How To Bet On The Preakness Stakes: Betting Guide

The second leg of horse racing’s Triple Crown, the 147th Preakness Stakes race, will be run on Saturday, May 21, 2022, at Pimlico Race Course in Baltimore, Maryland. This historic middle jewel of the Triple Crown is always an exhilarating race. From the iconic weather vane to the singing of “Maryland, My Maryland,” the Preakness Stakes is a can’t-miss race.

If you missed out on the Kentucky Derby or are looking to refine your horse race wagering skills, learn how to bet on the Preakness Stakes with Odds Shark’s guide. We will outline the many betting options to be made online for this Grade 1 thoroughbred racing event.

The Preakness horse race will be run over a distance of 1 3/16 miles (9.5 furlongs) with a purse of over $1 million. For experienced bettors or wagering beginners trying to figure out how to bet on the Preakness Stakes, there are several key steps and strategies to keep in mind when betting on the Run for the Black-Eyed Susans this spring.

How Can I Bet On The Preakness Stakes Online?

#1: Pick A Racebook

Racebooks are the online betting sites you visit so that you can wager on horse racing. All of Odds Shark’s Preakness Stakes sportsbooks are safe, secure, trustworthy and meet all of our criteria. There are plenty of places to bet online for the Preakness Stakes. Have a glance at our horse racing sites page and choose the online racebook that suits your preferences.

Our Favorite Horse Betting Sites

#2: Sign Up

Registering is easy-peasy. Type in your name, email address, deposit info and birthdate. You’ll be sent a confirmation email or link. Once the registration process is completed, you’ll be able to place your first wager on the running of the Preakness Stakes.

#3: Make A Deposit

Next is deciding on a deposit method. Almost all online sportsbooks accept credit cards (Visa, MasterCard, AMEX), e-wallets (PayPal, Neteller, Skrill) and debit. Many online sports betting sites will allow you to make deposits by taking cryptocurrency such as Bitcoin, Litecoin, Dash and Ethereum.

#4: Place Your Wagers On The Preakness Stakes

Pick the track of Pimlico Race Course, the horse race number of the Preakness Stakes, your horse and your bet type. Enter in your dollar amount and submit your Preakness Stakes ticket.

You’re on the last leg. Now decide on a listed racebook and wager on the Preakness Stakes!

How Do Preakness Stakes Odds Work?

Asides from knowing how a race operates and how many horses are running in the Preakness, the most important aspect of figuring out how to bet on the Preakness Stakes online is ensuring you understand the odds. For example, the 2021 odds for Preakness betting contenders looked like:

The horse with the lowest odds (Midnight Bourbon) was favored to win the 2021 Preakness Stakes, while the other horses were all considered underdogs.

If you thought Authentic would win the Preakness Stakes and you wagered $100 on that horse, you’d get a payout of $250 had he won. You would receive your $100 back in addition to your winnings of $150.

Preakness Stakes History: Betting Odds And Preakness Winners

How To Bet On The Preakness Stakes And Win

Bettors often wonder when is the Preakness Stakes? The Preakness takes place two weeks after the Kentucky Derby every year. If you’re looking to learn how to bet on the Preakness Stakes and win big, you’re in luck. Let’s look at some Preakness Stakes tips and betting options below.

From the Preakness post positions and odds to everything in between, our betting guide has you covered. These strategies are relevant to all of the Triple Crown races, including the Kentucky Derby and Belmont Stakes, as well as most other races throughout the year, including the Breeders’ Cup.

Straight Bet: Win, Place, Show

If you want to place some bets on your favorite horses at this year’s Preakness Stakes, but you don’t know how or where to bet on the race, some of the most basic bets are: win, place and show. These are great options for beginner horse bettors. Win, Place and Show are common bets you can make on a horse to win or finish in the top three of the race.

Win Betting

A win bet is a bet on a horse to finish in first place.

Place Betting

A place bet is a bet on a horse to finish in first or second place.

Show Betting

A show bet is a bet on a horse to finish in the money, third or better.

Across The Board

An across-the-board wager is a bet on a horse to win, place and show. If the horse wins, the bettor collects three ways (win, place and show). If the horse comes in second, the bettor collects two ways (place and show). And if the horse comes in third, the bettor collects one way (show), missing out on the win and place wagers.

The across-the-board bet is like a parlay bet in other sports. It’s pretty much three wagers combined on one big Preakness Stakes ticket. In parlay betting, you could wager on:

Preakness Stakes Horse Matchup Wagering

Instead of handicapping a field of 13 horses and trying to pick a winner, matchups consist of two horses in the field, with a moneyline that’s comparable to what you’d find in other team sports. With match races, you wager on the horse you think will finish ahead of the other horse. It does not matter if that horse wins.

Preakness Stakes Futures Betting

A Preakness Stakes futures wager is when you bet on a winner several weeks or months ahead of the big event. Horseplayers can get their Preakness Stakes betting action down early, and at fixed and often generous odds.

Daily Double Wagering

A daily double bet is a wager where bettors pick the winner of two straight races.

Exacta Bets

An exacta bet, or a perfecta bet, is a wager where bettors pick the top two finishers in the exact order.

Trifecta Box Betting

A trifecta bet is a wager in which the first three finishers must be selected in exact order.

Pick 3, Pick 4 And Pick 6

Pick 3, Pick 4, Pick 6 betting is a form of multi-race bet. A Pick 3 wager means you have to pick the winner of three races in a row. A Pick 4 wager means you have to predict four successive winners, and a Pick 6 wager means you need to pick the winner of six straight races.

Quinella Wagering

A quinella wager is a bet in which the first two finishers must be picked in either order. It’s like an exacta wager only it doesn’t matter what order the two horses you pick come in.