Preakness Stakes Betting Sites

Updated April 9, 2024

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. This is the right place to find out your Preakness Stakes best bets and the right places to bet the Preakness Stakes online!

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

Best Preakness Stakes Betting Sites

Bovada

Odds

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

Bonuses

SIA will match a 50% initial deposit bonus up to $250.

It isn’t one of the most reputable online sportsbooks 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.

Read Bovada Review
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BetOnline

Odds

BetOnline 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

Bonuses

Score a 50% Welcome Bonus up to $1,000 on your first-ever BetOnline deposit.

Among the experienced betting community, BetOnline 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 BetOnline Review
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BetUS

Odds

BetUS 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

Bonuses

A bonus of up to $2500 in free bets awaits players when they deposit the same amount.

BetUS 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 BetUS Review
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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 guide

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.

2023 Preakness Stakes Best Bets

Even though the field for the Preakness Stakes does not take clear shape until after the Kentucky Derby, it is not too early to start getting to know the horses you will probably see on Preakness Day. After all, getting to know them now can give you a head start on deciding which horses are the Preakness Stakes best bets.

2023 Kentucky Derby Horses

Many of the runners in the Preakness every year come out of the Kentucky Derby. Although Rich Strike did not contest the Preakness after winning the 2022 Kentucky Derby, he was an aberration. Most horses who win the Kentucky Derby go on to the Preakness because it keeps their hopes alive for the best prize in Thoroughbred racing: the Triple Crown.

The heavy favorite for the 2023 Kentucky Derby is Forte, the winner of the Florida Derby (G1) and the Breeders’ Cup Juvenile (G1) last year. Last year’s champion juvenile colt, he has been just as impressive at age three and is trained by two-time Kentucky Derby winner Todd Pletcher. If Forte wins the Derby expect Pletcher to run him in the Preakness; if Forte is defeated, expect to see Forte surface later.

Other well-fancied horses in the Kentucky Derby include Tapit Trice, Kingsbarns, Practical Move, and Derma Sotogake. All of these horses come into the Kentucky Derby in extremely strong form. If they do well in the Derby and press on to the Preakness, take a particular look at Kingsbarns, Practical Move, or Derma Sotogake; they all have the tactical speed that plays so well in the Preakness at Pimlico.

2023 Preakness New Shooters

In addition to the horses who ran in the Kentucky Derby, some horses go straight to the Preakness Stakes from other races. When betting on Preakness Stakes horses, paying proper attention and finding the best of the horses who didn’t run in the Derby can be your ticket to profit: consider well-priced winners like Early Voting, Swiss Skydiver, Cloud Computing, and Rombauer in recent years.

Some horses target the Preakness because they do not have enough Kentucky Derby points to make it to Churchill. Such contenders include Mandarin Hero, second in the Santa Anita Derby (G1), and First Mission, a later-blooming horse who earned his first points in mid-April when he won the 20-point Lexington.

Other Preakness contenders, like 2021 winner Rombauer, cam come out of races that award a free berth to the Preakness. Chase the Chaos won the El Camino Real Derby at Golden Gate (the same race Rombauer won), Perform won the Federico Tesio at Laurel, and Red Route One won the Bath House Row at Oaklawn. Pay particular attention to Red Route One if he goes to the Preakness, as he has a strong record of being competitive against Derby-bound horses.

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 2023

The win bet is an obvious one and is the bread-and-butter not only of the Preakness Stakes, but all 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 the section about 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 do Preakness Stakes betting odds work?

Typically, Preakness Stakes odds begin to coalesce after the Kentucky Derby is finished. This makes sense; since most of the field depends on horses who run well in the Kentucky Derby, well enough that their trainers and owners think they can hold their form for another major race in just two weeks.

Keep in mind that Preakness Stakes betting odds are always subject to change and the further the actual event is, the more likely lines will shift. This page was most recently updated on April 25, 2023.

BovadaBetOnlineBetUS
ForteTBATBATBA
Tapit TriceTBATBATBA
KingsbarnsTBATBATBA
Practical MoveTBATBATBA
Mandarin HeroTBATBATBA
Blazing SevensTBATBATBA
Red Route OneTBATBATBA
First MissionTBATBATBA
Chase the ChaosTBATBATBA

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, they still happen occasionally.

2023 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 20, 2023.

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 147 editions of the Preakness Stakes 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 first edition was in 1873, and was named after Preakness, the first-ever horse to win a stakes race on the very first day Pimlico opened in 1870

The Preakness Stakes is 1 3/16 miles long (9.5 furlongs or about 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 notable records from the Preakness Stakes:

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 many good online sportsbooks for both American and Canadian bettors. We’ve listed some of the best, and our reviews can help you take the guesswork out of choosing a place to play. 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.

Preakness Stakes Betting FAQ

These are questions that bettors like you often have about how to bet the Preakness Stakes. They can help you have an easy and fun Preakness Stakes betting experience!

Can you bet the Preakness Stakes online?

Yes! Betting the Preakness Stakes is legal in many states and provinces, and online betting sites bring the excitement and value of the best casinos and sportsbooks to anywhere with an internet connection! Taking a few minutes now to read our reviews and find out the best betting sites for how you wager can help you earn bonuses, build your bankroll, and maximize your profits!

What do Preakness Stakes betting odds mean?

Preakness Stakes betting odds reflect each horse’s chances of winning the race. When deciding who to bet on, you are looking for betting odds that are better than the horse’s actual chance to win. When you find that, it’s called an overlay, and it’s the perfect time to bet.

Online betting sites show Preakness Stakes betting odds in three formats. If you know how to read them, you will be able to understand odds like a pro.

American: This is the same format sports betting odds are typically shown in, particularly in the United States. A positive number reflects how much you win if you bet $100 on the horse. So, betting $1.00 on a horse at +250 means you get back $3.50 if the horse wins: $2.50 in profit plus your initial $1.00 stake. A negative number, on the other hand, shows how much you have to bet to get $100 in profit. So, if you bet $1.00 on a horse at -125 and the horse wins, you get back $1.80: $0.80 in profit plus $1.00 in stake.

Decimal: Decimal odds reflect what you get back, including both winnings and betting stake, per dollar that you bet if your horse wins. So, if you bet $1.00 on a horse at 3.50 odds, you get back $3.50: $2.50 in winnings plus your initial $1.00 in stake.

Fractional: Fractional odds show, as a fraction, the winnings you reap if your horse wins. So, if you bet $1.00 on a horse at 5/2 fractional odds and the horse wins, you get $3.50: $2.50 in winnings, plus getting back your $1.00 betting stake.

When can I bet the Preakness Stakes online?

Most betting on Preakness Stakes horses starts after the Kentucky Derby, since that is when the field begins to take shape. Start tracking the odds in those days after the Run for the Roses, and be ready to place your bets when you see an overlay on your horse.

Why is Preakness Stakes betting online better than going to the track?

Betting on Preakness Stakes horses online is more convenient than going to the track because you can do it anywhere with an internet connection. You can play from a betting website on a phone, tablet, or computer; some sites also offer slick mobile apps that provide one-touch betting!

Betting the Preakness Stakes online is also better than betting it at the track because you can do it earlier. At the track, you can only bet it on the weekend of the race; online, you can take advantage of futures odds in the weeks leading into the race. And, if you bet at the track you don’t know your odds until post time. At many online sportsbooks, you can lock in your price.

Can you watch the Preakness Stakes online?

Yes, you can watch the Preakness Stakes online. Some online wagering sites offer online streaming of racetracks, though not all of them do. If your most profitable choice does not, do not fear! In addition to broadcasting the race on its flagship TV network, NBC also streams the Preakness Stakes on its Peacock service, making it easy to watch the race live on an internet-connected device.

About the Author

Trent Reinsmith
Trent Reinsmith

Trent’s your man when it comes to all things sports. He covers a wide range of sports for Sports Betting Sites, and has been published in some pretty reputable outlets, such as USA Today Sports, Vice, Bloody Elbow, Fight! Magazine, UFC 360, and Narratively. Trent’s got the inside track on all the happenings in the world of sports.

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