How to Capitalize on the Odds for the Preakness Stakes 2024
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Kentucky Derby winner Mystik Dan has been installed as the second-favorite to win the Preakness Stakes at Pimlico on Saturday. Kenneth McPeek’s star colt beat Sierra Leone and Forever Young in an epic three-horse photo finish to clinch the Derby at Churchill Downs earlier this month.
He will now aim to become just the 14th horse to claim the Triple Crown, which would require him to win the Preakness and the Belmont. However, Mystik Dan will face stern competition in the 149th Preakness Stakes on May 18.
Muth, who was ineligible for the Derby, is the favorite after winning both of his starts so far this year. Talented three-year-olds such as Imagination and Catching Freedom will also line up at Pimlico, so there will be a star-studded field. Here’s how to capitalize on the odds for the Preakness Stakes 2024.
Odds on the Preakness Stakes
The leading online gambling sites have already released futures betting odds for the Preakness Stakes. These are fixed-odds markets, so you know exactly how much you will be paid if your horse wins. Pari-mutuel betting will be available on the day of the race, with options including the win, place, show, exacta, quinella, and trifecta.
These are the Preakness Stakes odds at three trustworthy online racebooks. As you can see, Bovada has a market-leading price on Muth in the current Preakness Stakes odds.
| Horse | BetUS Odds | Bovada Odds | MyBookie Odds |
| Mystik Dan | +180 | +200 | +400 |
| Imagination | +425 | +600 | +500 |
| Tuscan Gold | +375 | +600 | +500 |
| Catching Freedom | +400 | n/a | n/a |
| Just Steel | +1100 | +1200 | +1000 |
| Seize the Grey | +1500 | +1400 | +1400 |
| Copper Tax | +1800 | +2500 | +2000 |
| Uncle Heavy | +1700 | +2500 | +2500 |
| Mugatu | +4000 | +4000 | +4000 |
Preakness Stakes Best Bets
Muth deserves his status as the favorite for this race, as he has been very impressive so far this year. He finished 2 ¾ lengths clear of his closest rivals in the G2 San Vicente Stakes in January, and he then secured a commanding victory over Just Steel and Mystik Dan in the G1 Arkansas Derby. Muth finished 6 ¼ lengths ahead of Mystik Dan in that race, which took place over 1 1/8 miles on March 30.
That would have been enough to secure Muth a place in the Kentucky Derby, but he was ineligible, as trainer Bob Baffert is currently banned from Churchill Downs. He will now be fresh for the Preakness, so he will take some stopping. However, odds of -120 are not particularly attractive, especially when you consider that the favorite has failed to win the Preakness in each of the past five years.
With that in mind, here are our Preakness Stakes best bets:
Back Catching Freedom to Redeem Himself
Catching Freedom secured an impressive win in the G2 Louisiana Derby on March 23. The race is run over a distance of 1 3/16 miles, which is the same length as the Preakness, so that bodes well for his chances at Pimlico. He could only finish fourth in the Kentucky Derby, but he was less than two lengths behind Mystik Dan, and he was traveling well on the home straight.
Fatigue will clearly be an issue, as it is not ideal to run twice in two weeks at this level, but trainer Brad Cox believes he deserves another shot at glory. He said Catching Freedom has been “galloping well” in training, so he decided to send the colt to Maryland.
Cox has only competed in the Preakness once before, when his runners – Owendale and Warrior’s Charge – finished third and fourth, respectively, in 2019. He would not ship Catching Freedom to Pimlico if he wasn’t confident in the colt’s chances of success, so a bet on Catching Freedom to win the Preakness at +650 with BetUS looks appealing.
An even better option could be a bet on Catching Freedom to show in the Preakness, as he has more than enough quality to secure a top-three finish in this race.
Consider Tuscan Gold
Tuscan Gold looks like another appealing option at +600 with Bovada. He is lightly raced, so he could fly under the radar in the build-up to the Preakness Stakes. However, this promising colt deserves serious consideration.
He finished third in the Louisiana Derby, but he was only 1 ¾ lengths behind Catching Freedom in that race. He has not run since then, so he should be in better physical condition than Mystik Dan and Catching Freedom on Saturday.
Trainer Chad Brown has won the Preakness twice, courtesy of Cloud Computing in 2017 and Early Voting in 2022, so he knows how to get the job done at Pimlico. He was planning to race Tuscan Gold in the Peter Pan Stakes last weekend, but he decided to pull the colt out of that race and mount an assault on the $2 million Preakness Stakes instead.
Once again, you can back him to win at +600, or place a show bet as the race approaches. A Catching Freedom-Tuscan Gold quinella looks like a great bet, too.
Where to Bet Preakness Stakes
These are the top three sites for anyone who wants to bet on the Preakness Stakes 2024:
- Bovada | This reputable online racebook has market-leading Preakness Stakes odds on several runners, including Muth, Catching Freedom, Imagination, Tuscan Gold, and Just Steel. Bovada will also offer a full suite of pari-mutuel betting options on the day of the race. The site offers fast, reliable payouts too.
- BetUS | You will find competitive Preakness Stakes odds on BetUS. This is another highly reputable gambling site, which offers superb customer service. There is also a section called BetUS TV, which features a 35-minute video previewing the Preakness Stakes 2024, with picks from veteran handicapper Brian Zipse, who is also going for Catching Freedom in his Preakness Stakes best bets.
- MyBookie | This user-friendly online racebook has published fixed-odds futures on the Preakness, and pari-mutuel betting will be available too. MyBookie offers broad wagering limits on big races like the Preakness, and it provides horseplayers with a rebate of up to 8% on any losses too.
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Summary
Long shots have struggled to make an impact at the Preakness Stakes in recent years. The last two winners – National Treasure and Early Voting – were the second-favorites in the Morning Line odds, and they paid $2.90 and $5.70, respectively. Most recent winners have also raced on the pace or close to it, so front-runners and stalkers are more appealing than midfield racers or closers when betting on the Preakness Stakes.
Catching Freedom fits the profile of a typical Preakness winner, but he will need to shake off the fatigue in order to outgun his rivals in this race. It promises to be an entertaining spectacle, and you will find a range of Preakness Stakes betting options at Bovada, BetUS, and MyBookie.
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