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Types of Wagers for the Preakness Stakes

Win, place, and show wagers are just some of the action available for the Preakness Stakes this week, with Always Dreaming set as the betting favorite for the second Triple Crown race.

Known as ‘straight bets’ when wagering on horse racing, win, place, and show bets are the simplest ways to get action on the Preakness Stakes, which takes place at Pimlico Race Course in Baltimore on Saturday. And if you think Always Dreaming has the Preakness Stakes in the bag, the most lucrative of those three wagers would be the win for Saturday.

For the win bet you have to choose the horse that finishes the race in first place – like Always Dreaming did at the Kentucky Derby two weeks ago. Place and show bets on Always Dreaming at the Kentucky Derby would have paid off as well, but with smaller payouts. To win a place bet your selected horse has to finish in first place or second place in the race. To win a show bet the horse you pick can finish in first place, second place, or third place in the race.

So if you think Always Dreaming will follow up his Kentucky Derby victory by claiming the second leg of the Triple Crown as well this weekend, a win bet would earn you the most money at the pay window. However, a place or a show bet on Always Dreaming would earn you a payout if the horse finished first or second (for place) or first, second, or third (for show).


Exotic Wagers Also on Board for Preakness

For those looking to branch out with their horse racing wagers for the Preakness Stakes this weekend, exotic bets allow you increase the degree of difficulty in search of better payouts.

And exotic wagers start with the exacta, where you select the horse that will finish in first place and the horse that will finish in second place in the race. Looking At Lee crossed the finish line in second place at the Kentucky Derby two weeks ago, so an exacta wager on Always Dreaming – Looking at Lee (in that order) would have provided you with the payout.

It’s the same idea with the trifecta wager, where you select the horses that will finish in first place, second place, and third place in the race – Battle of Midway would’ve rounded out the winning trifecta wager at the Kentucky Derby. A superfecta has you selecting the horses that finish first, second, third, and fourth, in order. Classic Empire was fourth at Churchill Downs.

Heading into the week Always Dreaming is the even-money favorite to win the Preakness Stakes, with Classic Empire second at 4/1 odds. Wagering on Always Dreaming and Classic Empire to finish first and second, in either order, is an exotic wager called the quinella.

Post time for the Preakness States at Pimlico on Saturday night is set for around 6:45pm ET.


*Odds as of May 15, 2017

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