Everything You Need to Know About Online Preakness Stakes Betting

how to bet on the preakness stakes online
Photo Credit: Craig Dudek

The second leg of the Triple Crown comes racing down the track as this weekend marks the 146th running of the Preakness Stakes. There is plenty of intrigue surrounding the race due to on- and off-track storylines, which are sure to cause an uptick in viewing and betting interest.

Betting on the Preakness Stakes online is legal can do so in many states, including a number of those which that have not yet legalized online sports betting on other leagues and events. There are plenty of ways to get on the Preakness action with a number of prop bets. Within this How to Bet the Preakness Stakes guide you’ll find the most current odds, types of bets, picks, and everything else you’ll need to be prepared to bet on the Run for the Black-Eyed Susans. 

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The 146th running of the second leg of the Triple Crown is set to feature 10 jockeys guiding their respective teams’ horses on a 1 3/16 stretch at the Pimlico Race Course in Baltimore, Maryland.

As the race approaches, Preakness Stakes betting is legal in 31 states, including Pennsylvania, New York, Florida, Illinois, and Michigan just to name a few. This is all to say that legal Preakness Stakes betting is available for bettors in more states than online sportsbooks, which means even more bettors can readily access a number of Preakness Stakes markets to place legal wagers.

The Triple Crown events always garner plenty of interest and this year’s are no different. If you intend on placing a legal online bet on the Preakness Stakes, the place to go is FanDuel Sportsbook’s sister site TVG.

When it comes to the true go-to for bettors interested in placing legal online bets on the Preakness Stakes, TVG’s enticing new user bonus, combined with a user-friendly betting experience makes it the best place to get in on legal online Preakness Stakes betting.

Click here to get a $300 risk-free first bet on the Preakness Stakes at TVG with the promo code RISKFREE300.

How to Bet on the Preakness Stakes Online

TVG

Some might argue that there are a variety of places where interested bettors can throw down money on horse races legally, but for those looking to use the gold standard in the industry, TVG is the best place to go.

A large number of bettors in states where online sports betting is legal can attest to the clean, seamless user interface presented via the FanDuel Sportsbook app.

TVG and FanDuel Sportsbook share the same parent company. As such, many of the UI functionalities and features found on FanDuel Sportsbook’s app are also present on the TVG platform, making it arguably the easiest option to place legal, regulated online bets on the Preakness Stakes.

Sign Up for TVG

For those interested in signing up for TVG to place legal bets on the Preakness Stakes, getting in on the action takes just three required steps that are easy to complete:

  • Click here to create a new account with TVG and use promo code RISKFREE300.
  • Select one of the many offered deposit methods to deposit funds into your new account.
  • Use your $300 risk-free bet on your first Preakness Stakes bet with TVG.

Once you’ve completed these steps, navigate to the Preakness Stakes market of your choosing, select your horse(s) and wager(s), and use your $300 risk-free bet on the first wager you choose to place.

Which States Have Legal Preakness Stakes Online Betting?

Traditional legal online sports betting has had a methodical rollout to this point, however the legislation needed to allow for wagering at race books has been approved for much longer in many more states. The following states represent those with such legislation, allowing for bettors to place wagers on the Preakness Stakes:

  • Arkansas
  • California
  • Colorado
  • Connecticut
  • Delaware
  • Florida
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kentucky
  • Louisiana
  • Maryland
  • Massachusetts
  • Michigan
  • Minnesota
  • Montana
  • New Hampshire
  • New Mexico
  • New York
  • North Dakota
  • Ohio
  • Oregon
  • Rhode Island
  • South Dakota
  • Vermont
  • Virginia
  • Washington
  • West Virginia
  • Wyoming

Bettors can rejoice as the industry’s best platform for placing legal Preakness Stakes wagers, TVG, is available in each of these states.

Preakness Stakes Odds

The following odds are the most up-to-date for the 146th Preakness Stakes via TVG:

Post PositionHorseOdds
1Ram30-1
2KeepMeInMind15-1
3Medina Spirit9-5
4Crowded Trade10-1
5Midnight Bourbon5-1
6Rombauer12-1
7France Go De Ina20-1
8Unbridled Honor15-1
9Risk Taking15-1
10Concert Tour5-2

* Note: Kentucky Derby winner Medina Spirit is slated to race in the Preakness Stakes, subject to additional testing and monitoring after failing a drug test following his run in the Derby.

Favorites

At 9-5 odds, Kentucky Derby winner Medina Spirit is the odds-on favorite to win the Preakness Stakes and challenge for the Triple Crown. Concert Tour holds the second-best odds at 5-2, followed by Midnight Bourbon at 5-1 and Crowded Trade at 10-1.

Long Shots

Unlike the Kentucky Derby, where the field was 20 horses deep, the Preakness Stakes are slated to feature half of that number with 10 participants. As such, Ram’s 30-1 odds are the biggest long shot with France Go De Ina holding the second-longest odds at 20-1.  Unbridled Honor, Risk Taking, and KeepMeInMind are all in the middle of the pack at 15-1 odds.

What the Odds Mean

If you haven’t wagered on horse racing prior to Saturday’s Preakness Stakes, it’s vital that you understand what the listed odds mean before you place your first wager. Medina Spirit’s 9-5 odds mean that for every $5 wagered, a winning bet would pay out $9. If the longest shot Ram were to win, a $1 wager would pay out $30.

How to Bet on Horse Racing

The terminology used when discussing how to wager on horse racing varies quite a bit versus other traditional sports betting. Once you have an understanding of what it all means, you can make a much more-informed wager. Let’s take a look at the vernacular and verbiage before you place a wager on the Preakness Stakes.

Win, Place Show

The most traditional ways to bet on the Preakness Stakes involve straight bets referred to as win, place, and show. Each of these straight bets are tied to an individual horse’s results.

Win

In a “Win” bet, the selected horse needs to win the race for the bettor’s wager to win. It’s the most straight-forward bet to make.

Place

A “Place” bet allows a bit more leeway than a “Win” bet, as it expands the potential payout field to the selected horse finishing in first or second place.

Show

If you’re looking to hedge a bit on your selected horse, consider a “Show” bet. In this bet, a bettor can cash in if the selected horse finishes in first, second, or third place. This is a great wager to consider if you’re of the belief that a long shot will finish somewhere in the Top-3 of the Preakness Stakes.

Vertical Exotic Bets

The standard win, place, and show bets are the most traditional way to bet on horse racing, but exotic bets are where some juicy multipliers can be found. Vertical exotic bets, including exacta, trifecta, superfecta, and super high five are more involved bets with little-to-no wiggle room, but the payouts in these same-race parlays are worth the effort.

Exacta

The exacta bet is one in which a bettor must correctly pick the first and second place finishers in order for the wager to pay out.

Trifecta

A trifecta bet is a step up in difficulty from the exacta as it requires the bettor to properly choose the top-3 horses in the exact order of their finish.

Superfecta

The superfecta bet is even more involved, as the bettor needs to select each of the top-4 finishers in their finishing order for the wager to pay out.

Super High Five

A super high five bet is the toughest and most rigorous to predict. In this high-stakes bet, the bettor must select the top-5 finishers in order, which even the most skilled and racing-adept bettors have difficulty doing.

Horizontal Exotic Bets

Horizontal exotic bets are similar to vertical exotic bets, as they involve multiple legs of a parlay. However, unlike vertical exotic bets, a horizontal exotic bet involves multiple races, rather than a same-race parlay. Horizontal exotic bets include:

  • Daily double
  • Pick three
  • Pick four
  • Pick five
  • Pick six

The potential for a bigger payout is dependent in large part. on the number of legs found in the horizontal exotic bet parlay. Note: you must place your multi-race parlay prior to the start of the first race.

The Biggest Long Shots to Win the Preakness Stakes

While it’s unlikely that Ram will run away with the victory at the 146th Preakness Stakes at 30-1 odds, it’s worth noting that some long shots have pulled off massive upsets before.

In 1975, Master Derby grabbed a clear lead midway through the Preakness Stakes, upsetting Foolish Pleasure to win at 23-1 odds. Fifty years earlier, Coventry pulled off a massive upset at 21-1 odds in the first Preakness Stakes to take place over a 1 3/16 mile stretch. Display (19-1) and Bee Bee Bee (18-1) each ran the race of their careers in 1926 and 1972, respectively.

Preakness Stakes Picks

Best Bet

At 9-5 odds, Kentucky Derby winner Medina Spirit is the odds-on favorite to win the second leg of the Triple Crown. While that might make the most sense, we’d advise considering Midnight Bourbon to pull off an upset in what should be a stronger showing. Sometimes a strong horse can get caught up in a bunched-up group in a race with 20 horses. With half the field size in the Preakness, Midnight Bourbon should have the requisite space to shine.

Long Shot

Rombauer will enter the 146th Preakness Stakes at 12-1 odds, which are the fifth-best odds of the ten horses running. Rombauer qualified for the Preakness Stakes by virtue of a victory on the synthetic surface at the El Camino Real Derby.

The horses owners opted to focus on the automatic bid for the Preakness, rather than dole out the necessary funds to compete at the Kentucky Derby. Perhaps it will pay off in a big way.

When and Where to Watch the Preakness Stakes

Date

The Preakness Stakes will run on Saturday, May 15, 2021.

Time

The scheduled post time for the running of the 146th Preakness Stakes is 6:52 PM ET, while network coverage is set to begin at 2:00 PM ET.

Network

The Preakness Stakes can be viewed on NBC, NBC Sports App, and at NBCSports.com.

Click here to get a $300 risk-free first bet on the Preakness Stakes at TVG with promo code RISKFREE300.

TVG

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