Last updated on: July 8th, 2022

Preakness Stakes Betting

Although the first jewel of the crown gets the most attention and fame, it’s 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? LegalSportsBetting.com is here to help! 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.

147th Preakness Stakes Quick Facts

Date: Saturday, May 20, 2023

Location: Pimlico Race Course in Baltimore, Maryland

Post Time: approx. 6:50pm ET

Distance: 1.1875 mi. (9.5 furlongs)

Purse: TBD

Favorite: TBD

Current Odds For The 2023 Preakness Stakes

The Preakness Stakes is one of the major Triple Crown events and odds are hosted similar to other Triple Crown races. Fans can wager on the straight-up winner through futures betting, bet on the trifecta, and even place action on the head-to-head result of select horses. Sportsbooks have not yet posted odds for the 2023 Preakness Stakes, however, as betting on the Kentucky Derby comes first.

Preakness Stakes Winners

  • 2022 – Early Voting +400
  • 2021 – Rombauer +1100
  • 2020 – Swiss Skydiver +1000
  • 2019 – War of Will +600
  • 2018 – Justify -200
  • 2017 – Cloud Computing +1300
  • 2016 – Exaggerator +300

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 MyBookie 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 many legal betting sites currently taking wagers on the Sport of Kings.

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How To Bet On The Preakness

Preakness-StakesBetting on the Preakness Stakes is no different than taking action on any major racing event. Online sportsbooks with horse racing will have betting lines for the big event and you can simply wager from there. You will be able to bet on straight bets like win, place, and show, as well as take action on exotic wagers like exacta, trifecta, and pick 3. The Preakness Stakes is a major draw in the horse race betting world as over $1 million in betting handle is garnered every year for this Triple Crown event. You do not want to miss out on all the potential winnings when betting on the Preakness Stakes.​

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Bovada Sportsbook

Betting On The Preakness At Bovada

Bovada is one of the best online sportsbooks around, and their utility is on full display when it comes to their horse racing section. Bovada has horse race betting going on almost constantly, and when there isn’t horse race betting, they have virtual horse race betting. This attention to detail is on full display when it comes to wagering the Preakness at Bovada. You can place bets on the Preakness earlier at Bovada than other sportsbooks, and their odds are finely tuned to make sure you aren’t losing out on any value. Bovada is easy to get money into and out of and offers promotional bonuses that first-time Preakness bettors can take advantage of. They’re well worth checking out if you plan to wager on the 2022 Preakness Stakes.

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Preakness Stakes Betting Types

The Preakness Stakes comes with a bevy of ways to bet on horse racing. 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, players are wagering on the horse they 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.

Preakness Stakes Winners

  • 2021 – Rombauer +1100
  • 2020 – Swiss Skydiver +1000
  • 2019 – War of Will +600
  • 2018 – Justify -200
  • 2017 – Cloud Computing +1300
  • 2016 – Exaggerator +300