Preakness Stakes Odds, Betting Trends: Everything You Need To Know

Patrick Everson Sports Betting Expert

4 minute read

Preakness Stakes odds are the talk of the Triple Crown town at the moment. The second leg of America's big three horse races is Saturday at Pimlico in Baltimore

Odds to win the Preakness already got a good shaking-up this week. Morning-line favorite Muth spiked a fever Wednesday morning and was ruled out. So Kentucky Derby winner Mystik Dan is now favored to stay on the Triple Crown trail.

Here's everything you need to know about 2024 Preakness odds: action, movement and betting trends. Check back through post time for updates, and use our BetMGM bonus code to get more when you wager.

Preakness Stakes Odds

Money Missing On Mystik Dan

UPDATE 6 P.M. ET SATURDAY: With the 6:50 p.m. ET post time less than an hour out, Mystik Dan is still the slight favorite.

"Mystik Dan seems to have settled at 3/1. There's a very small chance he's 5/2 at [post time], but I doubt it," said Ed DeRosa, horse racing odds expert and vice president of content for Horse Racing Nation. "Catching Freedom will be the second choice.

"I'm still stunned that both Uncle Heavy and Seize the Grey are taking more money than Just Steel."

Uncle Heavy is the surprise 7/1 fifth choice in the eight-horse field, after opening 20/1 Monday in parimutuel wagering. Catching Freedom is the 7/2 second choice as post time nears, followed by Tuscan Gold and Imagination at 4/1.

UPDATE 2 P.M. ET SATURDAY: In parimutuel betting, Mystik Dan not only hasn't shorted his parimutuel price, but actually gotten a bit longer. He's still the favorite, but slipped from 5/2 to 3/1.

"Mystik Dan is the favorite in most pools, but Catching Freedom continues to take money and is favored to place and to show," said Ed DeRosa, horse racing odds expert and vice president of content for Horse Racing Nation.

Lack of action on Mystik Dan is unexpected, considering his chief rival is out of the race.

"I'm shocked Mystik Dan isn't taking more money, and that Seize the Grey and Uncle Heavy are both less than 10/1," DeRosa said. "Uncle Heavy at 7/1 stuns me. I can't imagine betting that horse at 7/1."

After Monday's post draw, Uncle Heavy was the 20/1 co-last choice in what was then a nine-horse field, before Muth's withdrawal. Even that number is shorter than DeRosa's fair price.

"50/1," DeRosa said.

Horse racing experts at The Action Network are looking at others in the field. Check out their best bets in this piece.

UPDATE 9:30 P.M. ET WEDNESDAY: With apologies to Bruce Dickinson in one of the greatest-ever Saturday Night Live skits, the only prescription for that fever is not running in the Preakness. That's the case for Muth, the Bob Baffert-trained horse who's been pointed toward this race for months.

Due to Baffert's suspension from Churchill Downs, Muth couldn't run in the Kentucky Derby. But he was all set for Saturday. After drawing the No. 4 post Monday, Muth was installed as the 8/5 favorite in Preakness odds.

But Muth's fever Wednesday led Baffert to rule out the colt, a seismic shake-up for Saturday's 6:50 p.m. ET post.

"The scratch of Muth leaves Kentucky Derby winner Mystik Dan as the clear favorite for the Preakness Stakes," said Ed DeRosa, horse racing odds expert and vice president of content for Horse Racing Nation. "Those holding tickets on Mystik Dan at the prices available earlier this week have to be happy with these developments.

"For those of us who aren't holding tickets, though, he is a certain underlay now. And the Derby winner as Preakness favorite means value on others."

Who's On Second?

UPDATE 2 P.M. ET SATURDAY: While Mystik Dan backed up from his opening parimutuel price, other horses are moving up on the Preakness odds board. Tuscan Gold is now the co-second choice with aforementioned Catching Freedom, at 7/2.

Tuscan Gold was 8/1 and Catching Freedom 6/1 following Monday's draw. The Bob Baffert-trained Imagination has shortened to 4/1 after sitting at 6/1 Monday.

Then, as noted above, comes Uncle Heavy at 7/1, followed by Seize the Grey at 8/1, Just Steel at 9/1 and Mugatu at 19/1.

UPDATE 9:30 P.M. ET WEDNESDAY: Before Muth scratched, DeRosa said the biggest question around Preakness odds was which horse would be the third choice by post time Saturday. That question now slightly changes.

"Second choice will be a battle. Catching Freedom has name recognition as the Louisiana Derby winner and being in the Kentucky Derby. Tuscan Gold is the wiseguy horse. Imagination is the lone speed horse," DeRosa said.

Catching Freedom took fourth in the Kentucky Derby. After Monday's draw, he was the 6/1 co-third choice with Imagination in odds to win the Preakness. In fixed odds, Catching Freedom has shortened to +375 at Caesars, trailing only Mystik Dan.

Neither Tuscan Gold nor Imagination ran at Churchill Downs two weeks ago. Tuscan Gold, who will break from the seventh gate, is the +600 fourth choice at Caesars.

"Tuscan Gold is intriguing. I don't see him as any less likely [to win] than the Derby horses," DeRosa said.

Imagination is in the No. 8 post among the eight-horse field and is +400 to win.

As another Baffert horse, Imagination wasn't allowed to run the Derby. But DeRosa thinks Imagination could impact the strategy of Preakness favorite Mystik Dan.

"It makes it interesting to see when Mystik Dan will make his moves," DeRosa said.

Patrick Everson

Patrick Everson is a senior reporter for VegasInsider. Based in Las Vegas since 1994, he's worked in the sports betting journalism/content space for more than a decade. He's most known for his deep roster of contacts behind sportsbook counters, providing readers and viewers with the ins-and-outs of how events are being bet. He's also a thought leader in the sports betting space, often appearing on or moderating panels at national conferences. More from Patrick Everson