The 149th running of the Preakness Stakes is set for Saturday, May 18 at Pimlico Race Course and when it comes to the Second Jewel of the Triple Crown, the level of betting interest is always sky-high.Â
Bettors can begin placing wagers starting Friday (May 17) but as of now, they can check out our 2024 Preakness Stakes preview complete with odds and predictions for Saturday.
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2024 Preakness Stakes odds, preview & picks: Best bets for Mystik Dan and moreÂ
The $2 million Preakness Stakes may have a shortened field, but the developments have been big for the second jewel of horse racing's Triple Crown, which can be wagered on beginning Friday, May 17.Â
On Monday, it was confirmed that Kentucky Derby-winning Mystik Dan would run at Pimlico. On Wednesday, Bob Baffert's Muth (the 8-5 original morning-line favorite) was scratched because of a 103-degree fever.
This drastically changes the odds and running style of the race, and the result is that Mystik Dan now will become the post-time favorite.
Here are the current odds as listed:Â
If the short-priced Mystik Dan runs his usual race and finishes in the top 2, the win line and exacta won’t pay too much. That’s a shame for bettors, because the initial Preakness news was good.
For the first time in six years, the reigning Kentucky Derby winner has opted to run in the Preakness just two weeks after winning the Run for the Roses. This immediately spiked interest for the public and the gamblers.
In 2018, Justify was the last Derby winner to run the Preakness two weeks later. He captured that race and then earned a victory at the Belmont Stakes to become the last Triple Crown champion.Â
If Mystik Dan wins here, bettors will immediately turn their thoughts to the June 8 Belmont Stakes at Saratoga Race Course.
Here is some key information about the race:Â
- Date: May 18, 2024
- Location: Pimlico Race Course (Baltimore, Maryland)
- Length: 1 3/16 miles
- Post Time: 6:50 p.m. ET
- Broadcast: NBC, Peachock, FanDuel TV
- Purse: $2 million
With Muth no longer in the running, Mystik Dan (5) has one less major opponent to face coming for home. He figures to stalk fairly close to the pace, perhaps on the rail as he usual, and make a sustained late run.
Imagination, who breaks from the far outside, will probably want the lead. There’s not an avalanche of early speed in this race and a speed duel is not likely, favoring Imagination on the win line and exotics.
Imagination may now become the second favorite, given his speed. You don’t know how the bettors are going to play it, but consider Catching Freedom (3), Imagination (9) and Tuscan Gold (8). They could all reach the winner’s circle with slight improvement.
2024 Preakness Place & Show Bets: Catching Freedom or Tuscan Gold?Â
This is where you might want to consider Tuscan Gold or Catching Freedom. Before the scratch, we were considering taking Mystik Dan in this slot because place bets often have overlooked value. But now there might be betting radar concerning him, so we'll have to consider others. Tuscan Gold (8) would pay a nice price here.
Exactas involve picking the top two finishers in a race but putting them in a box means you win with either order of first or second. This bet features the best speed horse in the race and the best closer, on paper. If you believe in the new-shooter theory that rested horses have an edge over the Kentucky Derby graduates from May 4, then a box with Imagination and Tuscan Gold (8-9) should pay pretty well.Â
A trifecta involves picking the top three finishers in exact order, but if you box them you can win if the horses finish in the top three in any order. Catching Freedom, Mystik Dan and Imagination (3-5-9) would be the pick here, and this costs $6 for every $1 trifecta box.
- READ:Â How To Bet On Horse Racing
2024 Preakness Superfecta PicksÂ
Our favorite four horses are 3-5-8-9 (Catching Freedom, Mystik Dan, Tuscan Gold and Imagination).
If you like Mystik Dan on the track, take the 5 over the 3-8-9 in a $1 super for $6. If he looks less than sharp, switch to another horse, maybe Imagination. Then it would be 9 over the 3-5-8 for $6. That’s a late call.
This has to be a small investment. I wanted to put some horse in the first and second slots, but in light of the scratch, a large wager probably won’t return what you think it should, so go closer to the vest. Hey, we all have to bob and weave!
2024 Preakness Stakes Betting Options: Win, Place, Show & More
When it comes to horse racing, there are several different types of wagers that bettors can place:Â
- Win: Horse must finish first to cash your ticket.Â
- Place: Horse can finish first or second. This will be a lower payout than the win price, but provide two opportunities to cash a ticket.
- Show: Horse can finish first, second or third. An even lower price for a third opportunity to cash a ticket, but can pay surprisingly well depending on the choice.
In addition, you can also bet "across the board" and place three separate wagers on a horse to finish first, second and third. For instance, $5 across the board wager is a $15 total bet. A winning horse will return three winning tickets. A horse finishing second will pay on the place and show bets.
Finishing third is a win on the show pool. This was once a fancy wager, but has been replaced by exotics, which can pay extraordinarily well. They have grown exceptionally popular and include exactas, trifectas and superfectas.Â
- Exacta: Involves picking the first two finishers in exact order. For most players, take this wager in a box.Â
- Trifecta: Must pick the top three finishers in exact order.Â
The above wagers can also be boxed, which means the horses can finish in any order. While this has an impact on the odds, it offers more chances to win. A $5 exacta box 2-4 (the No. 2 and No. 4 horses) costs $10 and provides a winning ticket if the winning combination is 2-4 or 4-2.
- Superfecta:Â A player must select the top four finishers in exact order. This costs more money, maybe a lot more.
You must be over 21 to play. Gambling Problem? Call 1-800-522-4700. 1-800 GAMBLER.
Dave Bontempo is a Catena Media contributor and a multiple national award-winning writer/broadcaster. He’s been a horse-racing analyst for the Madison Square Garden Network, the Associated Press and various publications. He’s also enshrined in the New Jersey Boxing Hall of Fame and in the introductory class of the Atlantic City International Boxing Hall of Fame. He won the Sam Taub Award for Excellence in Broadcasting presented by the Boxing Writers Association of America in 1997 and has broadcast major boxing matches throughout the world.
