The Latest Preakness Stakes Odds 2023 – Compare the Best Odds

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Sports Editor Fact Checked by Nick Raffoul

The latest Preakness Stakes odds present Mage as the favorite to take home the gold in the race after he won the Kentucky Derby. It was a breakthrough in Triple Crown races for trainer Gustavo Delgado after the late scratching of the well-fancied Forte.

Challengers to Mage include Godolphin’s First Mission and Disarm for the Steven Asmussen barn. Read on to find the best Preakness Stakes odds and to learn more about betting on this race.

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Current Preakness Stakes Odds 2023

The best online sportsbooks have now released fixed-odds futures on the Preakness Stakes. These odds are liable to change regularly in the build-up to the race, but they were correct at the time of publishing:

Preakness Stakes Horses BetUS Bovada 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
 All prices correct as of 11:00 EDT on Thursday, May 11 2023.

BetOnline and are sister sites, as are XBet and MyBookie. As such, they offer identical odds, so we have only displayed the odds at BetOnline and XBet.

These sites are all based offshore. That means anyone in the United States can use them to bet on horse racing online, as they are not restricted by any state or federal laws. They are all legit, trustworthy racebooks that can be relied upon to pay out on time.

Other Top Racebooks for Preakness Stakes Odds

We have reviewed many Preakness Stakes betting sites and found these racebooks stood head and shoulders above their rivals:

  1. BetOnline – The best overall site for Preakness Stakes odds
  2. Bovada – The best Preakness odds site for exotics and matchups
  3. BetUS – A Preakness Stakes bookie with large bonuses
  4. XBet – A user-friendly site for Preakness odds
  5. MyBookie – Offers horseplayers a generous rebate
  6. BUSR – The best mobile betting site for Preakness Stakes odds
  7. – A great option for high-rollers seeking Preakness odds
  8. BetNow – A popular racebook offering quick crypto payouts
  9. Everygame – Competitive Preakness 2023 horses odds
  10. Betanysports – Reduced juice sports betting site with a racing section

How do Preakness Stakes Odds Work?


preakness stakes 2023 betting odds at mybookie

Most horse races are paid out on a pari-mutuel basis. All the money wagered on each market goes into a pool, the industry takes a small cut and the remainder is divided among bettors with winning tickets.

However, online racebooks also offer fixed-odds futures on the biggest races of the year. That includes the Preakness Stakes. It is a very important and popular event in the calendar, so bookmakers publish Preakness odds well in advance of the race. Read on to learn what they mean.

Explaining Preakness Stakes Odds

You normally do not find out your winnings until after a race is over. All the money wagered on the race winner goes into a pool, and it is divided between bettors that guessed correctly. A dividend is published, telling you how much you will be returned for every $1 wagered.

There is a dividend for the win, the place, the show, the exacta, the quinella, the trifecta, and so on. For example, the 2021 winner, Rombauer, paid $26.50 to win, $10 to place, and $5.20 to show, based on a $2 bet. The runner-up, Midnight Bourbon, paid $4.60 to place and $3 to show. Medina Spirit, who was third, paid $2.80 to show.

However, there is an alternative option when it comes to betting on the Preakness Stakes. You can also place a bet at fixed odds. That means you know exactly how much you will be paid out if your chosen horse wins the race. The next section explains how to read fixed Preakness Stakes odds as you may need help understanding them.

How to Read Preakness Stakes Odds

Fixed Preakness Stakes betting odds are presented in either the American format or the fractional format. The Preakness odds tell you two things: the profit you would earn by successfully betting on a horse, and its implied chances of winning the race.

Sites like BetOnline, Bovada, and BetUS publish their Preakness odds in the American format. That means they begin with a plus sign or a minus sign. If they begin with a minus, it tells you how much you need to wager to generate a $100 profit. For example, if the odds are -125, you must wager $125 to earn a $100 profit.

However, it is rare for odds to begin with a minus sign in such a big race. The last horse that had such short odds was Justify in 2018. All of the runners quoted in the futures betting Preakness 2023 odds are currently plus-money.

When the odds begin with a plus sign, it tells you the profit you will earn by placing a successful $100 bet on that horse. For example, a $100 bet on Mage at +185 would earn you a $185 profit and total returns of $285, while a $100 bet on Chase The Chaos would earn you a $6,600 profit. That tells you one horse is the favorite and the other a major underdog.

You do not need to bet precisely $100, as that is just a guide. You could bet $20 on First Mission at +240 to get $68 back ($48 profit), f0r example, or bet $5 and receive $17 ($12 profit).

Fractional Odds

Some Preakness horses and odds are shown in the fractional format. The Morning Line odds are also displayed as fractions, so it is helpful to learn what this means.

You simply need to multiply your bet amount by the fraction to calculate your potential winnings. For example, if you were to place a $10 bet on Disarm at 10/1, you would earn a $100 profit and have $110 back in total if he won the race. Fractional odds of 10/1, therefore, equate to American odds of +1000.

How to Sign Up and Find the Best Preakness Odds

You can use our comparison chart at the top of the page to find the best Preakness Stakes odds on a horse you are interested in. You can then sign up for an account in a couple of minutes and place your wager.

Just follow these steps to create your account today:

1. Visit the Best Site for Preakness Odds

Click the link provided to visit BetOnline, which frequently offers the best Preakness odds on the various contenders. It also offers great bonuses and horse racing free bets. Click or tap on the green “Join” button to bring up the registration form.

BetOnline Preakness Stakes Registration

2. Fill in the Sign-Up Form

Provide your name, email address, phone number, address, and date of birth. Choose a strong password. Click “Create Account”.

BetOnline Registration Process for Preakness Stakes

3. Make a Deposit

If you use the number one cryptocurrency when depositing with this online sports betting and horse racing site, you can send $20 to $500,000. There are lots of altcoins too, along with online transfers. If you use a credit card, you will be charged a fee.

BetOnline Deposit Options

4. Find the Preakness Stakes

Visit the “Horse Racing” section and then choose “Horse Futures” to see the latest Preakness odds. Closer to the race, the Preakness Stakes odds will be available in the “Racebook” section of the site, which you can access via the toolbar menu on the homepage.

BetOnline Preakness Stakes


5. Place a Bet

Click on the Preakness Stakes odds next to a runner you are interested in to add it to your bet slip. Type a bet amount into the box and click to place the wager. The bet amount will be deducted from your account balance. If you win, your balance will be credited after the race.

Further information on how to bet the Preakness Stakes in 2023 is available at the link.

Preakness Stakes Betting

Types of Preakness Stakes Odds Available

Your Preakness Stakes betting options can be divided into two distinct categories: straight bets and exotic wagers. Read on to learn more about them.

Straight Bets

A straight bet is a prediction on a single horse to perform well in a race. There are three classic straight bets that you can place on the Preakness Stakes: a win bet, a place bet, and a show bet. We have broken each of them down below.

Win Bet

This is a very straightforward wager on which horse will win the Preakness Stakes. It is the most common way to bet on a race. The racebooks will assess the strengths of each horse, focusing on past performances, and then release fixed odds on each of them winning the race.

As we mentioned above, the fixed Preakness odds tell you precisely the potential payout associated with each horse, along with its implied probability of winning the race. It starts with the favorite, who has typically performed well in big races against high-quality opposition over a similar distance.

The odds will then grow longer on each subsequent horse until you arrive at the rank outsider, who has the longest Preakness odds. If you bet on a fixed line, you will know your possible winnings. If you place a pari-mutuel bet, your winnings will be revealed after the race, when the win dividend is announced.

Example: First Mission to win the Preakness Stakes at +240.

Place Bet

This is a bet on a horse to finish first or second. It does not matter if your chosen horse wins the race or finishes second, as your payout will be identical. He or she must simply finish in the top two.

Place bets are invariably calculated on a pari-mutuel basis. All bets on the place go into a pool, and – after the industry has taken a fee – the remainder is divided among bettors that guessed correctly. A dividend will be revealed, showing your winnings.

The payout on the place is always smaller than the payout on the win, as it is easier to predict a horse finishing in the top two than winning the race.

Example: Disarm to place in the Preakness Stakes.

Show Bet

A show bet is a prediction on a horse to finish first, second or third in the Preakness Stakes. Once again, it does not matter where your chosen horse finishes, as he or she simply needs to finish inside the top three.

Your payout will be the same if your horse finishes first, second or third. The winnings you will gain by betting on the show will be smaller than the win or the place, as it is naturally easier to predict whether a horse will finish in the top three than to win the race or finish in the top two.

As an example, a $2 win bet on Rombauer – who won the Preakness Stakes 2021 – paid $25.60. A $2 place bet paid $10 and a $2 show bet paid $5.20.

Example: Mage to show in the Preakness Stakes.

Across The Board

An across-the-board wager is three bets: one on the win, one on the place, and another on the show. A $10 across the board bet on the Preakness Stakes would, therefore, cost you $30.

If your horse wins, all three bets pay off. Should the horse finishes second, the win part of the bet will fail, but the place and the show will pay off. If it finishes third, only the show will pay off. This is a great option on a horse with reasonably long odds, particularly if you think it will win, but you fear one or two rivals could beat it.

Example: Aross the board bet on Disarm at the Preakness Stakes: $10 for a win, $10 to place and $10 to show.

Double Bet

A double bet involves predicting the winner of the Preakness Stakes and the winner of another race. Both horses must win for the bet to pay off. If one wins and the other fails to do so, your bet loses. That makes it difficult, but you will be rewarded handsomely if you guess correctly.

A common double is a bet on the winner of the Black-Eyed Susan on the Friday and the winner of the Preakness Stakes the following day. A double is more of a parlay than a straight bet, and some people class it as an exotic.

Example: Adare Manor to win the Black-Eyed Susan and Epicenter to win the Preakness Stakes.

Exotic Wagers

Exotic wagers are more complicated than straight bets. They are harder to accomplish, but you will be rewarded with a large payout if you place a winning exotic bet. These are the main exotics on the Preakness Stakes:

Exacta Bet

This is a prediction on the horse that will win the Preakness Stakes and the horse that will finish second. You must specify the exact order in which they will finish, which gives the bet its name.

It is naturally a lot harder to predict the winner and the runner-up in the exact order than to simply predict the winner. For that reason, you will earn a far larger payout if you nail a correct exacta. Some bettors place a series of exactas, knowing full well that they will earn a profit if any of them prove correct.

You can place a straight exacta, or you can go for a boxed exacta, which allows you to group multiple horses together and place a series of exactas within them. Another option is an exacta wheel, where you bet on a horse and the field.

Example: First Mission to win the Preakness Stakes and Disarm to finish second.

Quinella Bet

A quinella is a little easier than an exacta. You just have to name two horses, and they can finish first or second in either order. Your payout will not be affected by the order in which they finish.

This bet is similar to a boxed exacta featuring two horses, but the quinella is paid out from a separate pari-mutuel pool, so the dividend will be different.

Example: First Mission and Disarm both to finish in the top two at the Preakness Stakes.

Trifecta Bet

A trifecta requires you to pick the winner of the Preakness Stakes, the runner-up, and the horse that will finish third. You need to specify the exact order in which they will finish.

It is a lot harder to place a winning trifecta on the Preakness than an exacta. For that reason, you get a much larger payout from a trifecta. Last year, a $2 exacta paid $98.60 on the Preakness, while a $1 trifecta paid $162.70.

You can also go for a boxed trifecta or a trifecta wheel, which allows you to spread out your risk by covering multiple potential trifectas.

Example: First Mission to win the Preakness Stakes, Disarm to finish second and Mage to finish third.

Superfecta Bet

A superfecta bet takes it one step further. You must name the Preakness Stakes winner, the runner-up, the third-place horse, and the fourth-place horse, and you need to guess the correct order in which they will finish.

The $1 superfecta paid $1,025.50 on the 2021 Preakness Stakes, which is a lot more than the $162.70 dividend from the $1 trifecta.

Example: First Mission to win the Preakness Stakes, Disarm to finish second, Mage to finish third and Red Route One to finish fourth.

Super Hi-Five Bet

If you really want to go wild, you can place a Super Hi-Five. This rare bet asks you to name the first five horses to cross the line, and you need to state the exact finishing order.

Example: First Mission to win the Preakness Stakes, Disarm to finish second, Mage to finish third, Red Route One to finish fourth and National Treasure to finish fifth.

Our Preakness Stakes Odds Expert Picks

The main form indicator that we use when making our Preakness Stakes expert picks is naturally the first leg of the Triple Crown – the Kentucky Derby. That was won by Mage with the closest challenger from Churchill Downs taking him on again being Disarm in fourth.

Other form lines are also considered by those pricing up Preakness odds this year, however, and First Mission is second-favorite after winning the last qualifier in the Race to the Kentucky Derby but then swerving The Run for The Roses. That could be a carefully executed plan by his owner-breeders and trainer.

However, there are lots of dangerous horses in the field who may have the Preakess as their target instead. Many of them did not run in the Kentucky Derby, but they have performed well in trials for Triple Crown races earlier in the year. With that in mind, these are our expert Preakness Stakes picks:

Winner: First Mission

The decision to skip the Kentucky Derby could in time prove most wise with First Mission as it’s always a hard race for thoroughbreds that tackle the big race at Churchill Downs. Owner-breeders Godolphin are a global operation with top horses in Europe and Australia as well as the USA., while trainer Brad Cox seeks a first win in the Preakness.

First Mission is a leading contender if Preakness Stakes odds are right


First Mission is unexposed and shapes like distances beyond the extended mile he’s tackled so far will suit him. A colt by Street Sense, an extra furlong should be well within his compass. If connections can pull off their plan, then the fresher First Mission may take some stopping in the Preakness Stakes.

Place: Disarm

We’ll come on to the favorite Mage in a moment, but down the Kentucky Derby field and just missing out on the show in fourth at Churchill Downs was Disarm. Steven Asmussen is a dual Preakness winner thanks to legendary colt Curlin and filly Rachel Alexandra during the late 2000s. He’s been seeking a third victory ever since.

Disarm has value Preakness Stakes odds after an unlucky run last time out

Disarm could give him that after his third to First Mission in the Lexington Stakes before encountering those traffic problems in the Kentucky Derby. With a clear run, who knows how much closer he may have got to Mage. This smaller field will mean less waiting for racing room and gaps to appear, so Disarm is another value bet to consider.

Show: Mage

The Preakness Stakes odds have Mage as clear favorite but he faces just a two-week break from the track. While that’s the same for any Triple Crown contender, he hasn’t backed up a race in that short time before. Attempting it is an unknown, though.


Mage appeared to win the Kentucky Derby by staying and he’s down in distance for the Preakness. Will waiting tactics work out? It might be more difficult to get away with coming from behind at Pimlico, but a top three finish minimum looks inevitable.

Past Preakness Stakes Winners’ Odds

A few heavy favorites have won the Preakness Stakes over the past decade. Justify, American Pharaoh, and California Chrome were all victorious in the Kentucky Derby, and they went on to destroy their rivals in the Preakness.

However, lots of winners have been priced at 10/1 (+1000) or greater, so it can pay to consider the runners with longer Preakness odds.

Year Winning Horse Jockey Trainer Odds
2022 Early Voting Jose Ortiz Chad Brown 57/10
2021 Rombauer Flavien Prat Michael W. McCarthy 118/10
2020 Swiss Skydiver Rory Albarado Kenneth McPeek 117/10
2019 War of Will Tyler Gaffalione Mark E. Casse 61/10
2018 Justify Mike Smith Bob Baffert 2/5F
2017 Cloud Computing Javier Castellano Chad Brown 134/10
2016 Exaggerator Kent Desormeaux J. Keith Desormeaux 13/5
2015 American Pharaoh Victor Espinoza Bob Baffert 9/10F
2014 California Chrome Victor Espinoza Art Sherman 1/2F
2013 Oxbow Gary Stevens D. Wayne Lukas 154/10
2012 I’ll Have Another Mario Gutierrez Doug O’Neill 5/2

More on horse racing betting…

If you would like to learn more about the Preakness Stakes or horse racing and betting lines in general, check out the resources we have linked to below:

Best Site for Preakness Stakes Odds

We rate BetOnline as the best site for betting on the Preakness Stakes. It offers the best Preakness odds on the market on several runners. BetOnline is a neat, user-friendly site that runs on powerful software, so you will be able to place your bets with ease. Payouts are rapid and the customer service is excellent.

It also offers a large welcome bonus and a very generous racebook rebate. When you sign up, you will be given a $25 risk-free horse racing bet token too, which you can use on the Preakness Stakes. Sign up for a BetOnline account today and grab the best Preakness odds on the market.

Best Betting Site for Preakness Stakes Odds
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Preakness Stakes Odds FAQs

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Jackson Holland is an experienced sports writer and handicapper based in Pennsylvania. He worked part-time at a racetrack and casino while majoring in English Literature at college, and that inspired a passion for gambling. Holland spent a decade as a journalist working for a variety of regional newspapers before joining the sports betting industry. He writes long-form betting guides for Basketball Insiders, Augusta Free Press and various other publications.