You might see Preakness odds rendered in three different formats. The most common format used by betting sites
that allow you to bet on the Preakness Stakes will be fractional odds.
In order to educate you on how to read Preakness Stakes horse odds, we can use the 2019 Preakness Stakes odds to provide an example. The Bob Baffert trained Improbable was the 5/2 favorite among last year’s Preakness Stakes entries.
Fractional odds inform you of the potential profit you stand to make by betting on a horse competing in the Preakness race. The number on the left of the slash refers to the amount you stand to earn by wagering the number on the right. If you see odds of 5/2, it tells you that you would earn a $5 profit from every $2 you stake if your wager is successful. A $10 bet on Improbable at 5/2 would therefore have earned you a $25 profit if he had won the race. You get your stake back if your bet is a winner, so your return would have been $35.
In the end, 4/1 shot War of Will won the race last year. That means your Preakness Stakes winnings on a $10 bet would have been $40.
You might also see the latest Preakness Stakes odds rendered in American format. In that case, 4/1 would become +400. It works by informing you of the profit you stand to make from a $100 wager. A $100 bet at +400 would net you a $400 profit. Odds of 5/2 would become +250 in American format.
The final option for the Preakness odds would be decimal format. This informs you of the return you stand to receive in the event your wager is successful, rather than the profit. Fractional odds of 4/1 would become 5.00. You then multiply your stake by that figure to calculate your return. A $10 bet at 5.00 returns $50 (a $40 profit and the return of your $10 stake). If you wish to bet on Preakness Stakes horses, you can easily convert the current Preakness Stakes odds from one format to another with our online calculator