Seize the Win: Your Ultimate Preakness Stakes Betting Guide

Our Preakness Stakes betting guide will tell you everything you need to know about wagering on the second leg of the Triple Crown. We take a look at some of the popular wagers, provide some historical context for the race, and hand out tips for beginner and intermediate bettors.

The key to success with Preakness Stakes betting is to keep a level head, know your wagers, and bet for value instead of fun. Following the tips in this article will take you one step closer to making money from horse race betting.

About the Preakness Stakes

Preakness Stakes Best Bets

Betting on the Preakness Stakes for Beginners?

Preakness Stakes Betting Tips

Betting on the Preakness Stakes for Profit

About the Preakness Stakes

The Preakness Stakes, also known as the “Middle Jewel” of the American Triple Crown, after the Kentucky Derby and preceding the Belmont Stakes. Preakness is a Grade I race run over a distance of 1 3/16 miles (approximately 1.9 kilometers) on a dirt track.

The race is held annually on the third Saturday in May, on Armed Forces Day, at the Pimlico Race Course in Baltimore, Maryland.

Only three-year-old Thoroughbred horses are eligible to enter the Preakness Stakes. They earn points through a system based on their finishing positions in designated races leading up to the Preakness. The horses with the most points get priority for entering the field, with a maximum of 14 horses allowed to compete.

First run in 1873, the Preakness is named after a winning horse from Pimlico’s inaugural year. The winner is draped with a blanket of black-eyed Susans, Maryland’s state flower.

Is it legal to bet on the Preakness Stakes?

It is legal to bet on the Preakness Stakes in the United States. You can wager at the racetrack or online at approved sportsbooks.

Forty of the fifty states have a regulated market for pari-mutuel betting on horse racing, and for those in non-regulated states, offshore racebooks are available.

Preakness Stakes Best Bets

The Preakness Stakes is one of the most important horse races in the world, and with it comes a wide range of betting options. Win, Place, and Show are the most popular betting options, but exotic wagers like exacta, trifecta, and superfecta are also available.

As per tradition, all odds on horse races are displayed in fractional odds. For American bettors, this can be confusing, so you can always use an online odds converter to switch to American odds.

Let’s take a look at some of the most popular Preakness Stakes betting options:

Win

The Win wager is the simplest wager to understand. You’re essentially betting on one horse to win the race as #1. This wager offers a high payout due to the lower chance of winning.

Example: You bet $10 on Horse A to win at odds of 5/1 (read as five to one). If Horse A wins, you receive $60 (your $10 bet back + ($10 x 5) = $60).

When you place a Win wager at Preakness, you’re betting against 13 other horses, so you take a lot of risk. Not only do you have to consider the odds on your horse, but you have to think about the other favorites and any underdog competition that might shoot through to the top.

Place

The Place bet gives you a bit more flexibility because your horse can either place first or second for you to win your wager.

Example: You bet $10 on Horse B to place at odds of 3/2. If Horse B finishes either first or second, you win $25 (your $10 bet back + ($10 x 3/2) = $25).

The Place wager doesn’t pay out as much as the Win wager because your risk is lower. You’ve essentially doubled your chances of success by opening up the win conditions. There is no additional payout of your horse places first, you’d still receive the same amount.

Show

The Show wager opens up the win conditions even further, allowing you to bring home a win if your horse places first, second, or third.

Example: You bet $10 on Horse C to show at odds of 2/1. If Horse C finishes in any of the top three positions, you receive $30 (your $10 bet back + ($10 x 2) = $30).

Exotic Bets

In addition to the Win, Place, Show wagers, Preakness Stakes bettors have a few other options.

Exacta: Picking the first and second place finishers in the correct order. (e.g., Horse A wins, Horse B finishes second)
Trifecta: Picking the first, second, and third place finishers in the correct order. (e.g., Horse A wins, Horse B finishes second, Horse C finishes third)
Superfecta: Picking the first, second, third, and fourth place finishers in the correct order. (e.g., Horse A wins, Horse B finishes second, Horse C finishes third, Horse D finishes fourth)
Super High Five: Picking the first, second, third, fourth, and fifth place finishers in the correct order. (Less common than the others)
Box Wagers: Variations of the above (Exacta Box, Trifecta Box, etc.) where you choose a wider range of horses to potentially finish in those positions, increasing your chance of winning but reducing the payout.

Exotics wagers carry more risk than if you were to bet on just one horse. Think of them as the parlay of horse racing. Even if you hit one portion of your wager, and the other one fails, you’ll lose your stake.

Futures

Futures wagers for horse racing are placed well in advance of the race, typically weeks or even months before.

Example: You wager on a specific horse to win the Preakness Stakes in February at odds of 10/1. If that horse wins the race, your bet pays out regardless of its performance in other races leading up to the Preakness.

Futures offer very high payouts because of the long odds and the risk you’re taking. However, horse racing futures aren’t usually that common among serious because they are just too risky.

The horse you pick might not even enter the Preakness, and your wager wouldn’t be refunded!

Props

Prop bets can be a fun way to add excitement to the race and potentially win on something other than just the winner. With props, you’re betting on other race outcomes, not the final winners.

Winning Margin: Picking the range by which the winning horse prevails (e.g., win by a nose, a length, etc.).
Post Position: Betting on the starting gate number (post position) of the winning horse.
Trainer or Jockey Performance: Wagering on a specific trainer or jockey having a winning horse in the race.
Race Timing: You can bet over/under on what the final race time will be, regardless of which horse runs it.

Props can certainly spice up your bet slip, but they’re pretty difficult to research. The only one on this list that’s viable as a skill-based wager is the race timing wager. You can look at historical data for the times at Preakness and make an educated guess, but it does still carry some risk.

What’s the Best Way to Bet on the Preakness Stakes for Beginners?

If you’re just getting started with Preakness Stakes betting, we’d recommend staying away from the Win and exotic wagers. While more experienced bettors can leverage these to their advantage, their risk makes them unideal for beginners.

Instead, consider placing Show or Place wagers. These types of bets give you more flexibility by enhancing your chances of winning. (Instead of betting on one horse to win it all, you’re betting on them to make the top two or the top three).

If this is too easy for you, consider placing a prop wager to spice things up. While it can be hard to research some of the props available on the Preakness Stakes, if you bet conservatively and cast a wide net, you could see some profit.

Preakness Stakes Betting Tips

Since the Preakness Stakes only comes around once per year, you have plenty of time to research and prepare. As you’re looking at historical stats for horses, make sure you’re also thinking about the following:

Racing Conditions

Pimilco typically has a dirt track. However, weather conditions can significantly alter the track’s surface. For instance, heavy rain can turn the dirt into a muddy track, which requires a different running style from the horses than a dry and fast track. A closer with a strong finishing kick might struggle on a muddy track that favors front-runners.

A sloppy track can slow down the race overall. Researching historical data on Preakness races run under similar conditions can help set realistic expectations for race timing and potential winners.

Plus, severe weather or a very muddy track might lead some trainers to scratch their horses from the race. They often do this for the horses’ safety, but it can impact the odds significantly.

Research the Jockey

The horses are truly the stars of the Preakness Stakes, but that doesn’t mean you should ignore the jockey entirely. Jockeys have distinct styles; some are known for being aggressive front-runners, while others excel at making strategic late surges. Understanding a jockey’s style can help you predict how they’ll handle a particular horse and the overall race strategy.

Plus, a jockey’s experience in high-stakes races like the Triple Crown can be a valuable asset. Riders who have thrived in intense environments are more likely to make cool decisions and navigate the chaos of the race effectively.

Use Picks and Predictions to Your Advantage

Leading up to the race, handicappers and horse racing experts put out tons of picks and predictions. Take some time to read over what the professionals are saying, but make sure you take their advice with a grain of salt.

Horse racing is not a super volatile sport, but upsets do happen, so be wary of betting on the favorite all the time. Instead, look at the handicapper’s track record to see which horse wagers they’ve won, and which have fallen short. Have they correctly predicted most big races? Or are they better at betting on Triple Crown qualifiers and smaller competitions? Knowing the handicapper’s weakness can help you identify opportunities they may have missed.

Try Out Different Bet Types

If you’re coming to horse racing from another kind of sports betting, like NBA or MLB, you might be tempted to just stick with what you know and place a Win wager. Even though this straightforward bet is like a moneyline, there’s a bit more risk involved, especially if you’re not betting on the favorite.

Instead, use the Place and Show wagers to have a better chance of winning. And if you’re having trouble choosing which horse to place a wager on, consider hedging your bets at another sportsbook. If you were to choose Mystik Dan to Place at one bookie, but still have hope for Fierceness, consider placing a lower-value wager on him at a different sportsbook. Hedging is a great way to make a profit, no matter if you win or lose, just be smart about your choices.

Betting on the Preakness Stakes for Profit

Fresh off running the Kentucky Derby, tensions are usually quite high at Preakness, for competitors and fans alike. However, don’t let the hype impact your critical thinking skills. Be sure to do the necessary research before placing a wager.

Beginners should start out practicing Place and Show wagers on smaller races throughout the year before betting on Preakness. Avoiding risk is difficult, but placing smart wagers you’re familiar with will work wonders.

And if you’re seriously looking to profit off the race, consider signing up for a pro handicapper’s picks. Scores and Stats has many handicappers on the payroll that have made a living off betting on horses. To get access to their full roster of picks and data, consider signing up for our premium subscription.