2026 Preakness Stakes Odds & Picks – Updated

The 2026 Preakness Stakes odds have shifted after top contenders pulled out of the race. Kentucky Derby winner Golden Tempo is not competing, and Crude Velocity, an early favorite, also pulled out of the race. 

The good news is there are plenty of other exciting contenders to bet on ahead of this year’s race. Continue reading to see the updated odds for the 151st Preakness Stakes. I highlight the top contenders and give my 2026 Preakness picks. 

Odds to Win the 2026 Preakness Stakes

BetOnline provided the following 2026 Preakness Stakes betting odds. 

Following the announcements that Golden Tempo and Crude Velocity were not competing, Taj Mahal moved into the top spot on Preakness Stakes odds boards. Sired by Nyquist and trained by Brittany Russell, Taj Mahal is listed as the +325 favorite at top horse racing betting sites. 

At his current odds, Taj Mahal has an implied win probability of 23.53%. 

Ocelli is hot on Taj Mahal’s heels at +425 in the updated odds. Chip Honcho (+550) and Iron Honor (+650) are also near the top of the board. Napoleon Solo and Talkin round out the top five at 8-1 odds each.

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Why Is Taj Mahal the Preakness Favorite?

Golden Tempo shocked the racing world when he came from last place to win the Kentucky Derby. Shortly following his win at Churchill Downs, though, it was announced that Golden Tempo would not be running at Preakness. 

Likewise, Crude Velocity, an early Preakness favorite trained by the legendary Bob Baffert, also pulled out of the race. With Golden Tempo and Crude Velocity out, Taj Mahal has moved into the favorite spot at +325 odds. 

Taj Mahal broke his maiden at a maiden special weight (MSW) in February. He also has wins at the 2026 Miracle Wood (LS) and 2026 Federico Tesio (LS) this season. 

Drawing the rail could be a major advantage for Taj Mahal if he starts fast. A slow start, conversely, could lead to him being squeezed out as the race progresses, as other horses fight for a better position. 

The 2026 Preakness Stakes is a major step up in competition for Taj Mahal. Also, he has an unproven trainer in the up-and-coming Brittany Russell, who has never won a Triple Crown. 

On the bright side, he has a great pedigree to lean on. Taj Mahal was sired by 2016 Kentucky Derby winner Nyquist. Also, the relatively weak field will make the jump from LS to G1 easier for Taj Mahal. 

Top 2026 Preakness Contenders

• Ocelli (+425)
• Chip Honcho (+550)
• Iron Honor (+650)

Taj Mahal is not the only horse benefiting from this year’s Preakness field. Ocelli, Chip Honcho, and Iron Honor have also moved up the 2026 Preakness odds boards recently. 

Ocelli (+425)

Ocelli has the second-best odds to win the 2026 Preakness Stakes at +425. Trained by D. Whitworth “Whit” Beckman, Ocelli has yet to break his maiden. He was sired by Connect and the Scat Daddy mare Zalia. 

Despite not yet winning a race, Ocelli has multiple impressive showings to his name. Most notably, Ocelli finished third at the Kentucky Derby, the best of any horse running at Preakness. He also finished third at the 2026 Wood Memorial (G2). 

Ocelli has finished third or better in five of his last seven races. Beckman, his trainer, is still searching for a Triple Crown win, but he did train under Todd Pletcher and Chad Brown. 

Chip Honcho (+550)

Like Ocelli, Chip Honcho was sired by Connect and is listed in the top three odds to win the Preakness Stakes. Chip Honcho, trained by Steven Asmussen, is listed at +550 odds. 

He broke his maiden with an MSW win at Churchill Downs in November. Chip Honcho also won the 2025 Gun Runner (LS). However, he is still searching for his first win in 2026 and has never run in a G1 event. 

In his last outing, Chip Honcho finished fifth at the 2026 Louisiana Derby (G2). Prior to that, he finished ahead of Golden Tempo at the 2026 Risen Star (G2) but lost to the Derby winner at the 2026 Lecomte (G3).

Iron Honor (+650)

Rounding out the top four is Iron Honor at +650 odds. He has a 7.49 rating, the third-highest of any Preakness hopeful, and was trained by Chad Brown.

Iron Honor shares a sire, Nyquist, with Taj Mahal, the favorite. He won an MSW in December and took home first at the 2026 Gotham (G3). However, at the 2026 Wood Memorial (G2) in early April, Iron Honor finished in seventh. 

This is his first race since that poor finish. It will also be his first race at a track other than the Aqueduct in Queens, NY. Preakness will be the longest track of Iron Honor’s career, too, and his first G1 race, potentially stacking the deck against him. 

Best Preakness Stakes Sleepers

• The Hell We Did (+1400)
• Bull by the Horns (+4000)

The field for this year’s Preakness lacks star power. With no clear favorites running away with it at the top of the odds boards, the door is open for a sleeper to win the Run for the Black-Eyed Susans. 

My top sleepers for this year’s race are The Hell We Did (+1400) and Bull by the Horns (+4000). 

The Hell We Did (+1400)

Sired by 2020 Kentucky Derby winner Authentic, The Hell We Did is listed at 14-1 odds to win the Preakness Stakes this weekend. 

Similar to many other competitors in this year’s Preakness, The Hell We Did has never competed on a G1 track. He broke his maiden in an MSW in October and won an allowance race at Sunland Park in March. 

The Hell We Did last competed at the 2026 Lexington (G3), finishing second to Trendsetter. Corona de Oro, who is listed at 16-1 odds to win this weekend, also competed in that race, finishing third. 

Todd Fincher is an experienced trainer, giving The Hell We Did a significant advantage over the rest of the field. His jockey for this race is Luis Saez, an experienced rider with over 3,500 career wins. The experience of his team could give The Hell We Did a better-than-expected chance at overcoming the odds this weekend.

Bull by the Horns (+4000)

Bull by the Horns is another sleeper to watch ahead of Preakness, who is tied for the longest odds to win at 40-1. Trained by Saffie Joseph, Jr., Bull by the Horns was sired by 2021 Belmont Stakes winner Essential Quality.

His maiden-breaking win came in an MSW in November. Bull by the Horns’ next win came in the 2026 Rushaway (LS) at Turfway Park in Florence, KY. 

Despite his odds, Bull by the Horns has a higher rating, 6.89, than The Hell We Did (6.84), Crupper (6.77), and Corona de Oro (5.47). Starting in the eighth position will be tough, but a strong start will help Bull by the Horns get ahead of the pack and push for a better position down the stretch. 

Bull by the Horns will be jockeyed by the 23-year-old Micah Husbands. The young jockey has had great success at Oaklawn Park and will look to establish himself with his first Triple Crown win.

Who Will Win the Preakness Stakes in 2026?

Due to ongoing construction at the historic Pimlico Race Course, the 2026 Preakness Stakes will take place at Laurel Park. Taj Mahal is the +325 favorite and drew the rail, giving him a potential major advantage early. 

Chip Honcho did not have as good a draw and must fight his way out of the sixth position in a 14-horse field. However, I think Chip Honcho is the better pick at +550 odds. 

Jose Ortiz is a highly experienced jockey and is coming off a win in the Kentucky Derby. He has won every Triple Crown race, including the 2022 Preakness. With Ortiz on his back, Chip Honcho should easily navigate out of a crowded starting position and win it all this weekend.   

Where to Bet on the 2026 Preakness Stakes

BetOnline is the best sportsbook for betting on the 2026 Preakness Stakes. It has a top-notch racebook with regularly updated lines on the biggest events, including every Triple Crown race. You can bet on favorites, sleepers, and every horse in between. 

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