Preakness Stakes Betting: How Do I Get Started?

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Published on 3 Nov 2022 9:27 pm (UK Time)

The Preakness Stakes is the second leg of horse racing’s Triple Crown. While it can sometimes be overlooked because it lacks the same amount of glitz and grandeur as the Kentucky Derby, it is still considered as one of the most important and prestigious horse racing events.

However, if you’re new to betting and want to get in on the action for this year’s 147th running of the Preakness, you need to learn the method and terms involved, as it can be a little complicated for less experienced gamblers like you. Thus, this article is intended to provide you with the necessary information to have a fantastic ol’ day of horse racing betting.

How Can I Place My Bets?

Pick A Racebook

You may head to the Pimlico racecourse, or you may opt to place your bets online and still witness live preakness stakes updates and info. Online horse racing betting enables you to participate in all of the thrills of the races in the comfort of your home while also feeling as if you’re in the bleachers at Pimlico. 

In order to participate in the Preakness Stakes betting online, you should pick a racebook, an online betting platform where you can place your bets. Numerous online betting options are available for the Preakness Stakes. First, however, it is critical to find a reputable and secure online betting site.

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Sign-Up

Once you’ve chosen a racebook, also known as the sportsbook for online horse betting, you’re now up for the next step, which is signing up. You need to complete all the necessary information like your name and deposit info when signing up. After successfully completing the signing-up process, you will be able to place your first Preakness Stakes bets.

Make A Deposit

The next step is to select a deposit method. Most, if not all, online sportsbooks offer several forms of payment, including credit and debit cards, as well as e-wallets. Also, several online sports betting services will enable you to make deposits using cryptocurrencies such as Litecoin, Bitcoin, Ethereum, and Dash, as long as you have a cryptocurrency wallet.

Place Your Bets

After making a deposit, you can now choose the track at Pimlico Race Course, the race number of the horse of the Preakness Stakes, the horse you’ll be betting on, and the kind of bet you want to place on the race. Next, fill the fields with your monetary amount, then send your Preakness Stakes entry form. With this, you are now good to go.

Horse Betting Options Online

There are numerous wagering options when it comes to betting in horse racing online. Each presents an exciting opportunity to win big money at your preferred horse racing betting service. Such options are the following:

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Win, Place, Show

This is one of the most basic forms of gambling and is an excellent wager for novice horse gamblers. A winning wager is a wager on a horse you think will finish first; a place wager is a wager on a horse to come in first or second, and a show wager is a wager on the horses who will place in the top three.

Horse Matchup

When there are so many horses from which you can choose, it might be challenging to decide which one to bet on. A matchup betting narrows the field, allowing you to choose among two horses rather than having to choose every single horse in the race. 

In order to place this type of wager, you must determine which one of the two thoroughbreds will finish first and which will finish second. It makes no difference if one horse wins the race; what matters is that the two horses that you’ve chosen must beat one another.

Future Wagering

A futures wager asks you to select a winner weeks, if not months, in advance of the race. Horse bettors can place their Preakness Stakes wagers early and at fixed, frequently favorable odds.

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Pick 3, 4, And 6

Similar to a parlay, this is a collection of race betting. A Pick 3 requires you to guess the victor of three consecutive races, while a Pick 4 needs you to predict the winner of four consecutive races. A Pick 6, on the other hand, is designed for a more seasoned bettor, as it requires predicting the outcome of six consecutive races.

Preakness Odds And Payouts

Placing your bets in the Preakness Stakes means familiarizing yourself with the odds. For example, Medina Spirit (+180) was one of the most favored to win among the 2021 Preakness Stakes contenders, while the rest remain underdogs. Why? Because the lowest odds are the ones considered the favorites while the highest odds are considered the underdogs.

If you anticipated Medina Spirit would claim a win in the Preakness Stakes and placed a $100 bet on him, you would receive a total payout of $280 if he did indeed win the race. In conjunction with your winnings of $180, you would receive a $100 payback.

Final Thoughts

Given the essential information presented, you may now proceed to place your wagers on the 147th Preakness Stakes. However, do not stop at this knowledge. You must still conduct research and stay informed about the horse you will be wagering.

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