Expert Guide How to Bet on the Preakness Stakes in 2022

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When considering how to bet on the Preakness Stakes, remember that 16 winners this century ran in the Kentucky Derby. It’s often the next logical race for those racehorses to go to.

As the second leg of the US Triple Crown of Thoroughbred Horse Racing, we’ll tell you how to place a bet on the Preakness Stakes. We also explain how wagering works, the payment methods available and popular bet types.

Top Betting Sites for the Preakness Stakes

Before we get into how to bet on the Preakness Stakes, you need to know about the top offshore betting sites available. These offer the best sportsbooks for futures odds ahead of time and racebooks for when you want to wager on the day:

  • BetUS – Bet on the Preakness Stakes early
  • Bovada – Pimlico futures and props available
  • BetOnline – Max 9% daily rebates on racebook
  • MyBookie – Preakness Stakes odds to win ahead of time
  • XBet – Futures betting on the big one at Pimlico
  • Sportsbetting.ag – Also offers 9% daily racebook rebates
  • Betanysports – Racebook Cash Back deal for Pimlico wagers
  • BUSR – $150 racebook bonus for new bettors 
  • GT Bets – Up to 10% weekly rebate on racebook

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How does Preakness Stakes Betting Work?

This article tells you how to bet on the Preakness Stakes. We’ll take you through exactly how wagering work for starters. You’ll find the latest Preakness futures odds at one of our recommended sportsbooks.

These prices are in the standard American format. Epicenter is the +150 favorite this year, because he has the smallest number next to his name on the betting show.

If you’re wondering how to bet $100 on the Preakness Stakes, then there are any number of ways to do it. You could hedge your bets. That means bet on more than one horse in the race, or pile the dollars on a single pick.

A $100 wager on Epicenter returns $250 at those +150 odds. You more than double your money with $150 in profit. As you’ll soon find out, there is more than one way how to bet on Preakness Stakes action.

How to Bet on the Preakness and Sign Up to a Racebook

Want to know how to bet on the Preakness online? It’s easy as pie. Just follow these simple steps:

Step 1 – Choose a Betting Site or Racebook

First up, you need to pick one of out recommended horse racing betting sites that accept bettors from the USA. We say go for an offshore sportsbook and/or racebook as these are easy to access.

Step 2 – Create Your Account

Xbet how to bet on the Preakness

Next, enter your credentials. We’re talking about you email address, name, cell number, date of birth and so on. You will need to add your home address so the online betting account can be verified.

Step 3 – Choose a Payment Method

After creating a password and pin number, you’ll need to pick a payment option. Most sites give you the choice between standard payment options, eWallets and cryptocurrencies.

Step 4 – Select a Bonus Deal

Now pick the sign up deposit bonus offering free bets or free play on the sportsbook or racebook. Any online casino deals won’t help you here, so stick to sports betting or horse racing promos.

Step 5 – Enter a Promo Code

You may be asked to enter a sportsbook promo code when selecting your bonus. This unlocks the deal and awards the free bets you can use for betting on the Preakness Stakes.

Step 6 – Find Preakness Stakes Odds

Xbet how to bet on the Preakness B

With your account all set up, track down the betting market. Preakness Stakes futures odds come under the sportsbook. If you’re wagering on the day of the race, then Pimlico will be listed among the tracks on the racebook.

Step 7 – Place Your Wagers

Finally, select the horse or horses you pick. If it’s the Preakness futures betting, then this fixed odds market is win only. More wagering options are available to you through pari-mutuel betting but more on that later.

Claiming a Betting Bonus for the Preakness Stakes

Part of learning how to bet on the Preakness Stakes is knowing about the bonuses available to you. All of the sharpest sportsbooks in the US or operating offshore will have some promos relating to this event. Let’s take a look at some common ones:

Sign Up Offers

All betting sites worth the time of day have deals for new bettors. Why not use these alongside betting on the Preakness? You sign up and get something in return. That’s how it works.

These deals are typically matched or first deposit bonuses. You must open your account with at least a minimum deposit value and get a percentage on top of that to play with without risking the cash balance.

Free Bets or Free Play

A free play is exactly how to bet the Preakness as you don’t lose any money. Some racebooks offer a $25 or $10 free hit on your first-ever wager on that platform. While the stake isn’t returned with any winnings, the money made is pure profit.

Free bets are always welcome. In a race like the Preakness, where the field size is usually smaller than the Kentucky Derby betting, you may have a better chance. Keep an eye on sportsbooks and racebooks for free play deals even if you have to email about a refund.

Horse Racing Rebates

Pimlico Race Course where the Preakness Stakes is held is often a category B track on US and offshore racebooks. What that means is when placing pari-mutuel bets on this race, you get a percentage rebate on losses from the meet.

With standard wagers, this is smaller. Despite that, the small field size may encourage you to bet on one of the Exotics where the rebate is higher. This can be 9% or even 10%, depending on whether it’s credited daily or weekly.

Triple Crown Specials

In the event that a horse wins the Kentucky Derby, then come on to the Preakness, a Triple Crown bid is alive. Betting sites love offering a special futures prop on this happening.

For the wager to payout, the horse must win both those events and the Belmont Stakes. While this has only happened twice since 1978, American Pharoah (2015) and Justify (2018) completing the Triple Crown in recent years shows that it’s possible.

Preakness Stakes Popular Betting Markets

When you ask yourself how to bet on the Preakness Stakes, the first choice is whether to do so ahead of time or not. The futures market available is fixed odds and win only.

More Preakness Stakes odds and bet types become available on the day of the race. Let’s take a look at the standard and Exotic wagers on offer via pari-mutuel betting on this big race:

Standard Wagers

Also called Straight bets, standard wagers keep things simple. They are all about the performance of one individual horse in the race:

  • Win bet – The horse you pick must finish first for the wager to pay out.
  • Place bet – Your pick must finish first or second in the race.
  • Show bet – Your horse must make the show, that’s finish first, second or third.
  • Across the board – You can also cover all of those bases by going across the board. The unit stake trebles with three bets in one to Win, Place and Show.

Exotic Wagers

Now for the Exotic wagers. These pari-mutuel bet types are more complex. Each involves two or more horses and their performance in the race. If you ever wondered how to bet Trifecta for Preakness Stakes, then we’ve got that covered below:

  • Exacta bet – Pick two horses to finish first and second in a specific order.
  • Quinella bet – Pick two or more horses to finish first and second in any order.
  • Trifecta bet – Pick three (or more) horses to finish first, second and third in a specific (or any order if boxed or wheeled).
  • Superfecta bet – Pick four (or more) horses to finish first, second, third and fourth in a specific (or any) order.
  • Super Hi-Five bet – Pick five (or more) horse to finish first, second, third, fourth and fifth in a specific (or any) order.

How do I Bet on the 2022 Preakness Stakes?

We just want to recap how to bet on the Preakness online via the sportsbook. That way you understand what to do when wagering on a big horse race. This is how to place a bet on the Preakness Stakes once you have money or bonus funds in your account:

Step 1 – Find Horse Racing on the Sportsbook or Visit the Racebook

Every leading betting site will have a horse racing section on its sportsbook for housing fixed odds futures betting. They will also have a Racebook for daily bets in the pari-mutuel markets.

Step 2 – Choose Preakness Stakes from Options

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Once you’ve found the horse racing section of the sportsbook or gone to the Racebook, track down the race you want to bet on. Preakness Stakes futures odds to win will be among the options for fixed odds betting.

If you’re betting on the day, you should select Pimlico from the list of tracks on the Racebook. Next, choose the race with the schedule post time corresponding to the Preakness.

Step 3 – Add Wager to Betslip

Xbet how to bet on the Preakness

Now you should add the horse or horses you’ve picked to the betslip. With fixed odds futures betting, you hit the box with the name and odds. This highlights in green on XBet, while other betting sites also give some visual indication.

Step 4 – Enter Stake

Xbet bet slip

Enter the amount in US dollars ($) that you want to bet on the horse(s). You can see the total sum wagered and your potential profits from these. Remember, there is also your stake to add on there. Once you’re happy, hit place bet and the wager is on.

How to Bet on the Preakness Stakes – Deposits & Withdrawals

You can’t bet on the Preakness Stakes without making a deposit first. Any winnings from successful betting on the race also need to go through the withdrawals process before you can get your hands on it.

How to Deposit Money into your Account

This is how to deposit money into your account in five easy steps:

  1. Log in – You must be logged in to make a deposit, so use your password or pin code.
  2. Visit cashier – The cashier part of your account handles deposits and payouts, so head over there.
  3. Choose a deposit method – Pick your preferred option for depositing funds to your account. You can choose from traditional payment methods, eWallets and cryptocurrencies.
  4. Enter deposit amount – Now decide how much money you want to put into your account. If there is the opportunity to get a reload bonus while you’re are it, why not do that?
  5. Confirm – Once you’re happy with the method and amount you’re depositing, confirm it all. The process should be instant.

Xbet deposit methods

How to Withdraw your Winnings

If you’ve been lucky and picked the winner of the Preakness Stakes, this is how to withdraw your winnings:

  1. Log in – Just as with deposits, to make withdrawals you need to be logged in to your online betting account.
  2. Visit cashier – Head on over to the cashier and select Payout to start the withdrawal process.
  3. Select withdrawal amount – Choose how much money you want to take out of your account by entering the amount in US dollars ($).
  4. Verify it’s you – You’ll need to verify that you’ve made with the withdrawal request. Some betting sites send a code to your cell number, once you’ve made this.
  5. Wait to receive funds – Depending on your chosen method, once the verification code has worked, money comes out of your betting account to an eWallet or your bank.

Xbet verification

Payment Methods for Betting on the Preakness Stakes

There are three main payment options for betting on a big race like the Preakness Stakes. You can keep it traditional with standard methods for deposits and payouts, but also embrace modern eWallet services and cryptocurrencies.

Cryptocurrencies

An increasingly popular way of funding wagers, cryptocurrencies have grown beyond just Bitcoin betting sites today. Ethereum, Litecoin and others are also available.

Now widely recognised in the gambling industry, crypto deposits and withdrawals come with advantages. Higher deposit limits and faster payouts give you greater control than just using a bank card.

eWallet Services

If you don’t feel comfortable giving offshore betting site your credit or debit card details, then there’s always eWallets. These electronic wallets bridge the gap between classic banking and the digital age.

Look at Instadebit, for example. Charging a small $2 fee to deposit to most betting sites, you can fund betting via this eWallet that is so popular in Canada and neighboring states. Any payouts are guaranteed within 48 hours too.

Standard Payment Options

You can always fall back on traditional banking when looking for the answer to how to bet on the Preakness Stakes. Credit and debit cards, plus bank transfers are what we mean when we say standard payment options.

While these can be slower to withdraw than more modern methods, you know your winnings are going directly to you without an extra step. Using a card or bank transfer to fund gambling or payout to remains popular with bettors today.

Can you Bet on the Preakness at the Track?

If you’re lucky enough to be at Pimlico Race Course in Baltimore, Maryland, to see the Preakness Stakes live in person, then betting on-track works differently. There are no fixed odds options, just pari-mutuel betting as part of the pool:

  1. Note down the number(s) of the horse(s) you want to bet on
  2. Go to a teller window or self-service betting terminal and say or enter the number(s)
  3. Also enter or tell the cashier the desired stake(s) of your bet(s)

How to Place a Bet on the Preakness by Mobile

Those of us with Android smartphones and iPhones can enjoy betting on the Preakness Stakes via mobile. You can either access sportsbooks and Racebooks in-browser or download apps that offer a streamlined gambling experience.

The advantages of mobile betting on a big race like the Preakness are you can do it anywhere with an internet signal. Apps are customized for gambling on the go. You don’t have wait in line on-track or at OTBs either.

Our Tips to Betting on the Preakness Stakes

If you really want to know how to bet on the Preakness Stakes, then our expert handicappers have some hints and tips. Their advice comes with no promises about you finding the winner but you can at least make more informed picks:

1. Check Out Kentucky Derby Results

It’s no accident that 16 Preakness winners this century to date ran in the Kentucky Derby last time out. The result of The Run For The Roses is well worth a closer look, then, as it’s clearly the best trial.

Eight horses doubled up from Churchill Downs to Pimlico, while a further eight improved from finishes down the field to win the Preakness. These two races are intricately linked, because they’re two legs of the US Triple Crown.

2. Study Other Form

Some horses misses the Kentucky Derby and take a different route to or stay fresh for the Preakness. Ignoring these types, especially when there is a short turnaround time between Churchill Downs and the big day at Pimlico, would be silly.

Shock results do happen in the Preakness, just like any other race. That means you need to look at the form of all horses, however much of a longshot the odds suggest. This will help you make better picks.

3. Look at Expert Picks

There are plenty of expert handicappers prepared to give Preakness Stakes betting picks in the days before the race. Some are so respected that their views could influence the popularity of certain horses in the betting.

The pros aren’t right all the time, but it is always worthwhile thinking about why they make their picks. They may have spotted something in a horse’s prep run that you missed.

4. Cover Bases by Going Across the Board

The Across the Board bet is a great pari-mutuel wager, because it covers first, second and third all at once. A Show bet does the same but at much shorter prices for the place and show.

While you treble your unit stake, all three bets – the Win, Place and Show – payout if your Across the Board wager finishes first. It’s the pari-mutuel equivalent of what our friends across the pond in England call an each way bet.

5. Claim a Bonus

When asking yourself how to bet on the Preakness Stakes, claiming a bonus is a no-brainer. Whether signing up to a sportsbook or Racebook for the first time, or looking at a reload deal, the benefits are obvious.

Sure, there are rollover requirements you must play through but you aren’t betting with your cash balance. That means if your pick for the Preakness isn’t a winner, then at least you haven’t lost capital and just bonus funds.

Where Near Me Can I Bet on the Preakness Stakes?

Each US state has different rules and regulations about gambling. It isn’t legalized everywhere by any means, so how to bet on the Preakness in Texas will be different to Kentucky, for example.

States with racetracks naturally allow on-course betting. This means how to bet on the Preakness in NY contrasts with how to bet on the Preakness in NJ where off-track betting facilities (OTBs) are provided.

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FAQs

🏆 What is the best bookmaker in 2022?
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Jamie Clark (@JamieClarkSport) edited Coral bookmakers’ digital platforms for a number of years with great success before forging a successful freelance career as a tipster. Growing up in an equine environment, Jamie is never afraid to take on the favourite and focuses on value. He is now sourcing you winners at SportsLens from the best of the British and Irish horse racing action.