2026 Preakness Stakes Betting Guide: How to Bet on the Second Triple Crown Leg
Written by: Eddie Griffin
Published: Sun May 17, 2026, 7:46 pm ET
Read Time: 11 minutes
The Preakness Stakes, known as the "Run for the Black-Eyed Susans," is the second leg of horse racing's Triple Crown and one of the premier events on the American racing calendar.
Typically held annually at Pimlico Race Course in Baltimore two weeks after the Kentucky Derby, the Preakness Stakes gives Derby contenders a chance to continue their Triple Crown pursuit while also attracting fresh challengers looking to make their mark.
This guide covers everything you need to know to bet the 2026 Preakness Stakes at top horse racing betting sites such as BetOnline Racebook and Bovada Racebook, including wagering options, betting strategy, race history, and how to find value in one of the most tactical races in thoroughbred racing. We also highlight the best online racebooks for betting on the Preakness, along with updated picks and analysis leading up to race day.
- 2026 Preakness Stakes Picks
- What to Know About the 2026 Preakness Stakes
- Best Preakness Stakes Betting Sites
- Types of Preakness Stakes Bets
- Preakness Stakes Betting Strategy
- Preakness Stakes History and Information
- How Horses Qualify for the Preakness Stakes
- What Beginners Should Know About Preakness Stakes Betting
- Conclusion
- FAQ
2026 Preakness Stakes Picks from Betting News
Our horse racing expert, Chris Adams, provides expert picks for all major Triple Crown races, and he had a full card of selections and analysis for the Preakness Stakes and the undercard races from Laurel Park.
Expert Picks for the 2026 Preakness Stakes »
In addition to Chris's picks for the race, Betting News also had Preakness Stakes computer picks.
Computer Picks for the 2026 Preakness Stakes »
Chris provided further Preakness Stakes insights courtesy of this Q&A that covered Ocelli, his favorite longshot picks (including the eventual race winner), and more.
Preakness Stakes Q&A with Chris Adams »
What to Know About the 2026 Preakness Stakes
The 151st Preakness Stakes took place on Saturday, May 16, 2026, at Laurel Park in Laurel, Maryland. Typically, the race takes place at Pimlico Race Course in Baltimore, but Laurel Park will host the race and other Preakness festivities due to ongoing renovations at Pimlico.
The 2026 race was contested at 1 3/16 miles, slightly shorter than the Kentucky Derby's 1 1/4-mile distance.
For the second straight year, the potential for a Triple Crown attempt has ended early as the Kentucky Derby winner did not take part in the Preakness.
Last year, Sovereignty did not run in the Preakness after winning the Derby and before winning the Belmont Stakes. This year, Golden Tempo missed the Preakness following his upset win at Churchill Downs.
Notably, the Preakness field also did not include a Bob Baffert-trained horse for the first time since 2022, due to the withdrawal of Crude Velocity.
The race was won by Napoleon Solo, trained by Chad Summers and ridden by Paco Lopez. Napoleon Solo was followed by Iron Honor and Chip Honcho, who would have given Jose Ortiz a shot at an individual Triple Crown had he won at Laurel Park.
2026 Preakness Stakes Results
| Order | Horse | Jockey | Trainer | Margin |
| 1 | Napoleon Solo | Paco Lopez | Chad Summers | — |
| 2 | Iron Honor | Flavien Prat | Chad C. Brown | 1 1/4 |
| 3 | Chip Honcho | José Ortiz | Steven M. Asmussen | 4 1/2 |
| 4 | Ocelli | Tyler Gaffalione | D. Whitworth Beckman | 7 1/4 |
| 5 | Incredibolt | Jaime Torres | Riley Mott | 7 1/2 |
| 6 | Bull by the Horns | Micah Husbands | Saffie A. Joseph Jr. | 9 3/4 |
| 7 | The Hell We Did | Luis Saez | Todd W. Fincher | 12 1/2 |
| 8 | Great White | Alex Achard | John Ennis | 13 |
| 9 | Robusta | Rafael Bejarano | Doug O'Neill | 13 1/4 |
| 10 | Taj Mahal | Sheldon Russell | Brittany T. Russell | 13 3/4 |
| 11 | Corona de Oro | John R. Velazquez | Dallas Stewart | 17 3/4 |
| 12 | Talkin | Irad Ortiz Jr. | Danny Gargan | 19 1/2 |
| 13 | Crupper | Junior Alvarado | Donnie K. Von Hemel | 21 1/4 |
| 14 | Pretty Boy Miah | Ricardo Santana Jr. | Jeremiah C. Inglehart | 43 |
2026 Preakness Stakes Field, Odds, and Probabilities
Field and Program Numbers for the 2026 Preakness Stakes
| Program Number | Horse | Jockey | Trainer |
| 1 | Taj Mahal | Sheldon Russell | Brittany T. Russell |
| 2 | Ocelli | Tyler Gaffalione | D. Whitworth Beckman |
| 3 | Crupper | Junior Alvarado | Donnie K. Von Hemel |
| 4 | Robusta | Rafael Bejarano | Doug O'Neill |
| 5 | Talkin | Irad Ortiz Jr. | Danny Gargan |
| 6 | Chip Honcho | José Ortiz | Steven M. Asmussen |
| 7 | The Hell We Did | Luis Saez | Todd W. Fincher |
| 8 | Bull by the Horns | Micah Husbands | Saffie A. Joseph Jr. |
| 9 | Iron Honor | Flavien Prat | Chad C. Brown |
| 10 | Napoleon Solo | Paco Lopez | Chad Summers |
| 11 | Corona de Oro | John R. Velazquez | Dallas Stewart |
| 12 | Incredibolt | Jaime Torres | Riley Mott |
| 13 | Great White | Alex Achard | John Ennis |
| 14 | Pretty Boy Miah | Ricardo Santana Jr. | Jeremiah C. Inglehart |
Odds to Win the 2026 Preakness Stakes
Odds are from BetOnline as of 10 a.m. ET Saturday, May 15, 2026.
| Horse | Current Odds | Recent Highlight |
| Incredibolt | +425 | 1st – Virginia Derby |
| Taj Mahal | +550 | 1st – Federico Tesio Stakes |
| Iron Honor | +650 | 1st – Gotham Stakes |
| Ocelli | +825 | 3rd – Kentucky Derby |
| Napoleon Solo | +850 | 5th – Wood Memorial |
| Chip Honcho | +975 | 2nd – Rebel Stakes |
| Talkin | +1075 | 1st – Aqueduct Allowance |
| The Hell We Did | +1300 | 2nd – Lexington Stakes |
| Great White | +1350 | 1st – Turfway Allowance |
| Corona de Oro | +1800 | 3rd – Lexington Stakes |
| Pretty Boy Miah | +1800 | 4th – Wood Memorial |
| Robusta | +2800 | 16th – Kentucky Derby |
| Bull by the Horns | +2800 | 1st – Rushaway Stakes |
| Crupper | +5000 | 1st – Bathhouse Row Stakes |
2026 Preakness Stakes Winner Probabilities
Probabilities are as of 10 a.m. Saturday, May 16, 2026.
| Horse | Odds | Implied Probability | True Probability |
| Incredibolt | +425 | 19.05% | 15.83% |
| Taj Mahal | +550 | 15.38% | 12.78% |
| Iron Honor | +650 | 13.33% | 11.08% |
| Ocelli | +825 | 10.81% | 8.98% |
| Napoleon Solo | +850 | 10.53% | 8.75% |
| Chip Honcho | +975 | 9.30% | 7.73% |
| Talkin | +1075 | 8.51% | 7.07% |
| The Hell We Did | +1300 | 7.14% | 5.94% |
| Great White | +1350 | 6.90% | 5.73% |
| Corona de Oro | +1800 | 5.26% | 4.37% |
| Pretty Boy Miah | +1800 | 5.26% | 4.37% |
| Robusta | +2800 | 3.45% | 2.87% |
| Bull by the Horns | +2800 | 3.45% | 2.87% |
| Crupper | +5000 | 1.96% | 1.63% |
| Total | 120.33% | 100.00% |
Best Preakness Stakes Betting Sites
Online racebooks make it easy to bet on the Preakness Stakes from virtually anywhere. Bettors can access full race cards, updated odds, exotic wagering options, and live betting markets directly from desktop or mobile devices.
Platforms like BetOnline Racebook and Bovada Racebook provide access to major Triple Crown races, along with signup bonuses, rebates, and horse racing promotions that can help extend a betting bankroll during Preakness weekend.
What to Look for in a Preakness Stakes Betting Site
When choosing a racebook or sportsbook for Preakness betting, several features stand out:
- Competitive horse racing odds
- Strong pari-mutuel pool liquidity
- Access to exactas, trifectas, superfectas, and multi-race wagers
- Fast withdrawals and dependable banking methods
- Mobile-friendly betting platforms
- Live wagering support and race coverage
Types of Preakness Stakes Bets
For the Preakness Stakes, you can make the same kind of horse racing bets that you will find for most races. the smaller field size compared to the Kentucky Derby can slightly change betting strategy and payout structures.
Straight Bets
Straight wagers focus on a single horse's finishing position.
- Win: Horse must finish first
- Place: Horse must finish first or second
- Show: Horse must finish in the top three
Because of the typical makeup of the Preakness Stakes field, payouts on Place and Show wagers can sometimes be smaller, particularly when strong favorites attract heavy betting action.
Vertical Wagers
Vertical wagers require bettors to predict multiple finishers in the correct order.
- Exacta: First and second place in order
- Trifecta: First three finishers in order
- Superfecta: First four finishers in order
Smaller fields can make these wagers slightly more approachable than Derby exotics, though strategic ticket construction remains important.
Horizontal Wagers
Horizontal wagers involve picking winners across consecutive races on the Pimlico card.
- Daily Double: Two consecutive races
- Pick 3/Pick 4/Pick 5/Pick 6: Multi-race sequences
Because Preakness Day features several graded stakes races in addition to the main event, horizontal wagers are especially popular among experienced bettors targeting larger payouts.
Understanding the available betting formats is the first step. Applying them effectively in a tactical Triple Crown race is where bettors can create an edge.
Preakness Stakes Betting Strategy
The Preakness Stakes presents a different betting dynamic than the Kentucky Derby. With a smaller field and shorter distance, potential flow and pace often play a larger role in which horse racing betting strategies you apply to this race.
Pace Analysis
Early speed can become more dangerous in the Preakness than in the Derby. Smaller fields typically mean less traffic trouble, allowing front-runners and pace-pressing horses to secure cleaner trips around the track.
Understanding which horses are likely to control the pace is often one of the most important parts of Preakness handicapping.
Evaluating Derby Horses vs. Fresh Horses
One of the key handicapping decisions every year involves comparing Kentucky Derby participants against fresh challengers that skipped Churchill Downs.
Derby runners may bring stronger resumes and experience against elite competition, but they also face a quick two-week turnaround. Fresh horses can arrive with lighter schedules, targeted preparation, and potentially more upside.
Exotic Ticket Construction
While smaller fields reduce some chaos compared to the Derby, disciplined ticket construction still matters.
Rather than covering every possible combination, many bettors focus on identifying a small group of contenders and building exacta or trifecta tickets around those horses. Efficient ticket structure often matters more than broad coverage.
Preakness Stakes History and Information
The Preakness Stakes has been run since 1873 and remains one of the most important races in American horse racing. As the middle jewel of the Triple Crown, it serves as the deciding point between a continued Triple Crown chase and the end of one.
The race traditionally draws a mix of Kentucky Derby runners and fresh horses that skipped Churchill Downs.
Unlike the Kentucky Derby's 20-horse field, the Preakness generally features a smaller and more compact field. That often creates a more tactical race shape, with pace positioning and trip management becoming even more important for bettors evaluating contenders.
Preakness Stakes Winners (2015–Present)
Horses in bold went on to win the Triple Crown.
| Year | Winner | Jockey | Trainer | Margin (Lengths) | Odds |
| 2026 | Napoleon Solo | Paco Lopez | Chad Summers | 1 1/4 | 8-1 |
| 2025 | Journalism | Umberto Rispoli | Michael McCarthy | 1 | 8-5 |
| 2024 | Seize the Grey | Jaime Torres | D. Wayne Lukas | 2 1/4 | 9-1 |
| 2023 | National Treasure | John Velazquez | Bob Baffert | head | 5-2 |
| 2022 | Early Voting | Jose Ortiz | Chad Brown | 1 1/4 | 5-1 |
| 2021 | Rombauer | Flavien Prat | Michael McCarthy | 3 1/2 | 11-1 |
| 2020 | Swiss Skydiver | Robby Albarado | Kenneth McPeek | neck | 11-1 |
| 2019 | War of Will | Tyler Gaffalione | Mark Casse | 1 1/4 | 6-1 |
| 2018 | Justify | Mike Smith | Bob Baffert | 1/2 | 1-2 |
| 2017 | Cloud Computing | Javier Castellano | Chad Brown | head | 13-1 |
| 2016 | Exaggerator | Kent Desormeaux | J. Keith Desormeaux | 3 1/2 | 3-1 |
| 2015 | American Pharoah | Victor Espinoza | Bob Baffert | 7 | 4-5 |
Notable Preakness Stakes Trends
- Favorites have historically performed better in the Preakness than in the Kentucky Derby due to the smaller field size
- Early speed and tactical positioning often play a major role at Pimlico
- Fresh horses skipping the Derby have produced several recent Preakness upsets
- Bob Baffert-trained horses have consistently performed well in Triple Crown races
How Do Horses Qualify for the Preakness Stakes?
Unlike the Kentucky Derby, the Preakness Stakes does not use a formal points qualification system. Instead, the race is invitation-based, with owners and trainers deciding whether to enter eligible three-year-old thoroughbreds.
Most Preakness fields are built from three primary groups:
- Kentucky Derby participants returning on short rest
- Fresh horses that skipped the Derby
- Late-developing contenders emerging from spring prep races
Because the Preakness comes only two weeks after the Derby, recovery and race spacing become major factors in participation decisions. Some Derby horses bypass the race, while others specifically target the Preakness due to its smaller field.
What Beginners Should Know About Preakness Stakes Betting
The Preakness Stakes is often easier for beginners to handicap than the Kentucky Derby because of its smaller field size and more straightforward race flow.
A few simple principles can help new bettors approach the race more effectively:
- Focus on a smaller group of contenders instead of spreading too widely
- Pay close attention to pace and projected race position
- Start with Win, Place, or Exacta bets before attempting larger exotic tickets
- Do not automatically assume the Kentucky Derby winner will dominate the Preakness
Keeping wagers simple and structured is usually more effective than chasing unlikely combinations.
Conclusion
The Preakness Stakes occupies a unique position in the Triple Crown series. It combines elite three-year-old talent with tactical racing dynamics that differ significantly from the Kentucky Derby.
For bettors, understanding pace, field composition, and betting structure can help simplify what initially appears to be a difficult race to handicap. By approaching the Preakness with disciplined wagering strategies and clear opinions, bettors can position themselves more effectively on one of horse racing's biggest stages.