The winner of the 2012 Belmont Stakes is Union Rags, who was able to just pass Paynter on the inside to take the win in the closing stretch. Paynter had opened the race in front and remained there, with Optimizer and Unstoppable U behind him for much of the race. Around the midpoint of the 1.5 mile race Union Rags made his move, and in the final 100 meters he found himself squeezing between Paynter and the rail. Paynter finished second, followed by Atigun in third and Street Life in fourth.
Dullahan, who was the clear favorite following I'll Have Another's late scratch, was never a factor. The horse, who had never won on dirt, started the race towards the back of the pack and only made it to the middle of the pack around the midpoint, only to drift back in the closing stretch. Jockey John Velazquez rode Union Rags for the first time on Saturday, picking up his second Belmont Stakes win as he did it. The final odds for Union Rags were 5-2, and the winning time was 2:30:42.