Preakness Stakes Long Shot Odds: Underdogs and Sleeper Bets for 2024

The horse racing world waits with bated breath to see if Mystik Dan can win the Preakness and bring Triple Crown mania to a fever pitch. But savvy bettors are trying to see if he can be beaten at Pimlico by a long shot.

Robert Criscola - Contributor at
Robert Criscola • Publishing Editor
May 18, 2024 • 13:00 ET • 4 min read
Uncle Heavy Preakness Stakes horse racing
Photo By - USA TODAY Sports

The 149th Preakness Stakes has arrived, and a compact but quality field of eight will do battle over 1 3/16th-miles miles at Baltimore's historic Pimlico racecourse, including 2024 Kentucky Derby champion Mystik Dan.

Mystik Dan will likely go off as the chalk in the Preakness odds on Saturday, May 18, but we're looking at the Preakness Stakes long-shot odds to see how Mugatu, Uncle Heavy, Seize the Grey, and Just Steel stack up.

Preakness Stakes underdogs and long-shot bets for 2024

These four Preakness horses have long odds but shouldn't be overlooked. Learn more below and see how they'll line up in the Preakness post positions.

Odds as of 5-18-2024

FanDuel Racing odds available in AZ, CO, IL, IN, KY, LA, MA, MD, MI, NY, OH, PA, VA, WV, WY

bet365 Preakness Stakes odds not available in the United States

Just Steel

Just Steel is one of three horses returning from the Kentucky Derby, along with Mystik Dan and Catching Freedom. Just Steel is the longest price of the three as well as the one who crossed the wire furthest back in the pack with a 17th-place finish.

Despite that discouraging result, Just Steel offers hope for a rebound performance. He was burned up as part of a fast pace in the Derby, and the Preakness pace doesn't project to be all that swift. Switching jockeys to Joel Rosario could also help him settle better in the early stages of the race.  

Morning Line Odds FanDuel bet365
15-1 +1,500 +1,100

Seize the Grey

Seize the Grey is part of a quartet running on two weeks' rest in the Preakness along with the three Kentucky Derby participants, and the only horse aside from Mystik Dan entering the "Run for the Black-Eyed Susans" off a win.

Seize the Grey stalked a fast pace in the Pat Day Mile on the Derby undercard at Churchill Downs and drew off to be a comfortable winner in that one-mile event. He'll be tested for distance at Pimlico but could at least hit the board if able to build on his most recent effort.

Morning Line Odds FanDuel bet365
15-1 +1,500 +1,400


Mugatu was unable to draw in as the second also-eligible in the Kentucky Derby, but he'll get his chance in the Triple Crown series on Saturday. 

The son of Blofeld recorded his best speed figure to date in a fifth-place finish in the Blue Grass Stakes, which was won by Derby runner-up Sierra Leone. Mugatu still needs to be faster to threaten for the win, but he's training well in the lead-up to the Preakness and gets a post that will enable him to avoid ground loss on the first turn.

Morning Line Odds FanDuel bet365
20-1 +2,000 +4,000

Uncle Heavy

The Uncle Heavy camp will be doing a rain dance heading into their Preakness bid on Saturday.

Uncle Heavy came home first in the Withers Stakes on a tiring, muddy track at Aqueduct before misfiring in the Wood Memorial on fast dirt last time out. He also has a win on a good-sealed track at Parx, suggesting the more rain in Baltimore, the better for this son of Social Inclusion.

Irad Ortiz Jr. sees fit to take the call on this Robert Reid Jr. runner.

Morning Line Odds FanDuel bet365
20-1 +2,000 +1,400

Preakness Stakes picks and predictions

Our experts are making Preakness Stakes picks and building bets all week.

Which states have legal betting on the Preakness Stakes?

Find the best horse racing betting sites in your region. The best betting sites offer sharp odds, and quick payouts and are safe and secure when it comes to depositing and withdrawing your money. 

Canada (excluding Ontario)

Almost all sports betting sites offer fixed-odds betting on horse racing. Check out the best sports betting sites in Canada or sign up now with one of our top partners, Bet365, and earn up to $200 in bet credits!


Following the changes to the iGaming regulations on April 4, 2022, horse racing betting is no longer available at sportsbooks. Those in Ontario who are looking to bet on the Preakness Stakes will need to sign up at one of Woodbine's two online offerings, HPIbet and Dark Horse Bets

Pages related to this topic

Popular Content

Legal Canadian sports betting

Best Canadian betting sites Ontario sports betting
Covers 25 Years Logo Established in 1995,
Covers is the world
leader in sports
betting information.
Covers is verified safe by: Evalon Logo GPWA Logo GDPR Logo GeoTrust Logo Evalon Logo