby, which was held earlier in the month of May. Check out Kentucky Derby odds at our KY Derby page.

  • Date: Saturday, May 20, 2023
  • Time: 6:47 p.m. ET
  • TV: NBC
  • Tablet, Online, Mobile: NBC Sports App and streamed live on and fuboTV
  • Track & Location: Pimlico Race Course in Baltimore, Maryland
  • Distance: 1 3/16 miles (9 furlongs) – since 1925
  • Surface: Dirt
  • Horses: 3-Year-Old Thoroughbreds
  • Track Record: Secretariat  (1:53.00 in 1973)
  • Largest Margin of Victory: Smarty Jones (11 lengths in 2004)

Live television coverage on NBCSN begins at 2 p.m. ET and on NBC at 5 p.m. ET. Fans can wager legally at racetracks, simulcast centers such as Off Track Betting (OTB) Centers, and on advanced deposit wagering platforms such as FanDuel Racing, BetAmerica and TwinSpires, where bettors in over 30 states can legally bet on horse races from their mobile devices and web browsers. You can also wager on horse racing legally in the state of Nevada at the hundreds of casinos with race and sportsbooks.

Horse racing wagers and bets

In addition to the traditional “straight” wagers (Win, Place, Show), fans can also attempt to cash big in the various “exotic” pools. Exacta (top two finishers), Trifecta (top three), Superfecta (top four), and Super High Five (top five) wagering are all offered, and cashing a ticket in any of these pools can produce a bigger payday.

  • Win: Bet on the horse you think you will win the Preakness Stakes.
  • Place: Get paid the place price if your horse finishes in first or second place.
  • Show: A show bet pays the least, but you win and get paid the show price if your horse finishes first, second or third.
  • Exacta: Predict the first two horses in the correct order.
  • Trifecta: Predict the first three horses in the correct order.
  • Superfecta: Predict the first four horses in the correct order.
  • Super High Five: Predict the first five horses in the correct order.

The Preakness Stakes betting odds at online sportsbooks are finally determined by the pari-mutuel system at the track which means your potential payout depends on how much money is in the pot overall, divided by how many bets are placed. The odds will fluctuate in the build-up to the race and never more so than in the final few moments before post time.

Picking a Preakness winner

There are many ways to handicap a horse race, and there is not shortage of opinions or angles when it comes to the handicapping of the Preakness Stakes following the Kentucky Derby results. From a beginner’s betting guide to the most sophisticated tools for informed handicappers, there are many pieces of information and betting guides to assist you in identifying a potential Preakness winner and narrowing the list of top contenders.

  • Handicapping horses and the races takes much time, research and intuition. Beyond studying past performance charts and horse stats, speed figures, class ratings, tracks and bias, jockey and trainer stats, horse pedigree and even post position, a handicapper has to have insight and ability to find various ways to identify horses that are ready to win. That’s especially true for the Derby horses that are running in the Preakness with just a two-week recovery. You can review race videos, tracks, surfaces or find horses that had troubled trips in recent races. But it’s important to distill information that can help you identify horses that may offer some value next time out or others in good form or improving that can provide value wagering opportunities.
  • Races and horses should be backed based on positive attributes and not as a result of who’s the best of the worst. As you study some of the betting guides and training tools, you’ll become better prepared and equipped to analyze races in a more meaningful way. That includes the Preakness Stakes along with the Kentucky Derby and the prep races leading up to the Derby. Understanding ‘how’ a horse has run leading up to a race versus the far less important ‘where’ the horse finishes and ‘what’ time he/she completed their recent races will help you become more proficient.
  • Trainer Bob Baffert has won the Preakness a record-tying 7 times (D. Wayne Lucas) including in 2015 with American Pharoah and 2018 with Justify, who both went on to win the Triple Crown.

The Preakness has been dominated in recent years by horses who set or press/stalk the pace, but most of the time those were simply the best horses – like Justify, American Pharoah, California Chrome, Big Brown and the filly Rachel Alexandra. Exaggerator was able to come from well off a hotly-contested pace to win the 2016 Preakness. An improving 3-year-old, or fresher and talented runner like the filly and 2020 Preakness winner Swiss Skydiver can emerge. She came from off the pace to get to the front at the three quarter mile marker, and out-dueled 2020 Kentucky Derby winner Authentic to win the Preakness at 11/1 odds.

Preakness Stakes history and results

YearWinnerPost OddsTimeJockeyTrainer
2022Early Voting55/11:54.54Jose OrtizChad Brown
2021Rombauer611/11:53.62Flavien PratMichael W. McCarthy
2020Swiss Skydiver411/11:53.28Robby AlbaradoKenneth McPeek
2019War of Will16/11:54.34Tyler GaffalioneMark Casse
2018Justify71/21:55:93Mike SmithBob Baffert
2017Cloud Computing213/11:55:98Javier CastellanoChad Brown
2016Exaggerator53/11:58:31Kent DesormeauxJ. Keith Desormeaux
2015American Pharoah14/51:58.46Victor EspinozaBob Baffert
2014California Chrome33/51:54.84Victor EspinozaArt Sherman
2013Oxbow615/11:57:54Victor EspinozaD.W. Lukas
2012I’ll Have Another93/11:55.94G. StevensD. O’Neill
2011Shackleford512/11:56.21M. GuiterrezD. Romans
2010Lookin At Lucky75/21:55.47J. CastanonB. Baffert
2009Rachel Alexandra139/51:55.05M. GarciaS. Asmussen
2008Big Brown61/51:54.80C. BorelR. Dutrow Jr.
2007Curlin47/21:53.46K. DesormeauxS. Asmussen
2006Bernardini812/11:54.65R. AlbaradoT. Albertrani
2005Afleet Alex123/11:55.04J. CastellanoT. Ritchey
2004Smarty Jones73/51:55.59J. RoseJ. Servis
2003Funny Cide99/51:55.61S. ElliottB. Tagg
2002War Emblem85/21:56.36J. SantosB. Baffert
2001Point Given112/11:55.51V. EspinozaB. Baffert
2000Red Bullet47/11:56.04G. StevensJ. Orseno
1999Charismatic68/11:55.32J. BaileyD.W. Lukas
1998Real Quiet105/21:54.75C. AntleyB. Baffert
1997Silver Charm73/11:54.84K. DesormeauxB. Baffert