How to Bet on Preakness Stakes Online – An Expert Guide
Knowing how to bet on Preakness Stakes the right way is crucial to your chances of success. Our experts talk you through everything including how and where to make your picks – we also share some Preakness Stakes betting strategies and tips that will help!
What is the Preakness Stakes?
The Preakness Stakes is an annual, Grade I American Thoroughbred horse race run on the third Saturday of May. You can bet on the race with the best Preakness Stakes betting sites and racebooks.
But before considering how to bet on the Preakness Stakes, it’s worth learning a little about the event’s history. Of which there is a lot.
The second of US Thoroughbred Racing’s Triple Crown, the Preakness is held at Pimlico Race Course in Baltimore, Maryland. First run on May 27, 1873, the second leg of the Triple Crown predates the Kentucky Derby, raced in Churchill Downs, by two years. Traditionally, it is run two weeks after its sister race in Louisville and three before the Belmont Stakes at Belmont Park.
Only three-year-old Thoroughbreds may compete in the race – horses must be of exceptional quality to enter, however. The winners of the Kentucky Derby, Federico Tesio Stakes, Oaklawn Invitational, and El Camino Real Derby races automatically qualify for the Preakness Stakes post positions draw. The rest of the field comprises horses with high ratings and earnings in graded-stakes races.
How to Bet on the Preakness Online - Our Guide to Signing Up
It takes around five minutes to sign up for an account with an offshore bookmaker. All the sites we recommend are 100% safe and secure, providing secure platforms from where to sign up. Follow these steps to learn how to bet on Preakness Stakes online when you join an online sportsbook or racebook.
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Choose Your Betting Site
Compare the best Preakness Stakes betting sites and choose one that fits best. From here, head to the site of your choice and hit the “Join Now” (or equivalent) button to get started.
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Fill Out the Online Form
All our recommended offshore racebooks and sportsbooks make it easy as pie to open an account. Simply add basic information such as your full name, date of birth, postal and email addresses, telephone number, and zip code to proceed.
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Choose a Payment Method
If you plan to bet on the Preakness Stakes with real money, you’ll need to add funds to your account. Most sites offer more than one option with cards, crypto, e-wallets, bank wire and more. Just make sure the payment option chosen entitles you to claim a bonus!
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Claim Your Bonus!
You’ll find some form of bonus offer available when you sign up at any of our Preakness Stakes betting sites. These may include anything from matched deposit offers and free plays to rebates or crypto bonuses. Make sure to read the terms and conditions for eligibility information.
Where to Bet On Preakness Stakes 2024
Sign up with one or more of our recommended offshore betting sites to get your wagers down. Learning how to bet on Preakness online is easier when you can place bets and collect winnings from your computer or mobile device.
All sites in our rankings are 100% safe and trustworthy places to bet. They have been handpicked by our experts, who have awarded them scores based on their bonuses, odds, markets, payment options, and more.
Best Preakness Stakes Betting Sites
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02/04/24Get a 75% Match Bonus up to $750 when joining Bovada
Get a 75% Match Bonus up to $750 when joining Bovada
- #What'sYaWager let you request Preakness bets
- Parlay booster function provides extra winnings
- Sign-up crypto bonus gives 75% deposit match
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28/03/24Join MyBookie for Reload Bonuses and 8% Racebook Rebates
Join MyBookie for Reload Bonuses and 8% Racebook Rebates
- 8% horse racing rebate available
- Claim a large reload bonus
- Future odds for major US races
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28/03/24Get a 50% Bonus up to $1000 when joining BetOnline
Get a 50% Bonus up to $1000 when joining BetOnline
- Free play bonus & crypto deposit offer
- Get up to 9% daily rebate on horses
- Preakness betting right after Derby
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28/03/24Double Your Money on your First Two Deposits at Sportsbetting.ag
Double Your Money on your First Two Deposits at Sportsbetting.ag
- $25 free play valid for the Preakness Stakes
- Dedicated Racebook 101 feature
- 10% horse racing rebate among several top promos
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28/03/24Join BetUS and Get a 150% Bonus Up To $3,750 + 30 Risk-Free Bets
Join BetUS and Get a 150% Bonus Up To $3,750 + 30 Risk-Free Bets
- Preakness betting preview with pro picks
- Money Back Racebook special available
- Longstanding online brand for bettors
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28/03/24Get a First Deposit Sports Bonus Up To $500 at XBet
Get a First Deposit Sports Bonus Up To $500 at XBet
- Get up to a $500 welcome bonus
- Nice 7% horse racing rebate
- Unlimited referral bonus scheme available
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28/03/24Get $2,500 When You Join
Get $2,500 When You Join
- New customers get a $2,500 bonus when betting with crypto
- Helpful free horse racing tips feature
- Solid racebook includes Grades Stakes Race Schedule
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28/03/24Join BetNow and get a 200% Crypto Bonus
Join BetNow and get a 200% Crypto Bonus
- Weekly rebate of 10% on horse racing losses
- Up to 200% crypto bonus for new customers
- Impressive odds for Parlays, Pick 6, Superfectas and more
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28/03/24100% Welcome Bonus + Free Contest Entry Kit at JazzSports
100% Welcome Bonus + Free Contest Entry Kit at JazzSports
- 10% track rebate includes Pimlico
- Props builders and fantasy contests with prizes
- Strong crypto bonuses
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28/03/24Get up to $1,000 Crypto Sign-Up Bonus when you join Everygame
Get up to $1,000 Crypto Sign-Up Bonus when you join Everygame
- New customer 100% sign up bonus
- Plenty of tracks to wager on online
- US horse racing markets and odds
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Visit SiteLearn More00T&Cs ApplyHow Do I Bet on The Preakness? – Payment Options Explained
Payment options at offshore bookies include credit cards, cryptocurrencies, e-wallets, bank transfers, and a few others. What is available depends on the site and their cashier section – you can usually do this before signing up. Here are the most common payment methods and a little about how they work.
Cards
Credit cards are a convenient and popular payment method for funding your account. However, offshore sites may charge fees for processing deposits or withdrawals – and sometimes both – to cards. Here are the different types of cards you may be able to use.
- Credit Cards
- Debit Cards
- Prepaid Cards
Although deposits can be made by credit and debit cards, withdrawals may not be possible due to some sites or card issuers refusing to process them. Sportsbooks and racebooks may allow you to claim bonuses with cards. It’s always a good idea to check before depositing as this is at the discretion of each site.
Bitcoin and Other Cryptos
Cryptocurrencies like Bitcoin are the most anonymous way to deposit and withdraw, as you don’t have to share card or bank account details. You will need a crypto wallet before you can send and receive money, however. Here are some of the most used coins at our recommended Preakness Stakes racebooks.
- Bitcoin
- Tether
- Ethereum
- USD Coin
- Litecoin
You can often get better bonuses for using cryptos, as sites do not have to pay processing fees to regulated financial institutions. Another big selling point is that withdrawals can be received in your account much earlier, with most bookies processing them in under 24 hours or less. Due to the volatile nature of crypto, however, the amount you hold in your wallet can fluctuate daily.
E-Wallets
When learning how to bet on Preakness Stakes, e-wallets are another option to consider. You can deposit and withdraw from your chosen wallet, with processing times for cashouts often less than 48 hours. Not all sites accept e-wallets, however.
- PayPal
- Skrill
- Neteller
- Payz
E-wallets are becoming less used on gambling sites due to restrictions imposed by processors. For instance, PayPal has prohibited the use of its platform for gambling purposes on many offshore sites. Neteller does not accept US customers leaving very few viable e-wallet options.
More Banking Options
Cryptos are probably the best payment method to use when wagering on the Preakness Stakes. But there may be other options available at sites for you to consider. Here are a few alternative banking methods betting sites may offer.
- Person-to-Person Transfer
- Apple Pay
- Wire Transfer
- Cashier Check
- Money Order
Some sportsbooks may offer one or two other types of payment options. Many will stick to cards, crypto, e-wallets, and perhaps one or two of the above. Wire transfer is often the default withdrawal method if it is not feasible to cash out with the deposit method chosen.
How To Place A Bet On The Preakness
Placing wagers on the Preakness Stakes works the same way as with any horse racing bets. However, you may find more betting options available when compared to less prestigious races. Use this step-by-step guide to bet on the Preakness Stakes.
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Sign In to Your Betting Account
Head over to the offshore racebook you signed up with and enter your login details. These may be your username or email address and password. When you’re logged in, move to step 2. -
Make a Deposit
Choose your payment method and enter the amount you would like to bet with. All deposits at our recommended offshore betting sites for the Preakness Stakes are instant. If you’re claiming a bonus, make sure you satisfy any terms and conditions. -
Examine the Preakness Stakes Lines
Odds for the Preakness Stakes are usually found in the racebook or horse racing section. Look over the lines until you’ve found what you would like to bet on – this could be more than one wager. -
Select Your Odds and Add Your Wager
You’ll find the names of the horses running and the odds for each one. Remember, you can also bet on exactas, trifectas, superfectas, and more. Adding your selections will open your bet slip where you can see each one. -
Place Your Preakness Stakes Wagers
Once you enter the stake for the wagers you want to place and hit the button to place them, your bets are in! Always make sure you are happy with everything before you press that button!
How to Bet $100 on the Preakness & How it Works
Whether you decide on a futures or a place bet on Preakness, they are all ultimately horse racing wagers. The easiest to place is a straight “to win” bet, which is a fixed odds wager paying out at the price taken with the sportsbook. Here, we’ll talk through some examples using a $100 wager and more.
How to Work Out Returns from $100 Bet on the Preakness Stakes
Preakness lines at our recommended sportsbooks are displayed in the American odds format. When you place a $100 fixed odds wager, working out your profit is easy when the odds follow a plus sign. Here’s an example showing returns when you factor in your stake.
- National Treasure (+400) to win at $100 = $500 Return ($400 Profit + $100 Stake)
The odds for National Treasure to win are +400. American odds are based on the returns of a $100 stake, meaning you get $400 for every successful $100 staked on the horse to win.
- Blazing Sevens (+600) to win at $100 = $700 Return ($600 Profit + $100 Stake)
At +600, Blazing Sevens would pay out $600 in profit for every $100 bet. We can work this out by the +600 – which translates to $600 for every $100 – per the odds format. You get your $100 stake back, too, making it $700 had Blazing Sevens won.
Preakness Stakes Top 3 Payouts in 2023
Pari-mutuel odds and bets work differently, with dividends published and paid out after deductions have been taken. Payouts are based on the size of the prize pool and the number of winning tickets for that horse. Here’s 2023’s Preakness Stakes payout schedule for reference:
Program Number Horse Win Place Show 1 National Treasure $7.80 $4.00 $2.60 7 Blazing Sevens – $5.00 $2.80 3 Mage – – $2.40 The payouts above are based on a $2 wager. If you bet $100 on National Treasure to win, this means you would see $7,800 profit returned. A $100 place payout for Blazing Sevens comes in at $500 in profit. $100 on Mage to show returns $240 in profit.
Here are the payouts for 2023’s exotic wager winners.
- $1 Exacta (1–7) $15.90
- $1 Trifecta (1–7–3) $24.20
- $1 Superfecta (1–7–3–5) $72.40
- $1 Super High Five (1–7–3–5–2) $164.90
These are generally harder bets to win, representing more of a high risk/high reward to bettors. For every $1 you place on winning exacta, you receive $15.90 in profit. A $100 exacta, therefore, would return $1, 590.
How to Bet on Preakness Stakes Successfully – Our Top 5 Tips
Our experts recommend following these tips to enhance your chances of winning money on the Preakness Stakes. Feel free to add them to your strategy for this year’s main event at the Pimlico Race Course in mid-May.
1. Study Form and Pedigree
One of the main advantages of betting on the Preakness Stakes is that the Kentucky Derby has run two weeks prior. This provides a huge slice of data on the performance of horses, jockeys, and stables that KD bettors don’t have. Previous form and pedigree should also be factored in when handicapping contenders.
2. Pick Suitable Contenders for the Preakness Stakes
Backing the Kentucky Derby winner for Baltimore – just because – isn’t a good strategy, whether you have Preakness Stakes tickets or are wagering online. Although some horses may look primed for a shot at the Triple Crown, the shorter track and varying demands on Preakness are different. Size up horses that may have the speed and poise for this track.
3. Shop Around for the Best Odds
You can improve your chances of attaining a higher profit on the Preakness Stakes by taking the best odds available. The easiest way to do this is by comparing odds across our top-rated offshore bookies. You may also consider signing up with one or more site that offers prices for the horses you want to wager on.
4. Be Efficient with Your Selections
We don’t recommend placing all your bankroll on the same horse. Instead, you could realistically take $100 and spread it across three single horses. There are various markets you can bet on aside from horses to win – perhaps one to win, one to place, and one to show may suit you. Or you could throw in a few exotic wagers like trifecta bets or superfectas for variety.
5. Compare Expert Preakness Stakes Picks
Our in-house experts provide insightful and well-researched picks for the Preakness Stakes. The best part is that you get them 100% free, which may help you get the right bets down. By comparing picks across trusted and esteemed handicappers, you may some trends to influence your bets!
FAQs
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