Part of the betting conundrum for the Preakness is what price is appropriate for the Kentucky Derby winner. Sometimes, a shorter price is well-deserved, and other times bettors don't believe in the Derby winner and don't even make him the favorite.
2008 and 2009 provide us an example of each. In '09, Mine That Bird, who pulled off a huge Derby upset, was sent off as the third choice in the Preakness. But the previous year, Big Brown convinced everyone that his Derby triumph was the real deal and was the overwhelming 1-5 favorite.
This year, it appears the public is not quite sure what to do with Derby champ Animal Kingdom, as he is the second choice after Friday's wagering. His odds and the rest will fluctuate on Saturday, but there are currently some overbet and underbet horses.