2021 Preakness Stakes Odds

Betting preview, odds and lines for the 2021 Preakness Stakes
Preakness Stakes

The Preakness Stakes is considered the centerpiece of the prestigious Triple Crown of thoroughbred racing in the United States. The event occurs on the third Saturday of May each year at the Pimlico Racecourse located in Baltimore, Maryland.

The race covers a distance of 1 mile and 1 ½ furlongs and the winner earns the coveted Woodlawn Vase along with a flower blanket covered in Black-Eyed Susans (Maryland’s state flower). In 2020, Swiss Skydiver, the first filly to run the race since 2014, managed to take the victory by a head over Kentucky Derby winner Authentic in a tightly contested battle that ended in a photo finish. Swiss Skydiver became only the sixth filly to win the Preakness Stakes in its almost 150 year span.

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2021 Preakness Stakes odds and post positions

The 2021 Preakness Stakes post positions draw was held on May 11. Here are the post positions and odds for the race.

Post PositionHorseJockeyMorning Line Odds
1RamRicardo Santana 30/1
2Keepmeinmind David Cohen 15/1
3Medina Spirit John Velazquez 9/5
4Crowded Trade Javier Castellano 10/1
5Midnight BourbonIrad Ortiz Jr. 5/1
6Rombauer Flavien Prat 12/1
7France Go de Ina Joel Rosario 20/1
8Unbridled Honor Luis Saez 15/1
9Risk Taking Jose Ortiz 15/1
10Concert Tour Mike Smith 5/2

The field of runners in the Preakness Stakes is limited to only 14 horses. However, there is often over 300 different horse nominations to participate in the event. To successfully participate in the Preakness Stakes, a horse will first need to be entered into the event at a cost of $15,000 to surpass the entry box, followed by an additional $15,000 to start the race. Should there be more than 14 horses that paid to start in the race, the final line-up will then have to be decided by the prize pool already won.

The first seven positions are usually filled with horses that have accumulated the highest earnings through graded races. The following four positions are allocated to horses that have accumulated the highest earnings through stake races, where there are no restrictions apart from sex and age. The final three positions are allocated to horses with the highest earnings in all horse racing events.

How to read the 2021 Preakness Stakes odds

The betting odds for the 2021 Preakness Stakes will give you valuable insight into the likelihood of a certain event taking place. It will also provide valuable insight into how much profit you can make from placing a winning wager. However, you’ll immediately notice that the betting odds for the Preakness Stakes is always complicated and confusing, especially if you are new to the world of horse-race betting. Fortunately, we created the perfect guide to assist you with understanding betting odds for the 2021 Preakness Stakes.

Newcomers are required to understand the concept of betting odds and how to read them before they can actually place a bet on the Preakness Stakes. Our comprehensive betting guide to the Preakness Stakes will provide valuable information on how betting odds work, how you can read them like a seasoned pro, and how you can determine the probability of the event.

We also included information on calculating winnings, calculating probability, and the differences between decimal and fractional odds. Once you’ve read through our guide, you will have a much better understanding to confidently place a bet on the 2021 Preakness Stakes.

Probability explained

When you look at betting in its most simplistic form, you will see that it provides the ability to predict the outcome of an upcoming event, and if your estimation is correct, you’ll have the opportunity to win in the process. When it comes to the 2021 Preakness Stakes, there are plenty of possible outcomes.

It’s essentially very similar to that of a dice roll that has a total of 6 outcomes, which means there is a 16.67% chance of rolling a certain number. Much like the roll of a dice, the betting odds for the 2021 Preakness Stakes will function in a similar fashion where it indicates the likelihood of a certain horse winning the race. These betting odds can either be displayed in fractional odds—especially in the United Kingdom—or decimal odds, which are gaining popularity across the world with each passing year.

How to calculate probability using betting odds

When you glance at the 2021 Preakness Stakes betting odds, you’ll notice two numbers separated by a trailing slash (9/2) or (1/5). These betting odds are shown in the fractional odds format and will usually be displayed in the United Kingdom.

These fractions allow you to calculate how likely it is for a horse to win the race, and it will tell you the amount of money you can potentially win. To determine the probability with betting odds, we will change the numbers into letters to make it easier to understand. For instance, let’s say 4/1 is actually A/B and the calculation required is as follows: Probability (%) = B / (A+B).

  • You can calculate 9/1 as 1 / (9+1) = 0.10. This indicates that there’s a 10% chance that the horse will win the race.
  • You can calculate 4/1 as 1 / (4+1) = 0.20. This indicates that there’s a 20% chance that the horse will win the race.
  • You can calculate 1/1 as 1 / (1+1) = 0.50. This means that there’s a 50% chance that the horse will win the race.

Now that you know how to calculate fractional odds to give you a percentage of the winning probability, you can go ahead and determine the amount of money you’ll win if you placed a winning wager.

How to calculate winnings using betting odds

The betting odds for the 2021 Preakness Stakes can also tell you how much profit you can earn from placing a winning wager. Let’s use the same examples we included above and replace the numbers with letters. This will allow you to calculate your profit margin much easier. For example, if 5/1 is changed to A/B, you can say to yourself that for each B you bet, you will be able to win A plus your initial wager.

  • 8/1 – For every $1.00 you bet, you can make a profit of $8.00.
  • 5/1 – For every $1.00 you bet, you can make a profit of $5.00.
  • 1/4 – For every $4.00 you bet, you can make a profit of $1.00.

Decimal odds explained

Decimal odds are becoming more and more popular around the world and is essentially the go-to odds format that most bettors will use these days. You will notice that nearly all online sportsbooks will allow you to choose between fractional odds and decimal odds. If you consider yourself a newcomer to online sports betting, we highly recommend that you use decimal odds from the start as its much easier to read and understand. You can use the following calculation to determine your winnings with decimal odds: Your Bet – (Odds x Bet) = Winnings. Let’s take a look at some examples:

  • You can calculate 8.0 as (8.0 x $10 bet) – $10 bet = $70 in profit.
  • You can calculate 3.0 as (3.0 x $10 bet) – $10 bet = $20 in profit.
  • You can calculate 1.25 as (1.25 x $10 bet) – $10 bet = $2.50 in profit.

Decimal odds vs. Fractional odds

There’s no right or wrong when it comes to choosing between fractional and decimal odds. Some prefer to calculate the odds using fractions, while others enjoy the ease of seeing odds displayed in decimals. At the end of the day, it all comes down to personal preferences.

There’s two primary differences between fractional and decimal odds. Decimal odds are obviously easier to understand and read, and they include your initial bet, whereas fractional odds are much more complex and don’t include your initial bet in the equation.

How odds are calculated for the 2021 Preakness Stakes

When it comes to calculating odds for the 2021 Preakness Stakes, you will be surprised to learn that there are tons of different factors that can influence the betting odds displayed next to each horse. Odds compilers will usually spend countless hours doing research into each of the horses and will rely on outside help, such as private handicappers, gallop watches, and even form experts to assist them in gathering information to provide the odds you see at all online sportsbooks. Not only are the horses evaluated for betting odds, but you’ll also find that most online sportsbooks will evaluate both the trainer and the jockey on their success and performance when it comes to betting odds.

Preakness Stakes and futures betting

The Preakness Stakes occur annually on the third Saturday of May. However, if you are interested in getting the best odds for the event, we highly recommend that you place future bets on the event months before that time. The reason most bettors take advantage of future betting opportunities is due to the fact that they provide the most generous odds for each horse. So, if you’re keen on making the most from your Preakness Stakes betting experience, shop around for the best price months before the event gets underway.

Interesting records for the Preakness Stakes

  • Speed Record – The fastest horse to complete the Preakness Stakes was Secretariat back in 1973 at a time of 1:53.
  • Margin of Victory – The longest margin between first and second place was 11 ½ lengths that occurred in 2004 when Smarty Jones won the event.
  • Most Jockey VictoriesEddie Arcaro impresses with a total of 6 victories at the event.
  • Most Trainer Victories – This is a tie between Bob Baffert and R. Wyndham Walden, each impressing with 7 victories.
  • Most Owner Victories – This record belongs to Calumet Farm with a total of 7 victories.

Welcome to the Old Hilltop

The Preakness Stakes occurs on a dirt track at the famous Pimlico Racecourse and the 1-mile circuit is oval in shape with a slight rise on the infield, giving the track its unique nickname “Old Hilltop.” The racecourse first opened its doors back in 1870 where the Preakness colt managed to win the very first race during the Dinner Party Stakes.

That same colt, three years later, was honored by changing the event name to the Preakness Stakes. Apart from the Preakness Stakes racing event, the Pimlico Racecourse is renowned for the phenomenal race between War Admiral and Seabiscuit that took place on November 1, 1938. More than 43,000 spectators watched as the U.S. Triple Crown hero of 1937 was defeated by Seabiscuit during the Pimlico Special, which is run over the same 1 mile and 1½ furlong distance as the Preakness Stakes.

When the Preakness Stakes was inaugurated in 1873, the total prize money was a mere $1,000. However, in 1919, the first major increase bumped up the total purse to $25,000. During 1946, it climbed to $100,000, while an additional $50,000 was added during 1959. Several increases occurred between 1979 and 1989, allowing the purse to grow from $200,000 up to $500,000 before it eventually reached $1 million in 1997. In 2013, the Maryland Jockey Club decided to increase the purse from $1 million to $1.5 million.

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