2016 Preakness odds: Morning line released

The Kentucky Derby favorite is easily the betting favorite at the 141st running of the Preakness Stakes.

To no one's surprise, Nyquist was named the heavy favorite to win Saturday's Preakness Stakes when the morning line odds were announced Wednesday at Pimlico in Baltimore. The 3-year-old colt trained by Doug O'Neill and jockeyed by Mario Gutierrez has 3-5 odds, which essentially means it takes a $10 bet to win $16.

Looking at it another way, the oddsmaker gives a 62.5 percent chance of Kentucky Derby winner Nyquist continuing his path toward the Triple Crown with a jewel earned in the $1.5 million Preakness.

Only two horses were given better than 10-1 odds at upsetting Nyquist: Derby runner-up Exaggerator, at 3-1, and relative newcomer Stradivari, at 8-1. Their odds translate to a 25 percent and an 11 percent chance, respectively, to win the 1-3/16-mile race.

Nyquist is the favorite for good reason: He enters the Preakness undefeated, 8-for-8, in his career. He's won on both dry and wet tracks, and he's beaten strong horses in the past. (However, a few in the field will be facing Nyquist for the first time, including Stradivari, trained by Todd Pletcher and jockeyed by John Velazquez.

If your'e looking for reason to take someone other than the favorite, look no further than Exaggerator -- a product of the Desormeaux brothers, trainer Keith and jockey Kent. Exaggerator was a strong finisher in the Kentucky Derby two weeks ago, and put on an impressive performance at Santa Anita in April. He came from about 20 lengths back on a muddy track to cruise to a victory by nearly seven lengths over multiple Derby-contending colts.

With the forecast for Baltimore on Saturday wet and dreary, that could play to his favor. However, Nyquist is no newcomer to a damp track, either. His victory in Florida came in wet conditions, though no where near as sloppy as at Santa Anita.

The rest of the field are little more than afterthoughts, most set at 30-1. That includes Lani, the colt trained in Japan who won the UAE Derby before finishing ninth in the Kentucky Derby. Collected (10-1), Cherry Wine (20-1), and Uncle Lino (20-1) are also given slight chances to win.

The Preakness can be viewed on NBC at 6:45 p.m. ET (coverage begins at  5 p.m. following the hockey game) Saturday, or streamed on NBC Sports Live Extra.