Curious about which horses are grabbing headlines and which ones might surprise at the 2025 Preakness Stakes? Here’s a straightforward look at the latest odds, top contenders, and dark horse longshots.
The Preakness Stakes, set for May 17 at Pimlico Race Course, is the second jewel of the Triple Crown and one of the most anticipated events in U.S. horse racing. With a $2 million purse and a field packed with talented 3-year-olds, the race offers plenty of intrigue for bettors. Knowing the odds-whether you’re eyeing the favourites or searching for value among the underdogs-is key to making smart picks.
This year, the field features a mix of proven stars and up-and-coming challengers. Favourites often include horses who ran well in the Kentucky Derby, but the Preakness is known for its surprises, with longshots occasionally stealing the show. Whether you’re a seasoned bettor or just getting started, understanding the current landscape can help you spot opportunities and enjoy the action as the race for the Black-Eyed Susans heats up.
Key Takeaways
- 2025 Preakness Stakes runs May 17 at Pimlico, Baltimore, with a $2 million purse
- Journalism (8-1) is the early favourite, followed by Cornucopian (10-1) and Baeza (12-1)
- The field includes 39 individual horses and an “all others” option for bettors
- Dark horses like Pay Billy (15-1) and several 20-1 shots could surprise
- Kentucky Derby results will impact the final Preakness field and odds
2025 Preakness Stakes Odds: Who Are the Favourites and Dark Horses?
How Are Odds Set?
Before you place a bet, it’s important to know what the odds mean. Morning line odds are set by oddsmakers before the race, reflecting how likely each horse is to win based on recent performances, trainer reputation, and public interest. If you’re planning to dive into Preakness Stakes betting, understanding how these odds are formulated gives you a major advantage. The lower the odds, the more likely a horse is expected to win.
Current Morning Line Odds & Notable Trends
This year’s Preakness Future Wager offers 39 individual horses and one “all others” group. Here’s a quick look at the top of the board:
| Horse Name | Odds | Trainer | Notable Info |
|---|---|---|---|
| Journalism | 8-1 | Michael McCarthy | Won 4 straight, incl. G1 Santa Anita Derby |
| Cornucopian | 10-1 | Bob Baffert | Won debut, 4th in Arkansas Derby (G1) |
| Baeza | 12-1 | John Shirreffs | 2nd in Santa Anita Derby |
| Pay Billy | 15-1 | Michael Gorham | Won Federico Tesio; “win-and-in” qualifier |
| Dark Horses | 15-1+ | Various | Several with upside at 15-1 and longer |
The morning line favourite is Journalism at 8-1, but with 39 options and an “all others” bet, there’s plenty of room for surprises.
Spotlight on the Favourites
Let’s meet the top contenders:
Journalism (8-1): The Clear Favourite
- Trainer: Michael McCarthy
- Recent Form: Journalism is on fire. He’s won four races in a row, including the Grade 1 Santa Anita Derby on April 5. That’s a big deal
- Why He’s Favoured: He’s also the likely favourite for the Kentucky Derby, making him a rare dual favourite for both Triple Crown races
- Path to the Preakness: If he runs well in the Derby, expect him to be the top pick at Pimlico
Cornucopian (10-1): Top Contender
- Trainer: Bob Baffert (a name you’ll hear a lot in big races)
- Resume: Cornucopian made a splash by winning his debut at Oaklawn. He finished fourth in the Arkansas Derby, which left bettors with questions but showed he has talent
- Upside: With Baffert’s experience and Cornucopian’s potential, he’s a strong threat if he takes a step forward
Baeza (12-1): Consistent Challenger
- Trainer: John Shirreffs
- Recent Races: Baeza nearly caught Journalism in the Santa Anita Derby, finishing just three-quarters of a length behind
- Potential: He’s steadily improving and could be a factor in both the Derby and the Preakness
Intriguing Dark Horses and Value Plays
Who could shake up the race and offer great betting value?
15-1 Tier: Clever Again, Pay Billy, River Thames, Sandman, Sovereignty, Gosger
- Pay Billy (15-1): Trained by Michael Gorham, this colt earned a “win-and-in” spot for the Preakness by winning the Federico Tesio Stakes at Laurel Park on April 19. Horses who qualify this way often arrive fresh and ready to surprise
- Others at 15-1: Horses like Clever Again, River Thames, Sandman, Sovereignty, and Gosger have shown flashes of talent. They may not have the big wins yet, but they’re worth a look if you like higher odds
20-1 to 50-1 Longshots: Who Could Surprise?
- 20-1 Notables: Heart of Honor, Hill Road, Instant Replay, Caldera, Poster, Rodriguez, Tappan Street, and Voldemort. These horses might lack big stakes wins, but upsets happen every year. Could one of them be this year’s surprise?
- Deeper Longshots (30-1 and up): Horses like Luxor Cafe (30-1), Burnham Square, East Avenue, Grande, Madaket Road, and Tiztastic (40-1) are real wildcards. At 50-1, entries like Admiral Dennis, Admire Daytona, and others are true longshots, but sometimes a horse finds form at just the right time
- “All Others” (50-1): This option lets you bet on any 3-year-old not named among the 39 individuals. If you think a late-blooming star will emerge after the Derby, this could be your best value
Key Betting Considerations for 2025
How the Kentucky Derby Impacts the Preakness
The Kentucky Derby (run two weeks before the Preakness) often shapes the Preakness field. Horses that run well in the Derby may come back for another shot at glory, while others skip the Derby to arrive fresh at Pimlico.
Futures vs. Race-Day Wagering
- Futures Betting: You can lock in odds before the Derby, but you risk your horse not making the race
- Race-Day Wagering: You’ll have more information, but odds may be lower on the favourites
How Odds Change After the Derby
If a horse wins or runs big in the Derby, their Preakness odds will drop. Conversely, a poor Derby run (or skipping the Derby) can make a horse a value play at longer odds.
Expert Tips for Spotting Value
- Look for improving horses: Those who just missed in big preps (like Baeza) can offer value
- Consider fresh horses: Those skipping the Derby may be fitter for the quick turnaround
- Don’t ignore longshots: The Preakness has seen its share of upsets
What Makes the Preakness Stakes Unique?
Quick Turnaround and Fresh Rivals
The Preakness is run just two weeks after the Kentucky Derby. That means Derby horses face a tough schedule, while “new shooters” can take advantage of extra rest.
Pimlico’s Track and Race Distance
- Location: Pimlico Racecourse, Baltimore, Maryland
- Distance: 1 3/16 miles—a bit shorter than the Derby, which can help horses with more speed
Favourites vs. Longshots: History Lessons
Favourites have a good record in the Preakness, but longshots have pulled off big upsets—just ask any seasoned bettor! That’s why it pays to study both the top picks and the dark horses.
What Does The Future Hold For The Preakness Stakes?
The 2025 Preakness Stakes promises excitement, with Journalism as the favourite and plenty of dark horses waiting to surprise.
Whether you love picking favourites or hunting for value, keep an eye on post-Derby updates and remember: in horse racing, anything can happen.
