Preakness Stakes Odds - September 2025
The 151st Preakness Stakes is scheduled for Saturday, May 16, 2026, at Laurel Park in Maryland. The traditional host site, Pimlico Race Course, is being renovated.
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How to Bet on the Preakness Stakes
As one of the three headline acts of the U.S. racing calendar, there are ample betting markets for bettors related to the race. Here are the most popular options:
Futures
Futures markets are extremely popular for bettors wagering on the Preakness Stakes. Preakness Stakes odds will usually open weeks, if not months, ahead of the race, once a clearer picture of the runners appears.
Placing bets early can give bettors value, given the uncertainty over the competitors in the race, their form, and the conditions on the day that can be pivotal. However, it does come with a greater risk, although the rewards can be more profitable.
Check to see if your sportsbook offers non-runner no bet (NRNB) on futures bets relating to the Preakness Stakes, as this will guarantee your selection is void if your horse does not run in the event.Win
Bet on which horse you believe will win the Preakness Stakes. You'll receive a payout at the outright odds if your selection wins. However, your bet will settle as a loss if your horse finishes in any other position.
Place
Place bets offer bettors a chance to secure a profit without their horse having to win the Preakness Stakes. Place bets only require your horse to finish in the top two or three, depending on the betting sites. Read place bets requirements before confirming your wager.
Each-Way
Bettors can use each-way bets to split their Preakness Stakes wagers into two. Each-way bets ensure that bettors can cover their bases as one half is placed on your horse to win the race outright and the other half for it to place. If your horse wins, both parts of your bet will succeed.
If your horse fails, but finishes in the places, you'll receive a payout at a fraction of the outright odds, usually 1/5.
How to Read Preakness Stakes Odds
Preakness Stakes odds are available in three different formats. Horse racing betting sites will have a default format based on your location, but you can alter this in your account settings.
American odds are most commonly used in North America. Your Preakness Stakes odds are signified with a plus or a minus number.
The plus number highlights your potential profit for each $100 staked, while the minus number displays the amount required to be staked to make a $100 profit.
A $100 bet on a horse with Preakness Stakes odds of +200 would return $300 if successful ($200 profit + $100 stake).
If the horse had odds of -400, a bettor would need to wager $400 to make a $100 profit on the Preakness Stakes.
What is the Preakness Stakes?
The Preakness Stakes is part of the U.S. Triple Crown, the three most prestigious races in American horse racing. The Preakness Stakes is the second leg of the prestigious Triple Crown, comprising the Kentucky Derby and the Belmont Stakes. The race is held annually in May following the Kentucky Derby.
Pimlico Racecourse, in Baltimore, Maryland, has staged the event since the inaugural race in 1873.
The Preakness Stakes is open to three-year-old horses and is competed over a stretch of 1 and 3/16 miles of the Pimlico track. It is a Grade 1 race and carries a purse of $2 million, with the winner earning $1.2M.
Triple Crown winner Secretariat still holds the record for fastest time of 1:53, though Smarty Jones has the largest margin of victory by 11 1/2 lengths. Bob Baffert is the most successful trainer with seven wins (1997, 1998, 2001, 2002, 2010, 2015, 2018, 2023).
| Year | Winner | Jockey/Trainer |
| 2025 | Journalism | Umberto Rispoli Michael W. McCarthy |
| 2024 | Seize the Grey | Jaime A Torres D. Wayne Lukas |
| 2023 | National Treasure | John Velazquez Bob Baffert |
| 2022 | Early Voting | Jose Ortiz Chad Brown |
| 2021 | Rombauer | Flavien Prat Michael W. McCarthy |
About Gambling.com's Odds Comparisons
At Gambling.com, we provide the latest, up-to-the-minute Preakness Stakes odds. Preakness Stakes betting odds are updated in real time, giving bettors the best value on win and each-way bets.
Horse racing odds regularly change, and we track and reflect each alteration via our custom odds comparison tool.
By regularly checking on Gambling.com and reading our expert horse racing betting tips, bettors stand the best chance of gaining the best value on their odds and potentially selecting the Preakness Stakes winner.
