A guide to betting on the Preakness Stakes horse race: Where and how to place bets, odds and more

The Preakness Stakes are always on the third Saturday of May, two weeks after the Kentucky Derby.

Horse racing is a popular sport to bet on. While there is an emphasis on horse racing in the spring, the sport is year round, and you can find racetracks around the country with American Thoroughbreds nearly any time. 

The Kentucky Derby, Preakness Stakes and Belmont Stakes are the popular horse races in the springtime that make up the Triple Crown. 

The Preakness Stakes is second in the racing lineup. The race has been around since 1873 and is held on the third Saturday of May each year. The race takes place in Baltimore at Pimlico Race Course

When it comes to betting on the horse races, there are a variety of bets you can place and a number of ways to make those bets. Many states allow online betting for horse races, but before placing bets make sure it's legal in your home state. 

The running of the 2022 Preakness

The venue for the Preakness Stakes is the Pimlico Race Course. (Patrick Smith/Getty Images)


If you're curious on how to bet the Preakness Stakes race, read on for wagers, odds and more. 

  1. What kind of wagers can I place on the Preakness Stakes race?
  2. Where to bet on the Preakness Stakes race?
  3. What do odds mean when betting on horse racing?

1. What kind of wagers can I place on the Preakness Stakes race?

Before placing bets, you'll want to consider how much money you want to spend, what the payout will be for your bets and the levels of difficulty for wagering on different outcomes. Keep in mind that the harder the bet is to win, the more the payoff is going to be.

The Pimlico Race Course website highlights a variety of betting options and the level of difficulty for each.


Preakness Stakes horses racing

There are lots of different bets you can make on the Preakness Stakes, all with different levels of difficulty. (Patrick Smith/Getty Images)

The easiest bets you can place are for win, place and show. For a win bet, you simply pick the winner of the race. In a place bet, the horse you choose must either place first or second. For a show bet, the horse you pick must land in the top three spots. 

placeholderThen, there are moderate bets. Bets that fall under the moderate category are exacta, quinella and double. In an exacta bet, you have to choose the first and second place winner of the race in order. In a quinella bet, you pick the first two finishers, but the order does not matter. For a double bet, you must pick the winner of two races in a row. 

Also, you can place trifecta, superfecta and pick 3 bets. In a trifecta bet, you must pick the first three finishers of the race in the correct sequence. Superfecta means you must pick the first four finishers of the race in the proper order. Lastly, for pick 3 bets you have to correctly choose the winner of three races in a row.

The hardest level of difficulty include pick 4, pick 5 and pick 6 bets. For a pick 4 bet, you have to choose the winner of four races in a row. For pick 5, you have to pick the winner of 5 races in a row. Finally, there's pick 6, where you have to pick the winner of 6 races in a row. 


The Preakness Stakes track

You can still bet on the Preakness Stakes, even if you are not attending the event. (Paul Morigi/Getty Images for 1/ST)

Once you decide what bet (or bets) you are going to place, it’s time to pick your horses. When you pick your horse, use their number to make the bet. 

The final step is to place your bet.

2. Where to bet on the Preakness Stakes race?

If you are attending the Preakness Stakes, you can make your bets in person. If you are not attending the race, but want to make your bet in person, check your local casinos, as they may be taking bets if it is legal in your state. 


You can also place bets online or through a mobile app. Many states have legalized betting online and through mobile apps.

States where you can legally bet online and through apps:

  • Alabama
  • Arizona
  • Arkansas
  • California
  • Colorado
  • Connecticut
  • Delaware
  • Florida
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Maryland
  • Massachusetts
  • Michigan
  • Minnesota
  • Missouri
  • Montana
  • Nebraska
  • New Hampshire
  • New Mexico
  • New York
  • North Dakota
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Dakota
  • Tennessee
  • Vermont
  • Virginia
  • Washington
  • West Virginia
  • Wisconsin
  • Wyoming

There are numerous online platforms and mobile apps you can use to make your horse racing bets from home like BetOnline, Bovada, TwinSpires, BetUS, TVG and FanDuel Racing. 

Hands holding money

In many states, you can bet on the Preakness Stakes in person or at home through an online service. (Jonathan Newton/The Washington Post via Getty Images)

3. What do odds mean when betting on horse racing?

Odds are "the ratio of approximately how much you can expect to win versus how much money you're going to bet," according to the Pimlico Race Course website. 

For example, if you see 8–5 odds, it means that you will win $8 for every $5 that you bet

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