Preakness Stakes Contender Profile: Pay Billy
Preakness Stakes Contender Profile
Pay Billy Eyes Preakness Glory After Back-to-Back Stakes Wins
With the 150th Preakness Stakes approaching, one overlooked contender could be poised to pull off a surprise. Pay Billy secured his place in the Triple Crown’s second leg by winning the Federico Tesio Stakes under trainer Mike Gorham.
Bettors looking to bet on Preakness value should keep an eye on this fast-improving colt who has quietly built momentum in 2025.
Despite flying under the radar, Pay Billy has shown consistency and tactical speed—qualities that could matter most on race day. His recent form is earning attention among those monitoring Preakness Stakes odds, particularly with multiple top contenders skipping the race.
An Improving Three-Year-Old With Upside
Pay Billy has made significant progress since his juvenile campaign. With a record of four wins, one second, and one third in eight starts, the colt has blossomed in his three-year-old season. His only defeat this year came by a nose in the Miracle Wood Stakes, making him just shy of a perfect 4-for-4 in 2025.
After breaking his maiden in December at six furlongs, Pay Billy successfully stretched out to longer distances. He followed up with a dominant five-length win in an allowance race and then narrowly missed in stakes company.
Trainer Mike Gorham responded by entering him in two-turn races, and the results have been impressive: a 3½-length score in the Private Terms Stakes and a 1½-length win in the Federico Tesio at 1 1/8 miles.
Solid Pedigree and Growing Experience
Improbable, his sire, was a multiple Grade 1 winner who placed in 11 of 15 starts and finished fourth in the 2019 Kentucky Derby. Pay Billy’s dam, Harlington’s Rose, was a durable sprinter and daughter of Orientate, winner of the 2002 Breeders’ Cup Sprint.
That combination of dirt stamina and speed gives Pay Billy a well-balanced pedigree to take on a race like the Preakness.
Familiar Rider for the Biggest Test Yet
Jockey Raul Mena, who has ridden Pay Billy in all four of his victories, retains the mount. While this will be Mena’s first career ride in the Preakness Stakes, his familiarity with the colt could prove vital. Together, they’ve shown success with a midpack stalking style, which often plays well over Pimlico’s surface.
Trainer Mike Gorham will also be making his Preakness debut, thanks to Pay Billy’s “Win and You’re In” qualification in the Tesio.
Late-Blooming Contender in Top Form
Pay Billy enters the Preakness on a two-race winning streak and looks to be peaking at the right time. His stalking running style has helped him win races around two turns, and he continues to train steadily. Most recently, he breezed five furlongs in 51.60 seconds on May 3 at Delaware Park, showing he’s holding form heading into his biggest challenge yet.
Pay Billy ended the latest Preakness Future Pool with longshot odds of 47-1. With defections from Sovereignty, Baeza, and Sandman, he could see that number drop slightly, but he still profiles as a double-digit underdog worth a second look.
Betting Outlook
While Pay Billy doesn’t bring flashy speed figures or national headlines, he checks several boxes: improving form, distance versatility, and a proven record around two turns. He’ll need to move forward again to contend with the top-tier entries, but his steady development and proven grit give him sleeper appeal for those considering deeper Preakness Stakes betting strategies.
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