The 2026 Preakness Stakes is the 151st running of the middle jewel of U.S. horse racing's Triple Crown, a Grade I race for three-year-old Thoroughbreds over 1 3/16 miles (about 1,911 metres).

It is scheduled for Saturday, May 16, 2026 (8:50am AEST), with it being the second leg of the Triple Crown.

It is typically run on the third Saturday in May, and traditionally at Pimlico Race Course in Baltimore.

In 2026, however, the race is being held at Laurel Park in Maryland because Pimlico is undergoing a major rebuild.

Quick Picks

• Our pick: Iron Honor to win
• Value bet: Each-Way on Taj Mahal
• Long shot: Each-Way on Robusta

Betting Preview

For many, the Preakness Stakes can often be known as something else: "The Run for the Black-eyed Susan".

This nickname comes from the blanket of Maryland's state flower draped over the winner.

The total prize purse is USD$2 million (approx. AU$2.77 million), with USD$1.2 million to the winner (approx. AU$1.6 million) and a Woodlawn Vase-style trophy for the winning trainer.

It ranks among the highest prize money horse races globally.

The Preakness is one of sport's most famous races, historically separating contenders from pretenders in the Triple Crown mission.

However, this year's edition won't feature a Triple Crown bid, as Kentucky Derby winner Golden Tempo is sitting out to prepare for the Belmont Stakes.

In fact, this year's Preakness Stakes will only feature three horses that were involved in the Kentucky Derby, with Ocelli, Incredibolt and Robusta all involved.

Betting Markets to Watch

It is worth noting that none of those have been made the early favourite to win the upcoming race, with Iron Honor being listed by many as the horse to watch.

Despite skipping the Kentucky Derby, Iron Honor is favourite because he is a Grade-winning, lightly-raced, fresh three-year-old from a top barn, with a coherent plan and a good-looking trip forecast, even though his last outing was a disappointment.

His draw of Gate 9 boosts his bid, as it puts him roughly in the middle of the field, thus giving him options to consider. He can stalk others and then make a move late on if he needs to.

Many also like that he is trained by Chad Brown, a two-time Preakness-winning conditioner with a strong record at this distance and in Triple Crown series races.

Brown is regarded as one of the top horse trainers in the sport.

Elsewhere, Taj Mahal is considered a value bet in the 2026 Preakness because he is unbeaten, lightly-raced, ultra-fast, and coming off a dominant win at the same track, yet his price is still relatively long compared to what he has achieved.

Our Prediction

Check the latest Preakness Stakes betting odds at Sportsbet.

Iron Honor is the favourite, with Taj Mahal offering good value.

A long shot is Robusta. He is a deep-closer with a pattern of finishing strongly in graded races, and has come from well back to win or place in stakes company in the past.

Essentially, he has the potential to have a big run. If you're new to wagering on thoroughbreds, our how to bet on horses guide covers the essentials.