Preakness Stakes odds: Always Dreaming betting favorite to repeat Derby success at middle Triple Crown event

Always Dreaming has emerged as emerged as the betting favorite ahead of Saturday's Preakness Stakes, as spectators watch for repeat success after the horse's Kentucky Derby victory.

The 142nd Preakness Stakes will take place at the Pimlico Race Course in Baltimore on Saturday, where jockey John Velazquez and horse Always Dreaming hope to repeat their win at the Derby. Always Dreaming was the favorite for Saturday's race most of last week, and the horse's odds remain strong with the event just around the corner. As of May 19, Always Dreaming's odds stay at 5/6.

Click through to see this year's Preakness Stakes betting favorites:

After finishing fourth in the Derby, horse Classic Empire is the runner-up betting favorite with odds set at 3/1, as of May 19.

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Ten horses and jockeys are set to compete in the Preakness Stakes each year, where they will race the track in hopes of winning the $900,000 prize. The runner-up earns $300,000, third receives $165,000, fourth gets $90,000 and fifth pulls in $45,000. The middle event of the Triple Crown trio, the Preakness Stakes is a 1 3/16-mile race.

Here is a full list of horses competing in this year's Preakness Stakes:

1. Cloud Computing

2. Multiplier

3. Hence

4. Always Dreaming

5. Classic Empire

6. Gunnevera

7. Term of Art

8. Senior Investment

9. Looking At Lee

10. Conquest Mo Money

The event is scheduled to begin at 6:45 p.m. EDT, with coverage beginning at 5 p.m. on NBC.