2025 Preakness Stakes Odds & Betting Favorites: Second Leg of Triple Crown
Our Preakness Stakes are the second leg of the Triple Crown, and anticipation either grows in a hurry or is squashed altogether.
The Preakness Stakes odds at our best horse racing betting sites had the 2024 winner, Seize the Grey, way down the board. But he stunned the favorites and crushed Mystik Dan's shot at the Triple Crown.
The dark horse in the Kentucky Derby odds - Mystik Dan - was then a top contender in The Preakness and put up a mighty challenge before Seize the Grey pulled away down the stretch.
The historic race takes place annually in mid-May, and you can prepare for it with our guide on how to bet on horse racing. We also outline the Preakness Stakes post positions.
Preakness Stakes odds
While we await the 205 Preakness Stakes odds, we'll have a look at where things ending ahead of the 2024 running.
(Odds via FanDuel racing)
| Post | Horse | FanDuel odds | Morning Line odds |
|---|---|---|---|
| 1 | Mugatu | +2000 | 20-1 |
| 2 | Uncle Heavy | +2000 | 20-1 |
| 3 | Catching Freedom | +600 | 6-1 |
| 4 | OFF | Scratch | |
| 5 | Mystik Dan | +250 | 5-2 |
| 6 | Seize the Grey | +1500 | 15-1 |
| 7 | Just Steel | +1500 | 15-1 |
| 8 | Tuscan Gold | +800 | 8-1 |
| 9 | Imagination | +600 | 6-1 |
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How are Preakness Stakes odds made?
Preakness Stakes odds are made by track linemakers, who are experts responsible for setting the initial lines for the race. These odds reflect their assessment of each horse's likelihood of winning based on various factors such as past performances in other races, jockey, trainer, breeding, and recent workouts.
To create these odds, oddsmakers analyze a wide range of data and information about each horse and its connections. They consider factors like the horse's racing history, speed figures, performance in previous races, pedigree, and how well it has fared on similar track conditions.
Additionally, oddsmakers take into account the betting patterns and preferences of the public, as well as any news or developments leading up to the race that could impact a horse's chances. Once they have evaluated all these factors, they assign each horse a morning-line odds, which represents their estimate of the horse's probability of winning the race.
These initial odds serve as a starting point for betting, but they can change based on the betting action leading up to the race and any new information that emerges.
Preakness Stakes odds over time
We'll track the 2025 odds and their movement here once they're released.
Who has won the Preakness Stakes and what were the odds?
| Year | Horse | Post Position | Odds |
|---|---|---|---|
| 2024 | Seize the Grey | 6 | 15-1 |
| 2023 | National Treasure | 1 | 4-1 |
| 2022 | Early Voting | 5 | 5-1 |
| 2021 | Rombauer | 6 | 12-1 |
| 2020 | Swiss Skydiver | 4 | 11-1 |
| 2019 | War of Will | 1 | 4-1 |
| 2018 | Justify | 7 | 1-2 |
| 2017 | Cloud Computing | 2 | 12-1 |
| 2016 | Exaggerator | 5 | 3-1 |
| 2015 | American Pharoah | 1 | 4-5 |
| 2014 | California Chrome | 3 | 3-5 |
How to read Preakness Stakes odds
A crucial step to betting on the Preakness Stakes is understanding how the odds work. Put simply, American odds represent how much money you would win on a $100 wager - or, in some cases, how much money you would need to wager to return $100.
Let's refer to an example. Seize the Grey closed with +1500 odds to win the 2024 Preakness Stakes. That means a winning $100 bet at those odds would return $1500 in profit, or a $10 bet would return $150, or even $1 for an $15 return.
According to our odds converter, he was getting only a 6.25% implied probability of winning the prestigious race.
Mystik Dan finished with +250 odds, which carried an implied 28.57% win percentage. A $100 wager would get you $250 if he won. Despite being seen as more likely to win according to the odds, we know he didn't win the race.
You'll want to be careful staking too much on long-shot bets, as the low implied win probabilities indicate the unlikelihood of a victory.
Preakness Stakes 2025 info
- Date: TBD (2024 was on Saturday, May 18)
- Location: Pimlico Race Course, Baltimore
- Race Distance: 1 3/16 miles
- Purse: TBD ($2 million in 2024)
- TV: NBC
Preakness Stakes 2024 FAQs
Who is the 2025 Preakness Stakes favorite?
We're still awaiting the opening odds for the 2025 Preakness Stakes. In 2024, the pre-race favorite was Mystik Dan, who was dealing as high as +250 on race day, with those odds representing an implied win probability of 28.57%.
Who won the 2024 Preakness Stakes?
Seize the Grey took the 2024 Preakness Stakes after entering as a +1500 long shot.
When is the 2025 Preakness Stakes held?
The 2025 edition of the Preakness does not yet have a set date. The 2024 version went off on May 18.
Where is the 2025 Preakness Stakes held?
The Preakness Stakes is held annually at Pimlico Race Course in Baltimore.
Where can I bet on the Preakness Stakes?
According to TwinSpires, Americans can legally wager on horse racing in the following states, and don't forget to check out our FanDuel Racing promo code:
Horse racing betting odds pages
| Kentucky Derby Odds | Preakness Stakes Odds | Belmont Stakes Odds |
| Kentucky Derby Post Position | Preakness Stakes Post Position | Belmont Stakes Post Position |
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