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How to Bet on the Preakness Stakes

How to Bet on the Preakness Stakes - Bovada Sportsbook

The second jewel in the Triple Crown will be up for grabs on Saturday, when the 143rd running of the Preakness Stakes takes place at Pimlico Race Course in Baltimore, Maryland.

A decisive victory by Justify as a 13/4 favorite on the Kentucky Derby odds two weeks ago has fueled the Bob Baffert-trained colt’s meteoric rise to a 4/9 favorite on the Preakness Stakes odds ahead of this weekend’s race.

However, even with Justify’s continued dominance, a host of betting options remain available that help horse racing bettors, both novice and experienced, get in on the excitement of betting on the Preakness Stakes.

Horse racing wagers are generally divided into two categories, straight wagers and exotic bets. Check out our helpful guide below to find out which ones work best for you and learn how to bet on the Preakness Stakes.


Preakness Stakes Straight Wagers

Straight wagers, also known as win, place, and show bets, are the most common form of wagers in horse racing. Betting on a horse to “win” can provide the largest payday for the lucky horse racing bettor, but also requires the horse to finish first in their race.

Things get a little more complicated with “place” and “show” bets. A winning wager on a horse to place requires the pony to finish first or second, while a show bet pays out if the horse finishes top three. However, place and show bets typically pay out on lower odds than a win bet.


Preakness Stakes Exotic Bets

Exotic bets will put your horse racing wagering savvy to the test, with a variety of options including exacta wagering, trifecta wagering, superfecta wagering, and boxed bets.

Exacta wagering enables you to bet on which horses will finish first and second in a race. The catch is the horses must finish in the exact order determined on the bet. For example, an exacta wager in Preakness Stakes betting with Justify finishing first and Good Magic finishing second is a winner only if those two horses finish in that exact order.

A trifecta wager lets you pick the exact order of finish of the top three horses, while a superfecta bet lets you pick the horses finishing first through fourth, in exact order.

Wagering on the exact order of finish in a horse race is not for the faint of heart. However, boxed bets can give you an edge by enabling you to make multiple exotic bets on the same horses.

For example, by boxing an exacta wager on Justify and Good Magic you are making two bets on the same ticket, with each of the two selected horses picked to finish first on a bet.

A boxed trifecta follows the same principle, and produces the same result as six separate trifecta bets covering all possible orders of finish among your three preferred horses.

Of course, that means the amount wagered doubles with a boxed exacta, while a boxed trifecta wager covering six possible orders of finish increases the cost of a $2 trifecta wager six times to $12.

But with all your favorite horses covered by boxed bets, you can up your chances of a trip to the winner’s circle on race day.


*Odds as of May 17, 2018

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