2023 Preakness Stakes Odds and Predictions

On Saturday, May 20, the second jewel of horse racing’s Triple Crown will be run at Pimlico Race Course in Baltimore, Maryland.

The Preakness Stakes takes place two weeks after the Kentucky Derby at Churchill Downs. Then in two more weeks, we have the final leg of the Triple Crown, the Belmont Stakes at Belmont Park.

Mage will have to win the Preakness Stakes and Belmont Stakes to be the 14^th winner of the Triple Crown. In an upset, Mage won the 149th running of the Kentucky Derby two weeks ago in Louisville, Kentucky.

He benefited from the absence of Forte, who was the betting favorite at Churchill Downs. Forte and the closing favorite of the Derby, Angel of Empire, are on the board at horse racing betting sites. With that in mind, the Triple Crown is setting up nicely for Mage.

Let’s dissect the 2023 Preakness Stakes betting odds at BetOnline, and reveal our top picks for the 148th running of the event.

Just two days until the 2023 Preakness Stakes… Get hyped! pic.twitter.com/GsHKk7Blan

— TVG (@TVG) May 18, 2023

2023 Preakness Stakes Odds

The following 2023 Preakness Stakes betting odds are courtesy of BetOnline:

The Preakness Stakes field is much smaller than the Kentucky Derby. Currently, the 1 3/16-mile event features only eight horses at Pimlico. After all of the scratches we had at the Kentucky Derby, it remains to be seen if all of these horses make it to the starting gates.

Following a 15-1 upset at the Kentucky Derby, Mage is now a favorite at BetOnline. All of the Preakness betting sites have Mage at the top of the Preakness Stakes odds. First Mission has been seeing some money at the window as well.

Brad Cox’s First Mission is the second favorite at +275. Bob Baffert was banned from running at Churchill Downs for the second straight year. However, he returns to Pimlico for a big chance with National Treasure. At +500, Baffert might be carrying some value going into Baltimore.

Preakness Stakes Prop Bets

Before we get into our top Preakness Stakes picks, we have a few Preakness prop bets. BetOnline has a plethora of Preakness Stakes prop bets on the board.

Best Finishing Position?

For this best finish position prop bet, Perform and Red Route One have to be considered. For the best value, Red Route One is probably the horse you want to look at, though.

Red Route One is entering Pimlico with six graded races on his resume. Despite coming up short in the $1,250,000 Arkansas Derby (Gr. 1) to qualify for the Kentucky Derby, Red Route One has been otherwise competitive.

Prior to finishing sixth in the Arkansas Derby, Red Route One was the runner-up in the $750,000 Southwest Stakes (Gr. 3) and $1,000,000 Rebel Stakes¹. Red Route One finished 1 ½ lengths ahead of Derby runner, Reincarnate, but was one length shy of Confidence Game in the Rebel Stakes.

Steven Asmussen’s colt was gamely in the stretch. He clawed back from 11^th at the ¾ pole to 4^th going into the stretch, and then 2^nd at the wire².

Despite the disappointing Arkansas Stakes effort, Red Route One returned on April 22 with a win at Oaklawn Park. Red Route One defeated Tapit Shoes by a head to take down the $200,000 Bath House Row Stakes.

With a spread figure of 102, Red Route One showed definite improvement from the Arkansas Derby³. At +225 to beat Blazing Sevens and Perform, we like this value on Joel Rosario and Red Route One.

Where Will Mage Finish?

The Kentucky Derby winner has an opportunity to set the stage for a Triple Crown bid at Belmont Park in two weeks. There is a reason why only 13 horses have won the Triple Crown in over a century.

We cashed a nice +2000 longshot bet on Mage at the Kentucky Derby. Even at a closing price of +1500, Mage had some nice value on the first Saturday of May. However, we are not as confident in Mage in the Preakness Stakes.

The 2-for-4 Mage has finished first, second, fourth and first in four career outings⁴. On April 1, before winning the Derby, Mage finished one length behind Forte in the Florida Derby⁵.

Not a bad effort against the horse who was the betting favorite for several months leading up to the Kentucky Derby. However, can we trust Mage with this quick turnaround to Pimlico?

Roughly a month is the shortest turnaround time that he’s had in his career. Mage had to rally 13 lengths off the pace to win the Derby as well.

Look for Mage to find it tough to keep pace in the stretch run. He falters out of the Top 3 in a surprise outcome. There is plenty of value on Mage to finish worse than third in the Preakness.

Winning Distance

Expect the Preakness Stakes to be a tight race at Pimlico. There are some equally matched horses on the dirt this weekend in Baltimore.

National Treasure, First Mission, and even Red Route One have an opportunity to pull off an upset over Mage. The speed figures and numbers from previous races rate fairly evenly across the board in this field.

This isn’t a Preakness prop bet to go wild on. Consider it a fun wager on Saturday. However, look for around a one-length win to keep this Under 1.5 lengths at the wire.

2023 Preakness Stakes Predictions

We are breaking down the favorite to win the Preakness and our best Preakness Stakes win bets for this Saturday. In a small eight-horse field, this one should get interesting. Post time is scheduled for 6:50 p.m. ET on NBC.

Preakness Stakes Betting Favorite: Mage (+145)

Mage is off to Pimlico Race Course seeking Preakness Stakes glory following an impressive win in the Kentucky Derby. Coming from 13 lengths off the pace, Javier Castellano ran a beautiful race aboard Mage.

Mage was 14^th at the ¾ pole, but was by far the best horse thereafter. He trailed the leader by two lengths entering the stretch and then took over in the final furlong. Gustavo Delgado’s Mage defeated Two Phil’s at the wire by 1 length in an upset⁶.

The 3-year-old colt has been in strong form as of late. However, if we see the Fountain of Youth Stakes Mage, it will be tough to win.

Kentucky Derby winner MAGE on the Pimlico track getting ready for the Preakness Stakes on Saturday. pic.twitter.com/Jmy1ppr7pa

— TVG (@TVG) May 18, 2023

Prior to running in the Florida Derby, Mage finished fourth in the $400,000 Fountain of Youth Stakes (Gr. 2 ) on March 4. Forte was more than five lengths ahead of Mage in that performance⁷.

He has shown improvement since then, but again, the quick turnaround has to be concerning in the Preakness Stakes.

The Best Preakness Stakes Value Bet: First Mission (+275)

First Mission and National Treasure should attract a decent amount of money leading up to Saturday. Expect First Mission and National Treasure’s odds to shorten this week.

First Mission is where we are looking for the best Preakness Stake value at +275. Going into the race, with more than a month layoff, First Mission should be fresh and ready to go on Saturday.

First Mission is keeping his eye on the Black-Eyed Susans. 👀 pic.twitter.com/d8wBcpQK5W

— Preakness Stakes (@PreaknessStakes) May 17, 2023

The last time we saw First Mission, he had a dominant performance for Brad Cox in the $400,000 Lexington Stakes (Gr. 3). On April 15 at Keeneland, in the third race of his career, First Mission edged out Arabian Lion by a half-length.

It was steady work from First Mission in that performance. He never fell back further than third and was second going into the stretch run⁸. This outing followed a win at Fair Grounds on March 18.

Overall, First Mission has finished first, first and second in his career. The colt posted a speed figure of 95 in the March race and then improved considerably to 103 in Lexington at Keeneland last month.

First Mission has been a top performer in recent workouts. He posted times of 59.80 and 59.20 in 5 furlongs earlier this month. On May 13, First Mission ranked first out of 24 horses on the track⁹.

The Best Preakness Stakes Longshot Bet: Red Route One (+1600)

You could make an argument for Perform and Red Route One in a big upset in the Preakness Stakes. Both are entering the Preakness Stakes off strong performances.

Overall, Red Route One is 2-for-9 in nine career events. That is not the most impressive strike rate, but Red Route One has a mountain of experience running in highly-rated races.

Preakness Stakes contender #5 RED ROUTE ONE (10/1 ML) schooling in the paddock at Pimlico. pic.twitter.com/f3T8Kz6Eml

— TVG (@TVG) May 18, 2023

Red Route One has participated in two Grade 1 and two Grade 2 races in his career. In his latest attempt, Red Route One had his best performance to date.

On April 22, Red Route One clipped Tapit Shoes by a head with a strong speed rating of 102 to win the $200,000 Bath House Row Stakes. He is worth a look at +1600 odds to win the Preakness.

2023 Preakness Stakes Prediction: First Mission Edges Out Field For Win

Despite only eight horses in the Preakness Stakes field, this is shaping up to be an entertaining race at Pimlico Race Course. In our view, you have to side with the best value on the Preakness Stakes odds board.

The way we see it, First Mission should have enough to get to the wire first. He was impressive in his latest appearance and is continuing to trend upward in workouts. The eighth-post position shouldn’t hurt too much in this small field.

Expect First Mission to take advantage of a tired Mage in this one at Pimlico. Baffert’s National Treasure likely isn’t going away in the stretch. He should post a strong performance, too.

However, First Mission takes it by a length to prevent a Triple Crown bid in the Belmont Stakes.