Preakness Stakes Betting Online

Written by: Joseph Falchetti, Editor-in-Chief, Pro Sports Bettor and Casino Expert
Last updated:
6 minute read
Preakness Stakes betting

Betting on the Preakness Stakes mean that you will be wagering on the second of three races that make up the Triple Crown. This the second race in the series after the Kentucky Derby.

The race is held on the third Saturday in May of each year at Pimlico Race Track in Baltimore, Maryland. Horse betting can be done at many tracks and locations across the country, but another option for bettors is at online sportsbooks.

Horse betting online has many advantages compared to wagering at the track or a brick n’ mortar location. You’re almost certainly going to get better odds to win the Preakness at online sportsbooks and racebooks than deciding to bet offline.

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How To Pick 2024 Preakness Stakes Winner

Every horse gambler wants to know how to pick the winning horse of the Preakness Stakes. Well, just like any form of gambling, online horse betting is complicated, and it takes plenty of skill and know-how to profit.


Getting to know the trainers is the first part. There are lots of trainers that have produced winners in several Triple Crown races. Enough, that, it’s certainly no coincidence when you look at some of the track records.

Recent Form

The Preakness Stakes Paddock

How has the horse performed in the last ten races? You can easily review the performance of horses at most online sportsbooks by clicking on the horse and seeing their past results. How well the horse is running as of late will give you a good idea of its recent form. The recent form will also help you to identify healthy horses.

If you’re at the track, it’s easy to look at the horses before the race, and most online sportsbooks will also have their cameras on the horses before the race. If your horse seems relaxed and its ears are pointing straight up to show alertness – this is a good sign.

Consider the Favorite

The underdog may be attractive, but the odds are usually efficient come race day. Betting on the favorite may seem dull and won’t have the attractive more massive payouts that underdogs do but may be the right move when so many are looking to bet on horses that are going at 20/1 or higher.

Preakness Stakes 144 Betting Odds of 2024

Use these odds to see which horse is considered the big favorite. Use the above strategy to place a great wager on the Preakness Stakes predicted winner; whether you bet on the favorite or an underdog. Get the latest betting odds and futures bets for the upcoming Preakness 145 horse race after the Kentucky Derby race.

Top Finishers Bets During The Preakness 144

Place a bet on the horses that you believe could win outright and get that 1st place prize, or if they finish within the top two or three spots.

Remember, any betting on the Preakness Stakes horse race must be done before the start of the race.

How To Place An Online Bet On The Preakness Stakes

  1. Pick A Trusted Online Sportsbook – Choose an online sportsbook that has a racebook as part of the main sportsbook. It’s quite rare that an online betting site won’t have a racebook. At SBS, we have plenty of reviews of trusted online betting sites with racebooks to use for betting.
  2. Sign Up And Fund Your Account – Open an account by giving the sportsbook your email and information. Then fund your account. Be sure to take advantage of any deposit bonuses and try to get an extra bonus using cryptocurrencies.
  3. Go To The Racebook – The racebook may be on the same area as the sportsbook, but that isn’t the case at most sportsbooks. It can be harder to find at some, but it’s usually a top or side menu option. The interface is sometimes different when it comes to horse betting compared to sports betting but placing a bet is a walk in the park.
  4. Place Your Bets – Choose which horse(s) you want to bet on and select your bet types. Be sure to look at your wagers before you hit confirm.
  5. Relax and Watch the Preakness – That’s it, you heard me!

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Online Horse Betting – Bets For The 2024 Preakness Stakes

There are over a dozen different types of horse betting markets, but the basics are win, place, and show bets, along with exactas and trifectas. Of course, there are plenty more options, but for new bettors looking to get a bet down, we’re just going to touch on the basics.

Win, Place, and Show

These wagers are the easiest to explain and most straightforward to place if you’re new to betting on horses and the Preakness or any other Triple Crown race. A “win” bet is a bet on a horse to win the race in the first position. If the horse wins, the wager is graded as a winner; if he doesn’t, then it is a loss. A “place” bet is a bet that the horse will finish in the top two positions. Finally, a “show” bet is that the horse will finish in either first, second, or third.

An exacta bet allows bettors to choose two horses that will finish in first and second place. The horses must finish in the order picked by the bettor, or the wager is a loser. For instance, if the bettor selects “Horse A” to finish first and “Horse B” to finish second, the bet would grade as a loss if “Horse B” finished in the first position and “Horse A” finished in second – the bet would be graded as a loss.

One of the other most common bets for the Preakness is a trifecta bet. The trifecta is like the exacta, but in this case, bettors are picking three horses to finish in the top 3 spots. Like the exacta, all the horses must finish in the exact order on the bet slip or the wager is graded as a loss.

Preakness Stakes History

The Preakness was held for the first time in 1873. A former governor of Maryland at the time named the mile and a half race in honor of the colt Preakness which was from Milton Holbrook Sanford’s Preakness Stables in Wayne Township, New Jersey. It drew seven horses, and John Chamberlain’s three-year-old, Survivor, won the race and collected a $2,050 purse. The horse easily won the race by ten lengths.

preakness stakes history

The horse has historically been the second in North American, ahead of the Belmont Stakes and Breeders’ Cup, but behind the Kentucky Derby. Despite the race’s success, Pimlico has had financial issues. In 2009, Magna Entertainment Corporation, which owns Pimlico filed for Chapter 11 bankruptcy. The Maryland Legislature approved a bill to buy the Stake if they did not find a buyer. The Stronach Group currently owns Pimlico.

In February 2017, the Maryland Stadium Authority released a study that recommended that $250 million was needed at the race track. The Stronach Group state that they were not interested in refinancing Pimlico, but only interested in moving the Preakness to Laurel Park.

About the Author

Joseph Falchetti

Joseph Falchetti

Editor-in-Chief, Pro Sports Bettor and Casino Expert

Joe is the author of the majority of sports betting pages on SBS and he serves as a gambling consultant to our content team. He's been mentioned on as a gaming analyst, and his articles have been linked by larger publications, such as the New York Times.

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