Preakness Stakes Betting Sites

Updated February 9, 2023

The Preakness Stakes, “The People’s Race”, is the second of the Triple Crown races and held two weeks after the Kentucky Derby and three before the Belmont Stakes. It is also the second-most popular horse race in North America and has been contested since 1873. Expect prolific betting action here matched only by the event’s electric atmosphere. Are you ready to get started on your Preakness Stakes betting strategy?

Let’s look at the Preakness Stakes betting overview, which contains:

Best Preakness Stakes Betting Sites

SportsInteraction (SIA)


SportsInteraction is a one-stop shop for many Canadian bettors and offers strong selections of betting odds including the Preakness Stakes with solid betting lines across.


SIA will match a 100% initial deposit bonus up to $200.

It isn’t one of the most reputable online sportsbooks in Canada for nothing. You can’t go wrong with SIA as one of your main books with its strong selection of odds, a wide variety of betting markets, and a competitive signup offer.

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Bet 365 has extensive markets including a dizzying amount of props, plus betting odds that are among the industry leaders including horse racing like the Preakness Stakes


Receive up to $200 in free bets when you sign up with Bet365 pending terms and conditions. A minimum of $5 deposit applies.

Among the experienced betting community, Bet365 is a no-brainer. Its collection of betting markets, great mobile betting and live betting platforms, and occasional promos make it difficult not to recommend and this applies with the horse racing section as well.

Read Bet365 Review



Betway offers strong odds across the board; while it may not be the best odds for Preakness Stakes or horse racing, it is competitive and worth a gander


A bonus of up to $250 in free bets awaits players when they deposit the same amount. More bonus: the casino goes up to $1,000.

Betway is a major player among online sportsbooks and you can tell right away with its stacked lineup of sports, which is easy to peruse with its online set-up. The nice sign-up offer and many options to deposit only make this book more accessible.

Read Betway Review

Preakness Stakes betting picks

The Preakness Stakes is second only to the Kentucky Derby in terms of prestige and popularity as evidence by its betting stubs, attendance, and overall prominence. As , the Preakness Stakes attracts significant betting action.

Due to the high volume of betting, the Preakness Stakes is usually well-scouted and analyzed by oddsmakers. There’s a reason why underdogs don’t usually emerge victorious here and when they do, it usually becomes a big deal in the sports world.

To start with the Preakness Stakes betting picks, it’s best to understand how the betting works. Horse races have one winner and if your intention is to simply pick the winner, this is more straightforward but can still be complex due to the nature of betting odds.

Not all horses are equal and the Preakness Stakes betting odds will reflect that. Some horses have a better shot at winning hence why you will have to shell more money but have slighter returns. These are the favourites. Conversely, an underdog is a horse who is more likely to lose hence betting on them will yield more return than your initial investment.

These odds also apply to other betting markets that do not focus on who will win or what place the horse will finish. These are referred to as “props”, and are specific situations that take place around the Preakness Stakes such as a horse breaking a record, the time of the winner, and what letter the horse’s name starts with.

There is much to learn about horse racing betting or the Preakness Stakes and we advise you to read through betting articles and look through online sportsbooks to keep learning.

preakness stakes betting

Preakness Stakes betting preview

People bet for two reasons: because they enjoy it and because they want to win money. Sometimes it can be both. For the main part, the first identifies casual players: those who would throw in a couple of bucks on the Preakness Stakes once in a while. The second type are more of the professionals and hardcore fans: the ones who know horse racing betting like the back of their hand. Both can benefit from this Preakness Stakes betting guide.

Casual players don’t dedicate most of their free time to researching the Preakness Stakes and make bets off of other people’s opinions or on a sheer whim. But as the nature of betting belies, sometimes these folks can strike it rich while their more analytical counterparts flunk.

This usually happens when there is an upset. They don’t happen often and usually bettors who simply throw money arbitrarily or bet on the biggest underdog end up with nothing. However, there have been some cases where they’ve cleaned house.

In 1975, Master Derby became the biggest underdog at 23-1 to win the Preakness Stakes when he upset favourite Foolish Pleasure by one length. Eight years later, Deputed Testamony, a local horse, won at 15-1 odds. And recently in 2013, Oxbow made a miraculous run and won as a 15-1 underdog.

Everyone (except oddsmakers and chalkers (bettors who bet heavily on favourites)) love a good underdog story. This is why many people casually bet. Winning the lottery, cashing out big in a casino, or striking it rich when the longshot horse wins the race captures a feeling that can never be replicated. 

But take heed that these magical events are few and far in between. We’d all love to be the lucky one to win with that big underdog. Temper expectations and have a betting budget, but cheer your heart out for your dark horse.


What can you bet on during the Preakness Stakes?

Betting is hitting all-time records with the Preakness Stakes much like the Kentucky Derby. Not having as many markets as the Derby can be a blessing, especially for those who want to hone in on select bets. Although fewer in bets, the Preakness Stakes still sports plenty of action.  Check out these Preakness Stakes betting tips!

Preakness Stakes Winner 2021

This is an obvious one and is the bread-and-butter not only of the Preakness Stakes, but horse racing events. Everyone’s out to figure out who is going to emerge victorious. And the way the odds here look can vary from year to year.

In most years, there is already an established favorite or a group of favourites. It is rare to see a Preakness Stakes where it was a free-for-all. In some cases, the narrative becomes about what the favourite can do: break records, win the Triple Crown etc. 

This is covered more in prop bets.

Podium finish

Next to picking the Preakness Stakes’s outright winner is choosing between the horses and what place they will finish in. This is usually limited to what place in the top three will they finish or if they will finish in the top three at all (a podium finish). 

You can usually find these types of bets for all the horses in the race. And they can be formatted in different ways depending on the sportsbook or the year of the race (some years have a higher profile than the others):

Prop bets: events and horses etc. 

While not as bountiful as the Derby, the Preakness Stakes still offers a smorgasbord of prop bets. Both new bettors and seasoned pros will find more than enough to sink their teeth into. Here are some of the more popular event props that get released routinely:

Since the horses run this race, literally, you’ll find plenty of props centered around them. These vary from the conventional to the funky and can encompass such metrics such as:

The Kentucky Derby tends to have more props that include anything other than general event props or horse-related bets such as props for jockeys, owners, and trainers. It is possible for the Preakness Stakes to include these props although it may be rare and only on higher profile years, which features superstars. 

Examples of these types of prop bets may include:

As far as prop bets go, they can be unique and limited to circumstance. They usually also have lower limits than the conventional bets. Pay attention to them differently than the straightforward “choose a winner” types of markets.

Strategies for Preakness Stakes Wagering

Strategies for Preakness Stakes betting can vary event-to-event, although there are some betting principles that stay timeless. 

Firstly, identify your skill level. If you are a beginner, the first thing you need to do is become familiar on two fronts: how the Preakness Stakes works from a sport standpoint and how Preakness Stakes betting goes.

Do your homework. Read news articles about the Preakness Stakes and about what is happening. Search the event’s history and what the betting scene is like.

Once you have some knowledge of how this all works, you will need to look at the betting markets offered. From there, you will be able to tell which kinds of bets you understand and are confident enough to play versus the ones that you don’t.

A lot of Preakness Stakes betting is like betting in general: it’s about managing risk and maintaining discipline. This means having a clear goal in mind. What do you hope to accomplish? 

When you’ve identified your skill level, scouted the available odds, and settled on your goal, you can now create a betting strategy around this. And as we mentioned, this starts with reading up on the race, shopping around for odds, and managing your bankroll. Last but not least, take notes of your progress.

How does Preakness Stakes betting work?

Like the Derby, Preakness Stakes odds are available all year round. It is usually reliant on the Derby as oddsmakers use this as a measuring stick when lining the horses. Odds can be released as early as when the current Preakness Stakes ends depending on the book. Keep in mind that odds are always subject to change and the further the actual event is, the more likely lines will shift.

Since the Preakness Stakes betting takes place just two short weeks after the Derby, oddsmakers don’t have as much time to analyze it as opposed to the Derby, which is almost a full year after the Belmont Stakes. Although the upsets are not as significant as the Derby, the still happen occasionally.

2022 Preakness Stakes Schedule

The Preakness Stakes takes place two weeks after the Kentucky Derby, so around mid to late May. This year it is scheduled for May 21, 2022

The calendar for the Preakness Stakes, including the Preakness Stakes Festival is usually released about a year before the event. Tickets go on a sale as soon as the event is released.

After a few years with COVID restrictions, things are returning to close to normal at this year’s Preakness festival

Preakness Stakes Betting history

The 146 races the Preakness Stakes has carried means there is just as much history here as the Derby. In fact, the Preakness Stakes was run almost two whole years before it.

The Preakness Stakes is 1 mile and 3/16 long (9.5 furlongs or 1,900 meters) on a dirt track.It is the shortest of the three Triple Crown races. Qualified colts and geldings are to weigh 126 lbs (57.2 kilos) while fillies come in at 121 lbs (55 kilos).

The total purse is $1.5 million with $900,000 being awarded to the first-placed finisher.

Here are a list of the Preakness Stakes’s notable records:

Our take-aways

Upsets are amazing, but don’t bank on them

While upsets are always memorable, they are only profitable for a few people. And it usually is by fluke. Not many upsets happen at the Preakness Stakes, which is also why the few that do are big deals. But don’t be discouraged from picking the dark horse. Expect the worst, hope for the best.

There is no one true “best online sportsbook” for Preakness Stakes betting

There are hundreds of good online sportsbooks and several are great for Canadians. We’ve listed some of the best, but feel free to find and review as many sportsbooks as you can. There is no harm in learning about more. Analyze your options and sign up for more than one book to reap the benefits.

The Preakness Stakes betting is only getting bigger
With new betting records set just in 2019, Preakness Stakes wagering isn’t going anywhere. With horse racing betting becoming legal and normalized, expect more money to come into the Preakness Stakes. This could mean more betting markets, more scrutinized betting lines, and of course, the potential for bigger upsets.

About the Author

Pandora Hughes
Pandora Hughes

Pandora Hughes is a highly experienced professional in the betting industry, with over 15 years of expertise. She has made significant contributions to leading organizations in the field, including Betfair, ESPN, and Sporting Life. With her deep understanding of sports betting, you can find her insightful and informative reviews, articles, and previews on this platform. Pandora’s extensive knowledge and years of experience make her a valuable resource for anyone interested in sports betting.

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