2023 Preakness Stakes Odds

The Preakness Stakes Odds are an essential aspect of the prestigious horse racing event. Held annually at the Pimlico Race Course in Baltimore, Maryland, it serves as the second leg of the Triple Crown. The odds are based on various factors, including the horse's past performance, jockey skills, trainer reputation, track conditions, and even the post position draw. 

Understanding the Preakness Stakes Odds is essential for those looking to make strategic bets. Savvies carefully analyze the odds, evaluate the contenders, and consider recent developments or insights that might impact the race's outcome. 

We created this article for you, so either you are one of those savvies we mentioned above looking forward to catch up with the odds, a rookie looking for guidance, or someone who's just interested in learning, don't worry, we got you.

While we tell you everything you gotta know about the Preakness Stakes Odds, you can sign up at BetPhoenix to take advantage of the best promotions, discounts and access the best betting odds in the game.

Get information on the Triple Crown and enjoy the best Triple Crown odds here at BetPhoenix Racebook. Also find all of the details on the 2023 Kentucky Derby odds, and Belmont Stakes odds.

Read through our racebook betting rules. See also our track list to find your favorite tracks.

Preakness Stakes Betting

Betting on the Preakness Stakes offers a wide range of options for bettors. From simple win, place, and show bets to more complex exotic wagers like exactas, trifectas, and superfectas, there are numerous opportunities to wager on different aspects of the race and take full advantage of the Preakness Stakes Live Betting Odds. 

Going back for a second, Win, Place, and Show bets are common types of wagers in horse racing, including the Preakness Stakes Odds. Here's an explanation of each:

1. Win Bet: A win bet is a straightforward bet where you have to wager on a horse to win the race. To win the bet, your chosen horse must finish first. If the horse you selected crosses the finish line in the first place, you receive the payout based on the odds set at the time of the race.
2. Place Bet: A place bet is a slightly different wager in which you bet on a horse to finish in first or second place. If your chosen horse finishes first or second, you win the bet. The payout for a place bet is typically smaller than a win bet because it covers two potential outcomes.
3. Show Bet: A show bet is similar to a place bet but with slightly lower odds. With a show bet, you are betting on a horse to finish in either first, second, or third place. You win the bet if your chosen horse finishes in any of these positions. Show bets usually offer the smallest payout among these three types of bets because they cover more potential outcomes.

Preakness Stakes Exacta Bets

Preakness Stakes Exacta Bets is a popular and exciting type of horse racing wager that requires bettors to predict a race's first- and second-place finishers in the correct order. It adds an additional layer of challenge and potential reward compared to the abovementioned ones.

To place an exacta bet, select two horses you think will end up first and second, specifying the order in which they will finish. For example, if you choose Horse 1 to finish first and Horse 2 to finish second, you must accurately predict that exact order for the bet to be successful.

Exacta bets offer attractive payouts, especially if you successfully predict a longshot or an unexpected outcome. There are different variations of exacta bets, such as boxed exactas. With a boxed exacta, you select two or more horses to finish first and second, and they can come in any order. While this increases the chances of winning, it also reduces the potential payout since the bet covers multiple combinations.

The odds for exacta bets are determined by the total amount of money wagered on each combination, and they can fluctuate leading up to the race based on betting activity. Overall, exacta bets provide an exciting opportunity for horse racing enthusiasts to showcase their knowledge and prediction skills.

Preakness Stakes Trifecta Bets

Another type of betting odds is a common wager in which you try to predict the race's top three finishers correctly. Although winning may be more challenging, this wager has a more substantial potential payout than the one previously mentioned.

You can choose from a few options when placing the Preakness Stakes Trifecta Bets:

1. Straight Trifecta: This is the simplest form of Trifecta wager. You choose three horses and indicate the precise position in which they will finish the race.

2. Boxed Trifecta: In a boxed trifecta, three horses are chosen, but the finishing order of the horses is not specified. No matter what order the horses finish in, your wager is successful as long as they are among the top three.

3. Key Trifecta: involves picking a horse to finish first in the race, and another two horses end up in the second and third places. The other two horses' placing is irrelevant; only the crucial horse must triumph. Since you are making multiple bets, this type of wager is also more expensive.

Preakness Stakes Prop Bets

Another type of betting odds is the Preakness Stakes Prop Bets refer to a specific category of wagers that focus on unique and specific outcomes or events related to the Preakness Stakes horse race. These bets go beyond predicting the order of finish or the performance of individual horses, adding an extra layer of excitement and variety to the betting experience.

The Preakness Stakes Prop Bets can cover a wide range of possibilities, and they often revolve around specific occurrences during the race or related to the race day festivities. Some examples of Preakness Stakes prop bets may include:

1. Winning Margin: Bettors can wager on the specific margin of victory for the Preakness Stakes winner, such as a certain number of lengths or a photo finish.
2. Head-to-Head Matchups: These prop bets involve selecting which horse will finish ahead of another specific horse in the race.
3. Jockey Performance: Prop bets may focus on the performance of a particular jockey, such as predicting the number of wins you believe they will have on Preakness Stakes Day or whether they will win a specific race.
4. Time of the Race: Bettors can place prop bets on the final time recorded by the winning horse, predicting whether it will be under or over a specific time threshold.
5. Trainers: Prop bets may involve predicting which trainer will have the most wins during the Preakness Stakes event or whether a specific trainer will win a particular race.

Preakness Stakes Live Betting Odds

The Preakness stakes Odds and live betting odds on them are the type of wagers that most customers look forward to.

BetPhoenix provides you with the best deals, special offers, the best Preakness stakes Odds, Triple Crown odds, and Live Betting Odds while giving you confidence that your personal information and payment method will be kept secure.

Preakness Stakes History

The Preakness Stakes has a long and storied history as one of the most prestigious horse racing events in the United States. It is the second jewel of the Triple Crown, following the Kentucky Derby and preceding the Belmont Stakes. Let's delve into the captivating history of the Preakness Stakes.

The inaugural running of the Preakness Stakes took place on May 27, 1873, at Pimlico Race Course in Baltimore, Maryland. The race was named after a colt named Preakness, who won the Dinner Party Stakes, a race also held at Pimlico. The Preakness Stakes quickly gained popularity and became an annual fixture in the horse racing calendar.

Over the years, the Preakness Stakes has witnessed numerous remarkable moments and celebrated champions. In 1917, the legendary thoroughbred Sir Barton became the first Triple Crown winner, which included the Preakness Stakes. Since then, many other iconic horses have achieved this prestigious feat, including Secretariat, Seattle Slew, Affirmed, American Pharoah, and Justify.

Throughout its history, the Preakness Stakes has undergone several changes and adaptations. In 1890, the race distance was set to 1 1/16 miles, and in 1909, it was increased to its current length of 1 3/16 miles. The Preakness Stakes has also seen significant renovations and upgrades to the Pimlico Race Course to accommodate the growing audience and improve the overall racing experience.

The Preakness Stakes has been challenging. During World War II, from 1942 to 1944, the race was temporarily suspended due to the war effort. However, it resumed in 1945 and has only stopped once due to the COVID-19 pandemic.

The Preakness Stakes has also gained a reputation for its festive and vibrant atmosphere. The race day is known for its unique traditions, including the painting of the "Black-Eyed Susans," which represents the state flower of Maryland. 

The Preakness Stakes winner is adorned with a blanket of Black-Eyed Susans. However, the actual flowers are replaced by a combination of daisies and yellow flowers due to the race's timing in relation to the Black-Eyed Susan blooming season.

In recent years, the Preakness Stakes has attracted large crowds and enthusiastic fans who come to witness the excitement and pageantry of the event. The race continues to draw top-class horses, trainers, and jockeys from around the world, all competing for the chance to etch their names into the annals of Preakness Stakes history.

The Preakness Stakes holds a special place in the hearts of horse racing enthusiasts and showcases the timeless allure of the sport. It serves as a testament to the rich traditions, thrilling competition, and unforgettable moments that have made the Preakness Stakes an integral part of American horse racing history.

Preakness Stakes Past Winners

Preakness Stakes FAQs

• When is the Preakness Stakes?

The Preakness Stakes is the second race of the Triple Crown and is held annually on the third weekend of May.

• Who's the favorite to win the 2023 Preakness Stakes?

In the seven-horse 2023 Preakness Stakes field, Kentucky Derby winner Mage is in the lead. He entered the Run for the Roses as a 15-1 outsider, but he fought back to defeat runner-up Two Phil's in the final furlong to become the 8-5 favorite in the 2023 Preakness Stakes odds. 

Only Mage will compete in the Preakness Stakes on Saturday, 2023, as the other horses either skipped Churchill Downs or did not accumulate enough qualifying points. With National Treasure, legendary trainer Bob Baffert is making his two-year suspension from the Triple Crown series official. The 2023 Preakness Stakes favorite is National Treasure, who placed third in the Breeders' Cup Juvenile in 2022.

• What's the best place to bet on the Preakness Stakes?

Even though there are many options available, BetPhoenix is unquestionably the best site to wager on the Triple Crown Odds. You can register for our website from any location at any time, taking advantage of the best odds available for each market and having access to our special discounts and promotions. Additionally, our customer service is here for you twenty-four hours a day, seven days a week.

• Who won the 2022 Preakness Stakes?

Early voting, beating the Preakness stakes odds, the American Thoroughbred racehorse managed to win the race.

• What is the fastest Preakness Stakes time?

The American Thoroughbred racehorse Effendi holds the fastest Preakness Stakes time. With Willie Doyle as her jockey, they won the 1909 race with a time of 1:39.80.