Legal Preakness Stakes Betting

Although the first jewel of the crown gets the most attention and fame, it is legal Preakness Stakes betting that really sets the tone for the remainder of the Triple Crown. Being the second crown jewel of the Triple Crown, this is when people realize whether or not a single horse will achieve the accomplishment of winning the title. People come to the Preakness Stakes hoping the winner of the Kentucky Derby wins the race and builds up excitement for a potential Triple Crown achievement.

If that has gotten you excited, you might be wondering on how you can get into the Preakness Stakes betting. We are here to help you. We are going to give you all the information you will need to bet on the Preakness Stakes legally. There will be information on how you can bet, what kind of wager types you can bet on, and there will be a list of some of the past Preakness Stakes winners. If you are wanting to bet on the horse who won the Kentucky Derby or you are wanting to bet on an underdog instead, then the Preakness Stakes will be a huge race for you either way.

2020 Preakness Stakes Quick Facts

Date: Saturday, Oct 3, 2020​

Location: Pimlico Race Course in Baltimore, Maryland

Post Time: TBD

Distance: 13/16 of a mile

Purse: TBD

Favorite: TBD

Can I Legally Bet On The Preakness?

Horse races are one of the more widely accepted forms of gambling in the United States. It is so widely accepted that you are allowed to bet on horse races across state lines online and at OTB’s that offer simulcasts. There are very few states in the country that has banned horse bet racing. Even in those states, you can bet legally on the Preakness Stakes. That is thanks to online offshore racebooks. Racebooks like Bovada, BetOnline, and 5Dimes all have a dedicated racebook not only to bring you odds on the Preakness, but on the rest of the Triple Crown as well. These websites are completely legal as they are based outside of the United States. They operate legally in their respective countries, and you are allowed to place your bets on these sites. If you are wanting to bet on the Preakness, definitely check out the online offshore racebooks.

How To Bet On The Preakness

Preakness-StakesThe Preakness Stakes started back in 1873 so it has a storied history on being part of the Triple Crown. In the entire history of the Preakness Stakes, there have only been three years when there was no race. The purse money on the Preakness is over $1 million. The 9.5-furlong race takes place every third Saturday in May. Betting on the Preakness is like every other horse race. You can go an online offshore racebook to place your bets on who will win or if you want to raise the stakes, you can do one of the more exotic bets instead.

Current Preakness Stakes 2020 Betting Odds

Betting on the Preakness Stakes has always been popular and it has been gaining popularity over the years. In 2020, it will be the 145 runnings of the Preakness Stakes and it is bound to be exciting. At the moment, it is a bit too early to tell you the odds for the next Preakness Stakes. As of this writing, we only have odds for the 2020 Kentucky Derby and even those are early and are likely to change. However, there are ways to keep up to date with the Preakness Stakes odds. If you go to one of our recommended online offshore racebooks such as Bovada or BetOnline, you will get the latest odds on the 2020 Preakness Stakes and all the horse races happening throughout the year. We definitely recommend that you check them out if you want to keep up to date with horse racing odds.

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Preakness Stakes Betting Types

The Preakness Stakes comes with a bevy of betting types. The options range from straight bets like betting on the win, place, and show to exotic bets like betting on the trifecta or pick 3. These many different betting options are staples in the horse race betting community. You will find no shortage of betting lines for one of the Triple Crown races. The more common ones people tend to wager on are the straight bets, but we give an extensive explanation of all the options afforded to you below.

Straight bets

Win – The most common type is a ‘Win’ bet where you predict which horse you believe will end up being first place.

Place – A Place bet is betting on the horse you think will finish in either second or first. If your horse comes in the top two, then your bet is paid out.

Show – This type of betting is the same idea as a “Place” bet, but here you are betting on the horse you think will finish anywhere between first and third place.

Across The Board – Essentially, you are making a win bet, a place, and a show bet at the same time. If the horse you wagered on gets second place, you will win your place and show bet payouts, but not your win wager. But if it gets first place, then you get all three payouts.

Exotics

Exacta – One of the exotic types of bets you can make is an ‘Exacta’. For a wager to pay out, you must accurately predict who the horses that are going to take first and second place , exactly. If your second-place horse gets first, you will still lose. 

Trifecta – This betting is the same thing, but you will have to also accurately predict who will get third place as well. This is tougher than straight bets because you are betting on two or more horses on a given race.

Pick 3 – ‘Pick 3’ bets are another kind of exotic bet that you can make. You must accurately predict the winner of the next three races and they all must win or your wager will not pay out. It is very similar to parlay sports betting. 

Past Winners Of The Preakness Stakes

The Preakness Stakes has produced a large number of winners within its 140+ years of races. Not all winners have been notable, but there are a few horses we would like to talk about. In 2018, Justify went on to win the Preakness Stakes. He was also the eventual winner of the Triple Crown. The last Triple Crown winner before him was American Pharoah who also won the Triple Crown back in 2015. Before him, the last Triple Crown winner was Affirmed way back in 1978. The most famous winner of the Preakness Stakes was Secretariat who not only won the Triple crown but set the track record at 1 minute 53 seconds exactly. Nearly all of the horses who won the Preakness Stakes were three years old. There was only one horse who was older and won the Preakness Stakes, and that was Montague in 1890, who was five years old.