2024 Preakness Stakes Odds & Betting Favorites: Updated Betting Lines With Muth Scratched
The second leg of U.S. thoroughbred horse racing's Triple Crown often boasts a smaller field than the first, but the 2024 Preakness Stakes present an exciting opportunity for bettors as we have a look at the odds at our best horse racing betting sites.
The 2024 Kentucky Derby winner, Mystik Dan, arrived at Pimlico Race Course on Sunday as he sets out to search for the second leg of the Triple Crown. He's now the outright favorite according to the Preakness Stakes odds after morning-line favorite Muth was scratched Wednesday morning due to a fever.
The Kentucky Derby is one of the top spectacles on the spring sports calendar – and our best sports betting sites can only hope that momentum carries into the Preakness Stakes. For those new to the sport, you can check out how to bet on horse racing.
The annual 1 3/16-mile test pits the Derby winner against a field of worthy opponents looking to end the Triple Crown quest for another year. And while you won't see as many horses competing the second time around, the Preakness Stakes still carries plenty of prestige.
To help you make your Preakness Stakes picks, we look at the best Preakness Stakes odds among the top contenders via our list of the best horse racing betting sites. We also look at the Triple Crown odds with Mystik Dan's hopes still alive, and we look further into the Preakness Stakes post positions.
2024 Preakness Stakes odds
The 2024 Preakness Stakes odds via FanDuel Racing as of Thursday at 12:10 p.m. ET.
| 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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Preakness Stakes favorites
Mystik Dan (+250)
Mystik Dan will continue his pursuit of the Triple Crown as the outright favorite to win the Preakness Stakes following Muth's scratch. He closed at +1800 at FanDuel Racing to win the Kentucky Derby, so bettors now must pay the winner's premium.
We're expecting Mystik Dan's Preakness Stakes odds to close around even money following this scratch, so it might be better to look ahead at his +1600 odds from bet365 to win the Triple Crown.
Catching Freedom (+600)
Catching Freedom, the Louisiana Derby winner, was a late-closing fourth in the Kentucky Derby. He'll get slightly less ground to work with on the quick turnaround.
Preakness Stakes odds over time
You aren't likely to see the 2024 Preakness odds shift much after the post position draw is completed – unless we see scratches in the run-up to the race like we did this year. Expect Mystik Dan's odds to drop from 5-2 once wagering begins in earnest on Saturday. Catching Freedom and Imagination should also take a hit in the betting.
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.
Who has won the Preakness Stakes and what were the odds?
| Year | Horse | Post Position | Odds |
|---|---|---|---|
| 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 |
Preakness Stakes 2024 info
- Date: Saturday, May 18, 2024
- Location: Pimlico Race Course, Baltimore
- Race Distance: 1 3/16 miles
- Purse: $2 million
- TV: NBC
Preakness Stakes 2024 FAQs
Who is the 2024 Preakness Stakes favorite?
Mystik Dan is a 5-2 (+250) favorite to win the Preakness Stakes. Those odds imply a 28.57% win probability and a winning $10 bet would return a profit of $25.
Who won the 2023 Preakness Stakes?
National Treasure won the 2023 Preakness Stakes with jockey John R. Velazquez and trainer Bob Baffert.
When is the 2024 Preakness Stakes held?
The 2024 edition of the Preakness Stakes will be on May 18, 2024.
Where is the 2024 Preakness Stakes held?
The Preakness Stakes is held annually at Pimlico Race Course in Baltimore.
How to read Preakness Stakes odds
You'll often see horse racing betting sites post odds presented as fractional; for example, an entry might be listed as a 3-1 favorite, or a 50-1 underdog. For those looking to convert fractional horse racing odds to American or decimal odds, you can use our free and handy odds converter.
Where can I bet on the 2024 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 |
Here are our best horse racing betting sites:
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Related pages
- Best Sports Betting Sites | Best Sportsbook Promos (U.S. only)
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