Preakness Stakes Betting Sites 2024

Second only to the Kentucky Derby, the Preakness Stakes is one of the nation’s most prestigious horse racing events — making up the second leg of the illustrious Triple Crown.

Few races are as exciting. And while the Preakness Stakes may come in second to the Kentucky Derby for popularity, keen sports bettors are well aware that results of the Run for the Roses can be accurately used to predict the winner of the Run for the Black-Eyed Susans, making the Preakness Stakes a perfect entry point for sports bettors looking to get started in the Sport of Kings.

Hosted at the Pimlico Race Course in Baltimore, Maryland — the Preakness Stakes is one of the oldest US thoroughbred horse races, having first been hosted back in 1873. Of course, a lot has changed since then. An original purse of $3,000 has since had multiple increases, now rising to $1.65 million as of 2023. Though one thing that hasn’t changed about the Preakness Stakes is its popularity for horse racing bettors, being one of the most popular events for American sports betting. In fact, with over $100 million wagered on the race annually, it can be argued that it’s just as important for horse racing bettors as it is for the jockeys and stables who compete.

Unsurprisingly, just about every US racebook offers action on the Preakness Stakes. Though just as only the best horses can race in the Preakness Stakes, so should you only look to bet with the best racebooks for this monumental event. So consider this article your one-stop handicap guide for the Preakness Stakes — including the best racebooks and insights into the most profitable bets the pros make. Plus, as an added bonus, we’ll show you how to get more bang for your buck by using exclusive Preakness Stakes promos.

What is the Preakness Stakes

The Middle Jewel of the Triple Crown, the Preakness Stakes is the second leg of Thoroughbred racing’s most prestigious series of horse races. The Preakness Stakes is typically held on the third Saturday of May — two weeks after the Kentucky Derby and three weeks before the Belmont Stakes. Held in Maryland at the Pimlico Race Course, it is the shortest of the three races.

Like the other races making up the Triple Crown, the Preakness Stakes is only open to three-year-old thoroughbreds. Colts do typically dominate the proceedings — although over its 150 year history, there have been some geldings and even fillies that have won the competition.

For a quick overview of this prestigious event, check out the below table.

Understanding Preakness Stakes Betting Odds

Like most horse racing betting, the Preakness Stakes uses a parimutuel betting system. What this means is that rather than placing fixed odds bets against the house, you’re instead placing bets against other bettors. One of the results of this is that rather than having fixed odds, the odds of a horse will vary based on how other users are betting.

The more popular a horse is, the smaller the Preakness Stakes odds. This also means that final odds aren’t calculated until all betting has finished. A racebook will still advertise what the odds currently are as well as the morning line (estimated odds), but you should keep that these are just approximations and are subject to change.

One way to think of it is kind of like playing Texas Hold’Em poker at a casino. You’re not playing against the house, but rather other players — with each pot being subject to the casino’s rake or in the case of a racebook, their take (usually about 10%). As such, there’s a considerable skill element to betting on the Preakness Stakes, far more than that of other sports. Because of this, to come out ahead, you’ll need to do more research than your opponents and make sure you consider all the factors.

How To Bet On The Preakness Stakes

Because the Preakness Stakes is such a massive event, betting on it is pretty easy.

1. Using our secure links, navigate to your chosen racebook.
2. Complete the registration process, make your first deposit, and claim your welcome bonus.
3. Check out the Preakness Stakes section and make your bets.

Since the Preakness Stakes is a one-day, one-race event, you don’t need to worry about betting markets like futures unless you’re looking to bet on the Kentucky Derby winner and are interested in picking them to be the Triple Crown winner.

Instead, you only need to worry about one event. This might sound easy, and while the sign-up process and ease of use may make it easy to place a bet, identifying the right bet takes a lot of skill. If you’ve bet on horses before, you’ll probably have your own system down pat. Though even so, for newcomers and veterans alike, we recommend you check out the next section for our expert tips on betting on the Preakness Stakes.

Preakness Stakes Betting Tips and Strategies

Due to the popularity of the Preakness Stakes it attracts a large crowd of bettors — both pros and amateurs alike, and since horse racing uses a parimutuel betting system, you’ll need to come in prepared if you plan on winning. Of course, many pros will have their own system, and if this is your first bet, it’s unrealistic to think that you’ll beat them. But that’s okay. Most of the bettors on the Preakness Stakes aren’t serious players, and you’ll only have to beat these users to come out ahead.

Below, we’ll give you our crash course on betting tips and strategies for the Preakness Stakes.

• Watch the Kentucky Derby — Being the Middle Jewel of the Triple Crown means that many of the horses in the Kentucky Derby will also be in the Preakness Stakes. By watching the race either live or as a replay, you’ll be able to get a good idea of the horses and their styles.
• Analyze Recent Form & Past Events — In horse racing, form is everything. Analyzing recent results, especially at the Pimlico Race Course or tracks similar to you’ll be able to see how a horse typically goes under similar conditions.
• Monitor the Weather & Track Condition — Track conditions can make an otherwise familiar course seem foreign. A horse that loves to run on dry grass can hate running in the mud and perform poorly in such courses. As such, just like you need to analyze recent form, you should also examine how horses run in different weather and then use that information to gauge how they’ll run during the weather of the Preakness Stakes.
• Ignore Betting Advice on Popular Racing Forums — Since odds change based on how people are betting, by following popular advice on racing forums, you’re likely to be following the crowd and thereby losing out when the tracks claim their take. While it can be easy to follow the crowd, it’s better to do your own research.

Practice Proper Bankroll Management — Horse racing is wild. California Chrome seemed an absolute lock for the Triple Crown until he was stepped on while leaving the gate. Because of this, you should never bet too much of your bankroll on one race and should always gamble responsibly by practicing proper bankroll management.

• Bet Late — Since odds aren’t locked in until betting closes, there’s no advantage to betting early. Wait until the very last moment to see if the odds are profitable for your chosen horse before locking in that bet.
• Take Advantage of Bonuses — A Parimutuel betting system means that odds are the same regardless of which site you play on. As such, the only way to get more bang for your buck is by using bonuses that give you bonus bets or bonus cash. The best bonuses are welcome bonuses. To claim these bonuses it’s essential that you sign up for a racebook by using our exclusive links.

History of the Preakness Stakes Horse Race

Wedged in between the two other legs, the Preakness Stakes can sometimes miss out on the limelight, but the Run for the Black-Eyed Susans has had more than its share of historic moments.

• First won by Survivor in 1873.
• The Preakness Stakes has been run at seven different lengths. Though since 1925, it has been run exclusively at 1 3⁄16 miles.
• Legendary horse Secretariat is the record holder of the fastest time at the Preakness Stakes, finishing at 1:53.0 in 1973.
• Master Derby is king of the upsets, winning at 23-1 odds in 1975.
• Rachel Alexandra broke a 75 year duck for fillies by winning the 2009 edition — in doing so, jockey Calvin Borel also became the first jockey to win the first two legs of the Triple Crown with different horses.