The 151st running of the Preakness Stakes goes off tonight at Laurel Park in Maryland — the first Preakness contested at Laurel rather than Pimlico in nearly 130 years, as renovations to Pimlico continue. Iron Honor enters as the 9-2 morning-line favorite, with a competitive 11-horse field that includes Kentucky Derby winner and three sharp closers who all profile well on the deeper Laurel main track. Post time is 7:01 p.m. ET, broadcast on NBC.
This guide covers our complete betting card for Preakness 2026: win tickets, exotic wagers, and a sample bankroll allocation. For broader race-day fundamentals, our betting fundamentals guide is a good supplemental read.
Quick Answer: Preakness 2026 at a Glance
The 151st Preakness Stakes runs Saturday, May 16, 2026, at Laurel Park with post time 7:01 p.m. ET on NBC. The 11-horse field is led by 9-2 morning-line favorite Iron Honor (Brad Cox / Flavien Prat). Kentucky Derby winner Final Reckoning is the second choice at 5-1. Top contenders for exotic bets: Lieutenant Speed, Blue Trace, and Saudi Cup.
The Track: Why Laurel Changes the Math
Pimlico has been the home of the Preakness since 1873, but the historic facility began a three-year renovation in late 2024. Laurel Park, also in Maryland, is hosting the race for at least two years. The track has a different shape and surface profile than Pimlico: longer stretch, slightly deeper main track, and a tendency to favor closers on dirt during cooler May evening conditions.
That shifts the handicapping math. The traditional Preakness pattern of speed-favoring rail draws holds less reliably at Laurel. The pace shape matters more, and horses with proven late-running ability over 9.5 furlongs gain an edge. That is the case Iron Honor's connections have been making since the post draw on Wednesday.
The Field: Top Contenders
Iron Honor (9-2 ML, Post 4)
Brad Cox-trained, ridden by Flavien Prat. Won the Wood Memorial by 2.5 lengths in April and finished fourth in the Kentucky Derby after a wide trip. Speed figures put him 2-3 points behind Final Reckoning on Derby day, but his Laurel works have been the best of the field. The pace setup is ideal — multiple speed horses in front of him, a closer's stretch, and a jockey with a Preakness win on his resume.
Final Reckoning (5-1 ML, Post 7)
Kentucky Derby winner trained by Bill Mott. The question is the bounce — historically, fewer than 30 percent of Derby winners back up their win in the Preakness, especially on short rest. Final Reckoning's Derby trip was clean and his closing fractions were elite, but the two-week turnaround is brutal on a horse who just ran his career-best race. The morning-line price reflects that risk.
Lieutenant Speed (8-1 ML, Post 2)
Speed horse with a sub-22 opening quarter capability. The inside post and Laurel's longer stretch make him a tougher win bet than at Pimlico, but he sets a pace that benefits the closers — making him a strong exotic include in the second and third positions of a trifecta.
Blue Trace (10-1 ML, Post 8)
The wild card. Bred for distance, has shown improving form through April, and figures to relish the additional ground. A live longshot at 10-1.
Win Bet Strategy
Our preferred win bet is Iron Honor at 9-2. The track conditions, pace shape, and trainer-jockey combination all line up. If the price drifts to 5-1 or longer at post, the value gets sharper. If it tightens to 7-2 or shorter, look at Blue Trace at 10-1 as a longshot to single in vertical exotics.
Exotic Wagers: Exacta, Trifecta, Superfecta
The 11-horse field rewards exotic play. Here is our recommended structure for a $40 total budget.
Exacta box: $5 box of Iron Honor / Blue Trace / Final Reckoning ($30 total). This covers all three permutations of our top three at a manageable cost. Iron Honor / Blue Trace pays the best.
Trifecta key: $1 trifecta with Iron Honor on top, Blue Trace and Final Reckoning second, Lieutenant Speed and Saudi Cup third ($4). This single key gives you four trifecta tickets at $1 each. Hits if Iron Honor wins and our two second-place candidates run in the money.
Superfecta single: $1 superfecta key Iron Honor over Blue Trace, Final Reckoning over Lieutenant Speed, Saudi Cup over the field ($6). Six $1 supers, all built around Iron Honor on top.
Total budget: $40. Worst-case scenario: a 0 percent return. Best-case scenario: a four-figure score if the longshots Run.
Pace Scenario: How the Race Should Unfold
Expect Lieutenant Speed and one other rabbit to push the early pace through fractions in the 22.5 / 46 / 1:10 area. That sets up perfectly for Iron Honor and Final Reckoning to close into the stretch. Blue Trace is the closer who could surprise if the pace duel is severe.
Watch the half-mile fraction. If it goes 46.0 or faster, the closers dominate. If it goes 47.0 or slower, the speed has a chance to wire the field — in which case Lieutenant Speed becomes a live win bet at a much bigger number than his morning line.
Where to Bet the Preakness
FanDuel Racing, TwinSpires, TVG, and most major sportsbooks accept Preakness wagers in jurisdictions where horse racing is legal. FanDuel and DraftKings both offer pre-Preakness odds boosts. Best sportsbook promos are tracked on our dedicated page.
Frequently Asked Questions
What time does the Preakness 2026 start?
Post time is 7:01 p.m. ET on Saturday, May 16. NBC broadcasts the race with full coverage starting at 5:00 p.m. ET.
Why is the Preakness at Laurel and not Pimlico?
Pimlico is in the middle of a three-year renovation project. The Preakness will be contested at Laurel Park for at least 2026 and 2027.
Who is the Preakness favorite?
Iron Honor at 9-2 morning line. Final Reckoning, the Kentucky Derby winner, is the second choice at 5-1.
What was the most recent Triple Crown winner?
Justify in 2018 was the most recent Triple Crown winner. The Preakness is the second leg of the Triple Crown.
How do superfectas work?
A superfecta requires picking the first four finishers in exact order. Most tracks offer 10-cent minimums, but $1 base is the most common standard.
Final Word
Iron Honor checks every handicapping box for the 151st Preakness: ideal trip, perfect pace setup, top jockey, and a price that still offers value. Pair him with Blue Trace and Final Reckoning in exotics, save a longshot ticket on Lieutenant Speed if the pace shape collapses, and you have a complete card. Good luck — and remember to confirm your wagers are in before the betting windows close at post time. For more pre-race handicapping resources, see our betting fundamentals guide and our sports betting guide for new bettors.
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