Expert Guide How to Bet on the Preakness Stakes in 2023

If you want to know how to bet on the Preakness Stakes, our expert guide simplifies both standard and exotic wagers for this major US horse racing event.

A staple fixture in the US racing calendar since 1873, the Preakness Stakes is the 2^nd jewel of the Triple Crown, taking place just after the Kentucky Derby and before the Belmont Stakes. This year’s race gets underway on Saturday, May 20th, and our guide will showcase the best sites and promos, explain how the odds work, and get you ready for action.

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Best Preakness Stakes Betting Sites

The best horse racing betting sites in the US offer more than just the Kentucky Derby betting sites. These 10 bookies also feature excellent betting odds and a range of markets for the Preakness Stakes – not to mention great bonuses, unique betting features, and intuitive racebooks.

1. Xbet – Best Preakness Stakes betting site
2. MyBookie – Consistent horse racing rebates
3. Sportsbetting.ag – Fast and snappy in-play horse racing betting
4. BetUS – Great odds for Preakness Stakes betting
5. BUSR – $1,000 bonus on the Preakness Stakes
6. BetOnline – Bet on Preakness Stakes with an interactive form guide
7. Bovada – Highly trusted racebook in the US market
8. GTBets – Weekly 10% rebates paid out every Monday
9. Everygame – Excellent racebook for first-time bettors
10. Betanysports – Get track odds in Racebook+

How to Bet on the Preakness Stakes – Signing Up to a Racebook

To best explain how to bet on the Preakness Stakes, we have used the incredibly user-friendly Xbet as our example. With our guide below, you’ll be registered and ready to go to bet on the Preakness Stakes.

Step 1. Create an Account

This part couldn’t be simpler. Just head to the Xbet homepage on your desktop or mobile and select “Join Now” to get started.

Step 2. Fill in the Blanks

Next, simply follow the prompts to complete your personal information. This will include your name and address, and you’ll get to create your unique login details. Agree to the terms and conditions and then hit “Create my Account” to finish up.

Step 4. Enter a Promo Code

It is at this time that you’ll be able to choose a welcome bonus. Enter the required promo code to pick up the bonus of your choosing.

Step 5. Deposit and Bet

Use the cashier section to place your deposit, remembering to deposit at least the minimum amount for your bonus. With a funded account, you’ll be free to enter the racebook and bet on the Preakness Stakes.

How does Betting on the Preakness Stakes Work?

Want to know how to bet $100 on the Preakness Stakes? We’ve got the perfect guide for you. Knowing how to bet on the Preakness Stakes is quite simple and even novice bettors can pick it up in seconds.

The first thing you’ll need to consider when learning how to bet on Preakness in 2023 is the betting odds. The odds let you know who the bookmakers (and the betting public) consider the favorite and let you know how much money you can win. For simplicity’s sake here, we’ll use fixed odds for our guide.

There are many ways to bet on horse racing and those bet types fall into standard and exotic wagers. Exotic wagers require a great degree of accuracy but can result in some huge payouts.

Straight wagers are the easiest bets to make and simply require the bettor to wager upon the winner of the race (win) or to predict which horse/s will make it into the top 2 (place) or you can back a horse to merely finish in the top 3 (show).

Straight Wager Example Using 2021 Results

The winner, Rombauer, returned at odds of +1200.

The minimum stake on a straight wager is almost always $2 and the returns we’ve detailed above are for a $2 stake. For example, backing Rombauer to win at +1200 with a $2 stake would result in a $26 payout – $24 in profit.

How do I Place a Bet on the Preakness Stakes?

Together, let’s go over how to bet on the Preakness Stakes at one of the best online sportsbooks in the US – Xbet. Even the most novice of bettor will know how to place a bet on the Preakness Stakes by using our guide provided below.

Step 1. Find the Preakness Stakes

Head to the racebook by selecting the section from the top menu and either locate the Preakness Stakes from the options available or by directly searching by the racetrack – in this case, Pimlico Racecourse.

Step 2. Read the Form

Before making a prediction or selection, be sure to check the form guide for this race. The form guide will detail the recent races of each participating horse and show how they have performed and in what conditions. Use this guide to determine which horse is most likely to win, place, or show.

Step 3. Create your Bet

Make your selection – be it a win, place, or show bet – and it’ll appear in the bet slip. You can make an exotic wager too if you are feeling confident. Add the selection to your bet slip and nominate a wager amount. When your bet slip is complete to your liking, click “Submit Bets” to finalize and place your bet.

How to Bet on the Preakness Stakes – Deposits & Withdrawals

You can’t take home any real money winnings unless you place real money wagers. To do so, you’ll first have to deposit money into your betting account. Thankfully, the best offshore gambling sites in the US all support fantastic and reliable payment methods that make gambling transactions a breeze.

Before you consider how to bet on the Preakness Stakes this year, make sure you know how to fund your account and take home your winnings.

How to Deposit Money into your Account

Once again, for this example, we have used Xbet. At Xbet, making an online deposit is incredibly easy and should only ever take a few minutes.

1. Log into your online betting account.
2. Click on the green “Deposit Now” button in the top right of the page.
3. Select your deposit method from the many available banking options.
4. Nominate a deposit amount.
5. Follow the prompts to complete the transaction.

How to Withdraw your Winnings

Once you’ve learned how to bet on the Preakness Stakes successfully and backed a winner, you’ll be ready to withdraw some of those well-earned winnings. Don’t worry. Collecting your winnings is just as easy as making a deposit.

There is one quick bit of housekeeping – be sure to verify your identity before your first withdrawal. This is a necessity but won’t take too long. You’ll need to provide a copy of your government ID and proof of residence to the bookie. You should be verified within 72 hours but typically you won’t wait longer than 24 – 48 hours.

1. Log in to your Xbet betting account.
2. Click the “Cashier” button at the top of the page.
3. Choose “Payout” to make a withdrawal. Select your preferred method.
4. Follow the prompts to complete the transaction.

How to Bet on the Preakness Stakes – Payment Methods

An important part of learning how to bet on the Preakness Stakes in the US is making sure you know what banking methods are available for both deposits and withdrawals. Using the payment methods below, you can ensure fast, reliable, and secure transactions at your favorite online horse racing betting site.

eWallets

eWallets seem tailor-made for online gambling. These digital wallets provide instant deposits, and quick withdrawals, and don’t require a connection to your bank account. The biggest eWallets like Skrill and Neteller use advanced mobile apps to ensure bettors can authorize their transactions instantly.

You’ll get a good amount of anonymity using eWallets and eChecks and the security features are incredibly high-tech. Just watch out, as some eWallets may be exempt from some online sports betting welcome bonuses.

Cryptocurrency

Cryptocurrencies are the latest way to fund a betting account in the US. This advanced payment method offers the best security features of any banking method and supports instant deposits and withdrawals.

There is a bit of a learning curve to setting up a crypto wallet and signing up for an exchange, but after that, you’ll find it only takes a few seconds to complete a cryptocurrency deposit or withdrawal at bookies offering great odds for the Preakness Stakes. These days, almost every bookie offering a US racebook is a bitcoin betting site.

Standard Payment Options

For those who don’t want to learn a new payment method or just like to keep things simple, you can still use standard payment methods at the online bookies in the US. You could make a wire transfer or just stick with your debit or credit card. Be warned, that many sportsbooks no longer accept American Express as a payment method.

Visa and Mastercard payments, including Visa gift cards, are highly accepted online and provide instant deposits and fast withdrawals that are typically processed within around 48 hours at most operators. You’ll likely encounter a credit card withdrawal fee at some bookmakers in the US though.

Claiming a Preakness Stakes Betting Bonus

One of the biggest perks of betting on the Preakness Stakes at an online bookie over heading to your local sportsbook, OTB, or casino is the amazing and lucrative bonuses available. You can bet on the Preakness with bonus money or even a free bet if you play your cards right.

Sign-Up Offer

The sign-up offer, or Welcome Bonus, is the first promotional offer you’ll ever be able to receive and it’s usually the biggest too. These offers are only available to new players who are registering an account for the first time.

The welcome bonus is almost always a matched deposit bonus. This means the bookie will match your deposit with bonus funds – for example, a 100% matched deposit of $200 would see your $100 deposit receive a further $100 in bonus funds.

Free Bets

Horse racing free bets are exactly how they sound – a free bet in which the bookie fronts the cost of the wager. These bonuses are usually small – around $10 at most – but you’ll keep the return (minus the stake) as 100% free profit.

This bonus can be claimed in a number of ways, but it usually requires a deposit of some kind or for the bettor to place a specific kind of real money wager first.

Rebates

Rebates are a form of cashback and are a very common bonus at bookies in the US market. These rebate offers will pay out a certain amount of cash back for losing bets. You’ll need to make qualifying bets, and this will be determined by the horse racing rebate offer – for example, single bets or exotic wagers only.

While some operators such as Xbet and MyBookie offer horse racing rebates each and every week, other bookies will only make such an offer during major race meetings such as the Kentucky Derby or Preakness Stakes.

Popular Types of Preakness Stakes Betting Markets

Has anyone ever asked you how to bet a trifecta for the Preakness Stakes? There are more than just simple to-win bets for horse racing in the US. Standard and exotic wagers offer unique ways to make money gambling on the biggest horse races. The best bookies will offer Preakness Stakes odds for both standard and exotic wagers.

Check out the most popular types of betting markets for the Preakness Stakes.

Standard Wagers

Standard wagers are generally any bet on a single horse. These are very simple bets to understand and see the bettor predicting an outcome for a single horse during a race.

• Win bet – A simple wager on one horse to win a race. Your selection must place first for the bet to be a winner.
• Place bet – At a US betting site, a place bet means to finish in the top 2. Your horse must either win or be the runner-up.
• Show bet – The show bet is a wager on a horse to finish anywhere in the top 3.
• Double bet – The double bet is a wager on two single outcomes in a single event such as the winner of the first two races of a race meeting.

Exotic Wagers

Exotic wagers like the exacta or trifecta require a little more insight into the race and cover a more exact prediction. These wagers need several horses to meet a particular outcome in a single race or even over multiple races at a single event.

• Exacta bet – A wager in which you must correctly predict the exact finish of the first two places of a race.
• Quinella bet – The same as an exacta but the order doesn’t need to be exact.
• Trifecta bet – This is an Exacta bet but with the first three places correctly predicted.
• Superfecta bet – A bet on the correct order of the first four finishers in a single race.
• Super Hi-Five bet – Also called a perfecta, this bet is a correct prediction of the first five finishers of a single race.

Our Top Tips on How to Place the Best Bet on the Preakness Stakes

Learning how to place a bet at the best Preakness Stakes betting sites doesn’t need to be difficult. It’s fairly simple and anyone could back the winner on the day. Read on for a few handy tips for placing a bet on the Preakness Stakes this year.

1. Research the Form

Just picking your favorite horse name won’t get you the win – at least most of the time. You’ll need to actually study the form guide to make an informed selection.

Most bettors would unlikely back a tired away team that’s lost their last 3 matches, so why back a horse in the same boat. The form guide is one of the most important tools for accurate Preakness Stakes predictions.

2. Expert Picks

There’s nothing wrong with getting a little help. With so many experts out there, it takes little effort to pick up Preakness Stakes betting picks from those who really understand the race.

Check out our latest Preakness Stakes betting picks or see who other experts are backing at BetUS TV for free at BetUS.

3. Claim a Bonus

Why not bolster your Preakness Stakes wagers with a free bet? Claiming a bonus can be a nice way of making a bolder selection without risking any real money. Of course, be sure to read the terms and conditions of any bonus to make sure it suits your Preakness Stakes betting strategy.

4. Keep it Simple

Don’t overthink it. You don’t have to place complex exotic wagers or go too deep into the form guide if you’re a novice bettor. Just think of the basics when it comes to winning this race, grab a few ideas for expert predictors, and place an informed bet you feel confident about.

How to Bet on the Preakness Stakes on Mobile

The best horse racing betting apps provide bettors with the means to bet on their favorite horse races anywhere with an internet connection. You don’t need to be home to bet on the Preakness Stakes anymore since mobile apps fit in the palm of your hand.

These mobile betting apps and sites are often far more responsive than the desktop pages – perfect for in-play betting – and you’ll still get all the same markets as betting on the main website. You’ll benefit from touch screen functionality and the additional security measures a mobile phone can offer – like biometric locking.

Horse racing betting sites and apps are available for both Android and iOS devices. However, Android users may need to download an APK file directly from the bookie to install the horse racing betting app. The mechanics of betting on the Preakness Stakes on mobile is almost identical to betting on the main website.

How to Bet on the Preakness Stakes at the Track

If you’re lucky enough to be in Baltimore this May, you could head to Pimlico Racecourse and bet on the Preakness Stakes in person. While you’re unlikely to get the amazing odds you will online, there is certainly something to be said about the live experience. Newbies can follow our 3-step guide to betting on the Preakness Stakes if they’re at the track.

1. Decide how much you want to bet on each race during the day. Stick to this budget and don’t go chasing any losses.
2. First, compare the form guide with each race card to see how each horse has been performing. Head to the parade ring before each race to see the condition of the horses and see if you can spot anything that might affect the race.
3. Head to the teller and place your bet. You can also use an OTB machine if you wish.

Where to Bet on the Preakness Stakes Near Me

Not all of us can get to Maryland for this race, so how to bet on Preakness in Texas or New York is a pretty common question this time of the year. Each state has different laws on horse racing betting and gambling in general.

Thankfully, at Basketball Insiders, we have plenty of articles covering all the most important queries about horse racing betting in your state. Check out our horse racing state betting guides, such as horse racing in Florida or Texas, to learn how to bet on Preakness in NJ, or any other state.

For example, in Delaware, you can legally bet at in-person sportsbooks, while bettors in Illinois can also enjoy online sports betting at sites such as BetMGM and FanDuel.

More on horse racing betting…

Want to learn more about how to bet on the Preakness online or just pick up some pointers on horse racing betting in general? Check out our other insightful and informative horse racing betting articles.

• Preakness Stakes betting sites – Our guide to best horse racing betting sites offering odds and markets for the Preakness Stakes.
• Preakness Stakes odds – Get stuck into the latest Preakness Stakes betting odds with our guide.
• Preakness Stakes picks – Need some tips? Our experts provide an informed guide to the best picks for the Preakness Stakes.
• Best racebooks – A guide to using online racebooks and where to find the very best operators.
• Parimutuel betting – Learn the ins and outs of the most common way to bet on horse racing in the US.
• Pool betting – Learn how to calculate your winnings when pool betting with exotic wagers.
• Virtual horse racing – No races on? Read our guide on betting on virtual horse racing at online bookies.

How to bet on Preakness Stakes FAQs