Betting Academy

How To Bet On The Preakness Stakes Online And Win

The Preakness Stakes, which takes place annually at Pimlico Racecourse in Baltimore, is one of the most exciting horse racing events of the year. It’s the second leg of the Triple Crown.

But it’s always more exciting (and fun) when you know how to bet on the Preakness Stakes – and win. 

Because I hate the bookies with a passion, and because I genuinely want to see others win, I’ve put together a guide that will help you place better bets at the Preakness Stakes. This guide on Preakness Stakes betting will show you how to pick winners and will make the next Preakness Stakes more enjoyable for you.

I’ll be taking a look at the best Preakness Stakes betting sites, and I’ll also be revealing a betting strategy I personally use to make more profits.

Ready? Let’s make a start. 

Best Preakness Stakes Betting Sites

My Bookie

MyBookie is an American betting site that comes with its very own racebook. Here, you will find specials on the Preakness Stakes, as well as great Preakness odds and an excellent user interface. 

Sign up today and grab a 100% match deposit welcome bonus.


Bovada is the U.S.’s biggest sports betting site. When it comes to the Preakness Stakes, Bovada offers more futures props and lines than almost any other site. Bitcoin is accepted, payouts are fast and reliable, and the site is one of America’s most trusted.  

Sign up today and grab a 50% welcome bonus up to $250.


Another reputable American sports betting site, Bet America, is one of the best around when it comes to horse racing in general. You can place all types of Preakness Stakes wagers here, and the site is especially ideal for high rollers who prefer to place bigger stakes. 

Sign up today to qualify for a $1,000 risk-free first wager.

Betting On Preakness Stakes: Full Guide 

Helpful Stats & Facts For Betting On Preakness 

Whenever you place a wager on the Preakness Stakes, it always helps to have a few handy stats and facts by your side. Here are some of my personal favorites: 

  • Only one horse has won the first two legs of the Triple Crown since 1978 (California Chrome did it in 2014)
  • The post-time favorite almost always finishes first or second 
  •  A filly hasn’t won Preakness since 2009
  • The Kentucky Derby winner is generally installed as the favorite for the Preakness 
  • The favorite wins the Preakness Stakes nearly 50% of the time – way more than the Kentucky Derby and Belmont Stakes 
  • The biggest ever upset was in 1975, when a 23-1 horse won 
  • The Preakness is 9.5 furlongs, which makes it the shortest in the Triple Crown. Therefore, it’s less of a test of a horse’s stamina than, say, the Belmont Stakes (12 furlongs) 
  • Top 10 jockeys tend to win 9 races out of 10

The Most Popular Types of Bets 

There are numerous types of Preakness Stakes bets you can place, and you must find one that’s right for you. Here are some of the most popular Preakness picks:

  • Win – A win bet is really simple: You just wager on who you think will win the race. 
  • Place – A place has a worse payoff than a win bet but it’s easier to succeed at. Essentially, you will make a profit if your horse finishes anywhere in the top two.
  • Single race exotic bets – For this wager, you need to pick a horse (or more than one) and guess correctly where they will finish at the end of the race. 
  • Exacta – With an exacta, you need to wager on who will finish in the top two, as well as their exact order.
  • Quinella – This one offers a smaller payout than an exacta, but it’s easier to get right. You need to pick two horses you think will finish in the top two, but you don’t need to wager on the correct order.
  • Trifecta – A trifecta is difficult to get right because you have to guess the finishing order of the top 3 correctly. But it’s a lot of fun. 
  • Superfecta – If you think you can correctly guess the top four finishers, the superfecta bet is for you.
  • Super High 5 – Think a superfecta bet is for amateurs? Try a Super High 5 bet, which requires you to guess the top 5 finishers correctly. As you can imagine, the payoff will be huge.
  • Multi-race exotic bets – Especially if you’ll be spending your whole day watching the Preakness Stakes, a multi-race exotic bet is a lot of fun. Essentially, you need to guess the correct winners of two or more consecutive races. The more wins you win on the spin, the more the excitement builds.

Preakness Stakes Betting Strategy 

To maximize your chances of winning money, it’s key that you have a betting strategy behind you. 

In this section, I’m going to share with you a Preakness betting strategy that numerous other bettors and I have used in the past. It can help you win big – but it’s important to note that past wins don’t guarantee future wins. 

Mix And Match With a Trifecta 

As mentioned earlier, a trifecta bet is when you correctly guess the finishing order of the top 3. It’s one of the best exotic bets around.

Seems like a tall order? 

Well, it kinda is – but there are ways to increase your chances of winning. 

The key to a successful trifecta is to be confident about who will win the race. As we’ve already seen, the favorite tends to win 50% of the Preakness Stakes time. This means that if there’s a strong favorite this year, you can lock that horse in. Then, you just need to fill in the next two spots. 

Naturally, that’s easier said than done. But consider this: At a recent Preakness Stakes, the second and third spots were claimed by second and third favorites. 

That won’t always happen, of course. But the beauty of a trifecta bet is that the payouts are HUGE. If you stake just $1 on a trifecta bet, you could potentially win $140+.

Personally, I place multiple trifecta’s, each one containing a different finishing order. If just one of those lands, I collect. 

And as said, if you’ve got a strong favorite, all you really need to do is correctly guess who will finish second and third. 

Top Tips For Betting On Preakness 

Bet On Jockeys

When casting your eyes over the horses, make sure to check out the jockeys, too. 

Why? Because if a jockey is coming into the race in form, the best jockeys will want him to race their horse.

Back The Favorite To Place 

If you’re looking to dump money on the favorite but aren’t super confident that they’ll win the race, you could back them to at least place. The payout won’t be as high but this is a fairly easy way to make some profit at Preakness. 

Stick To Your Budget 

I’ve seen bettors lose control of their bankroll when their first wager doesn’t come in. 

It’s REALLY important that you set a budget and don’t go beyond it. Otherwise, it won’t be fun anymore. 

And remember – a loss is a loss. It’s not the end of the world. 

Common Online Betting Tools 

  • BetCalculator – Unlike other sports, horse racing betting is all about the odds. To make sure you understand how much a particular wager will yield, use a tool like BetCalculator 
  • OddsChecker – Before you place a wager, you’ll want to shop around for the best odds on the Preakness, as this will maximize your profits. OddsChecker is great for this
  • Google Sheets – One thing I like to do to help me prepare for Preakness Stakes is to create a spreadsheet that records the form of the horses and jockeys coming into the derby. Doing so helps me track form and find patterns and trends. This can help me find value bets and learn more about the favorite. It also helps me with other horse racing events.

Final Word On Preakness Stakes Betting

Thank you for reading my guide to Preakness Stakes betting. The next step is to choose a sportsbook that’s right for you, before grabbing the welcome bonus. Then, use the tips in this article to help you weigh up what wager to place.

More than anything, make sure you have fun – and make sure you don’t wager more than you can afford to lose.

Don’t forget to let me know how you get on in the comments, too!

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