How To Bet On The 2024 Preakness Stakes – Forbes Betting

How To Bet On The 2024 Preakness Stakes

By Henry Palattella , Tyler Maher
Contributor , Editor
Forbes Advisor receives compensation from partner links on this page. Online bets are not legal in all locations, and this content is meant for those 21+. Winnings are not guaranteed, and you may lose all of your wagered funds. If you or someone you know has a gambling problem, call 1-800-GAMBLER
How To Bet On The 2024 Preakness Stakes

Table of Contents

{{ tocState.toggleTocShowMore ? 'Show more' : 'Show less' }}

After a photo finish at the Kentucky Derby, horse racing fans won’t have to wait long for the next exciting race on the calendar.

On May 18, Pimlico Race Course in Baltimore will host the 149th running of the Preakness Stakes – the second leg of the horse racing Triple Crown after the Kentucky Derby. Based on how the Derby played out, it should be a race for the ages.

Horse racing’s signature event at Churchill Downs went down to the wire with three horses neck and neck. Mystik Dan emerged victorious, winning by a nose despite entering the race as an 18/1 underdog.

Sports bettors who backed Mystik Dan made a tidy profit, and there will be more opportunities to win money by wagering on the Preakness Stakes.

Here’s what you need to know about this year’s Preakness Stakes and how to bet on it at horse racing betting sites.

What is the Preakness Stakes?

The 2024 Preakness Stakes will take place on May 18 at Pimlico Race Course in Baltimore. This will be the 149th running of the race, and the main race should start around 7 p.m. ET.

The second leg of the Triple Crown, the Preakness always takes place on Armed Forces Day, which falls on the third Saturday in May (two weeks after the Kentucky Derby). The Belmont Stakes – the third race in the Triple Crown – is run three weeks after the Preakness.

Known as “the Run for the Black-Eyed Susans” in honor of Maryland’s state flower, the first Preakness took place on May 27, 1873. The race was named by a former Maryland governor after the colt who won the first Dinner Party Stakes at Pimlico.

The field typically includes some horses that ran in the Kentucky Derby (including the winner) and some that didn’t.

The Preakness is slightly shorter than the Kentucky Derby (1 3/16 miles compared to 1 1/4 miles) and has been televised since 1948.

How to Bet on the Preakness Stakes

One of the oldest forms of betting in America, betting on horse racing is now widely available thanks to the rise of mobile sports betting.

Several sportsbooks offer betting markets and promotions around horse racing, including the following:

Regardless of which sportsbook you use, betting on horse racing looks a little different than betting on other sports. Horse racing uses fractional odds like 5/1 or 13/2 rather than American odds, which are formatted like +500 or -120.

While horse racing odds are formatted differently, they still mean the same thing. For example, 5/1 odds are equivalent to +500 odds. In both cases, you could earn $500 in profit on a $100 wager.

Similarly, a horse with 13/2 odds is equivalent to +650 odds.

One unique part of betting on horse racing is that the odds for your bet don’t lock until the final odds at post time, regardless of what they were when you placed your bet. So if you bet on a horse with 9/1 odds and the odds shorten to 7/1 by the start of the race, your bet will then have 7/1 odds.

Post time for the Preakness is 6:50 p.m. ET, so odds are subject to change until then.

Horse Racing Bet Types

There are three main types of straight bets for horse racing:

  • Win Bet: Horse finishes 1st
  • Place Bet: Horse finishes 1st or 2nd
  • Show Bet: Horse finishes 1st, 2nd or 3rd

The most straightforward way to wager on horse racing is to simply pick which horse will win, similar to a moneyline bet in other sports. In horse racing, this is called a “win” bet.

You can also bet on a horse to finish first or second, which is called a “place” bet.

A “show” bet is a wager on a horse to finish in the top three. These bets have lower odds and payouts than a “win” bet because they are more likely to occur.

There are various “exotic bets” to choose from as well. A common type of exotic bet is the exact finishing order:

  • Exacta: Correctly picking 1st and 2nd place
  • Trifecta: Correctly picking 1st, 2nd and 3rd place
  • Superfecta: Correctly picking 1st, 2nd, 3rd and 4th place

Picking the correct finishing order is more difficult, so these bets come with higher odds and payouts than basic straight bets.

Which Horse is Favored to Win the Preakness?

Muth opened as the betting favorite to win the Preakness Stakes before getting scratched with a high fever.

After winning the Kentucky Derby, Mystik Dan is now the favorite at 5/2 and will race from post position No. 4. Catching Freedom and Imagination are tied for second at 6/1.

Last year, National Treasure won the Preakness at 5/2 odds.

How Do I Sign Up to Bet on the Preakness Stakes?

Signing up to bet on the Preakness Stakes is similar to the registration process for a sportsbook.

  • First, verify that you’re located in a state where horse racing is legal and old enough to wager (21+ in most states).
  • After that, download the mobile racing app of your choice and provide the necessary personal information so the racing app can verify your identity.
  • Depending on the state and sportsbook, you may need to sign up for a separate horse betting app (i.e. FanDuel Racing instead of FanDuel Sportsbook).
  • Once that’s complete, you can deposit money in your account and bet on any race you want.

Once you’ve set up your account, you can use it to wager on the Preakness Stakes, the Belmont Stakes and countless other horse races.

If you already signed up for a sportsbook ahead of the Kentucky Derby, you can use the same one to bet on the Preakness.

All of our favorite racebooks are easy to sign up for, and many offer special bonuses for new users.

Preakness Stakes Betting Deposit Methods

Once you’ve joined a racing app, the next step is depositing funds to wager with. The process is similar to the deposit process for sports betting and is relatively painless.

Most racing apps feature a variety of deposit methods, including:

All of these methods are trusted options that provide quick and easy transactions. That said, it’s worth setting up your account a few days before the Preakness Stakes to make sure there aren’t any problems.

Is Sports Betting Legal in Maryland?

Yes, sports betting has been legal in Maryland since May 2021. Retail sports betting went live in the state in December 2021, followed by the launch of online sports betting in November 2022.

That said, Maryland has allowed betting on horse racing for years, as sports betting and horse race betting are regulated separately. Maryland’s online sportsbooks accept bets on the Preakness Stakes, so bettors in the state can place their bets on the race from their mobile devices.

What is the Fastest Time in Preakness Stakes History?

Secretariat set the Preakness record of 1:53 in 1973 en route to winning the Triple Crown. It started slowly and trailed at the beginning of the race but went from last to first on the first turn and never gave up the lead. It beat Sham, the same horse that came in second place at the Kentucky Derby that year.

There was some controversy surrounding Secretariat’s record because the official timer had a different time than the Daily Racing Form. The controversy was resolved in 2012 when officials analyzed footage of the race to verify Secretariat’s mark of 1:53.

How Many Horses Have Won the Triple Crown?

Mystik Dan will look to become the 14th Triple Crown winner in horse racing history. The previous winners were:

  • 1919: Sir Barton
  • 1930: Gallant Fox
  • 1935: Omaha
  • 1937: War Admiral
  • 1941: Whirlaway
  • 1943: Count Fleet
  • 1946: Assault
  • 1948: Citation
  • 1973: Secretariat
  • 1977: Seattle Slew
  • 1978: Affirmed
  • 2015: American Pharoah
  • 2018: Justify

This year’s Triple Crown will look a little different, however, as the Belmont Stakes will be run at Saratoga Race Course due to construction at Belmont Park.

Photo by Molly Riley/Getty Images

Horse Racing
Best ofs
Sportsbook reviews
Sportsbook Promos

More from   Betting

Information provided on Forbes Advisor is for educational purposes only. Your financial situation is unique and the products and services we review may not be right for your circumstances. We do not offer financial advice, advisory or brokerage services, nor do we recommend or advise individuals or to buy or sell particular stocks or securities. Performance information may have changed since the time of publication. Past performance is not indicative of future results.

Forbes Advisor adheres to strict editorial integrity standards. To the best of our knowledge, all content is accurate as of the date posted, though offers contained herein may no longer be available. The opinions expressed are the author’s alone and have not been provided, approved, or otherwise endorsed by our partners.

Henry Palattella
Henry Palattella Contributor

Henry Palattella is a writer and editor based in Cleveland, Ohio, where he can usually be found ranting to his cat about how injuries robbed Grady Sizemore of a Hall of Fame career. He also works as a writer for MLB.com along with freelancing for numerous publications in Northeast Ohio. A native of Erie, Pennsylvania, he is a graduate of Kent State University, where he graduated the same year that Julian Edelman completed his degree.

Tyler Maher
Tyler Maher Editor

Tyler Maher is Boston-based editor and writer who previously worked for The Game Day and MLB.com. His favorite sport is baseball, and he still gets sad when he thinks about the Mookie Betts trade.