Preakness Stakes Prop Odds: Betting on California Chrome, contenders

Tommy Gilligan-USA TODAY Sports

California Chrome is a big favorite so horse bettors are looking for wagering value on Preakness Stakes props.

With California Chrome likely to go off at betting odds of 3-5 or less, horseplayers may want to get creative when it comes to Saturday's Preakness Stakes.

There is a wide variety of exotic wagers to bet on that could pay off nicely even if the chalk wins the race. In addition, Bovada is offering a wide variety of wagering options on the second jewel of the Triple Crown.

Let's take a look at a few of the props bets that are available for the big race, as well as the odds on the big second race in the Triple Crown series.

2014 Preakness Stakes - will the Margin of Victory be 2 Lengths or more? YES 2-3 NO 11-10

Last year Oxbow went gate to wire and won by 1 3/4 lengths. In 2012, I'll Have Another won by a neck. This year's race seems to set up nicely for California Chrome, but as we saw in Louisville, jockey Victor Espinoza had the presence of mind to let up nearing the wire and he won by just 1 ¾ lengths.  Expect another fairly close finish.

2014 Preakness Stakes - Winning Time Over 1:56.50 5-6 Under 1:56.50 5-6

With nearly two inches of rain falling on Friday the track was sealed, or rolled so the water could run off instead of going into the surface. The weather is going to improve on Saturday and the track should be playing fast. The time of the winner should be fast.

Will California Chrome win the 2014 Triple Crown? NO 1-2 YES 2-1

The Triple Crown has been elusive; the last coming in 1978 when Affirmed was able to win all three races. While the Preakness looks like it is California Chrome's to win, his pedigree suggests  the 1 ½ miles of the Belmont Stakes will be too far.

Will California Chrome Finish in the Top 3 in the 2014 Preakness Stakes? YES  1-7  NO 9-2

This seems like an obvious Yes, but if he does not win the race, it may mean that the quick two week turnaround was too much. If he does not win he could fade and finish out of the money. If you are playing multiple props, this one might be one to use as a hedge bet getting 9-2.

Check out Odds Shark for the latest Prop and Match Up bets and for the Preakness Stakes betting lines closer to post time.

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