After winning the Kentucky Derby, American Pharoah has grabbed 5-6 odds to win the Preakness on May 16, according to sportsbook Bovada.
American Pharoah's Triple Crown odds are also set at 9-4 on Bovada.
Jockey Victor Espinoza rode American Pharoah to victory at the Derby by a single length ahead of Firing Line. Both horses will compete again at the Preakness, joined by Dortmund, American Pharoah's stable-mate, who finished third at the Derby.
Dortmund showed promise in leading the Derby much of the way, trainer Bob Baffert said after the race.
"The way he was traveling down the backside, I thought maybe he was going to win it," Baffert said.
"I'm sure he's going to want a little revenge. [Dortmund] ran a really good race."
Firing Line holds 5-1 odds at the Preakness, while Dortmund is at 11-2. Carpe Diem and Competitive Edge round out the top five at 14-1 and 16-1, respectively.
At least year's Preakness, favorite California Chrome repeated its Kentucky Derby victory before losing the final Triple Crown leg at Belmont.
- Mike Fiammetta