Expert Guide to Betting on the Preakness Stakes in 2022

In this guide to the “Run for the Black-Eyed Susans”, you’ll discover how to bet on the Preakness Stakes.

We’ll reveal the many different types of wager available to those wishing to bet on the second leg of the Triple Crown. In addition, we’ll explain how to read the odds, share tips on finding a winner and point out the very best horse racing websites.

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    Top Sites for Preakness Stakes Betting

    Before we learn how to bet on the Preakness, here is a selection of the top racebooks in the USA. At these sites, you’ll not only be able to wager on all of the sport’s biggest races. But you’ll also find the best odds and the biggest bonuses.

    • XBet – Our top pick for betting on Triple Crown races
    • MyBookie – Some of the best horse racing odds in the US
    • Sportsbetting.ag – Trusted betting brand with user friendly racebook
    • BetUS – Excellent in-play betting site, horse racing included
    • BetOnline – Crypto lovers will enjoy the selection of bonuses here
    • BUSR – One stop wagering shop with sportsbook, racing and casino
    • Bovada – Top-class international betting brand for the sport of kings
    • GT Bets – Quality loyalty program for existing customers
    • Everygame – Formerly known as Intertops
    • Betanysports – Bag the best cashback deals on horse racing

    Guide to Signing Up to a Preakness Stakes Racebook

    In order to learn how to bet on the Preakness, we first need an account with which to bet. So let’s walk through the steps involved in registering with a top US racebook. We’ll use XBet as an example, but all sites follow a similar path.

    Step 1: Select a racebook

    Pick out your desired betting site and open up the homepage. We’d advise clicking through our trusted links to avoid ending up at a spoof site. Click on the “Join Now” button and enter the requested information.

    How To Bet On The Preakness - Step 1

    Step 2: Accept the terms

    Once you’re done filling in the simple form, which won’t take more than a minute or two, read the terms and conditions. Check the box to accept them, as well as opting in or out of the various mailing lists, before completing your registration.

    How To Bet On The Preakness - Step 2

    Step 3: Visit the cashier

    Now that you have a new betting account, you’ll need to load it up with some funds. Press the “Deposit Now” button, head off to the cashier and choose from one of several secure payment methods. 

    How To Bet On The Preakness - Step 3

    Step 4: Choose a bonus

    At this stage, you will be prompted to select your welcome bonus from the list of options. Other sportsbooks may have a field in which to enter any promo codes you might have. Either way, always remember the welcome bonus when signing up, so you don’t miss out on free money!

    How To Bet On The Preakness - Step 4

    How Does Preakness Stakes Betting Work?

    You’ll never really understand Preakness Stakes betting unless you get to grips with the simple mechanics of sports betting. We’ll discuss some of the most popular wager types in the next section of our guide, to help you understand how bookmakers settle your bets.

    For example, let’s pretend you’re wanting to know how to bet $100 on the Preakness Stakes this year. Your most obvious starting point is the Win market, where you have to predict which horse is going to pass the wire in first position. 

    Then, the next most common options are Place and Show, which give you extra chances to succeed. Place means the horse can finish either first or second, while Show refers to a top three spot.

    When the race is over and the results are known, a dividend is announced for each of these three betting pools. You won’t actually know how much you stand to win until the race is run. That’s because payouts depend upon the amount of bets taken and the number of winning tickets. Here’s the result of the 2021 Preakness for illustrative purposes.

    Horse Win Place Show
    Rombauer $25.60 $10.00 $5.20
    Midnight Bourbon $4.60 $3.00
    Medina Spirit $2.80

    In order to work out your returns, you must multiply the dividend value by your stake. For instance, if you had bet your $100 last year on Midnight Bourbon to place, you’d have picked up a total of $460. That represents a tidy little profit of $360!

    How do I Place a Preakness Stakes Bet?

    Okay, we already showed you how to create a betting account. So now it’s time to explain how to place a bet on the Preakness. This time we’ve opted to use MyBookie as a guide, but the principle is the same with any of the USA’s top racebooks.

    Step 1: Make your picks

    Naturally, you can’t place a bet without having first selected a horse. Read through the form guide and consult experts to help you make your selection. If you’re short of ideas, you can check out our 2022 Preakness Stakes betting picks.

    Bet on the Preakness Stakes - Step 1

    Step 2: Access your account

    Now that you have some selections ready, head off to your chosen betting site and punch in your login details. Don’t forget to credit your account before betting if the wallet is currently empty. 

    Bet on the Preakness Stakes - Step 2

    Step 3: Visit the racebook

    Okay, so you’ve logged in and added some real money to your account. Next you’ll need to peruse the various Preakness odds by navigating to the racebook section of your betting site. Browse through the left-hand menu and click on “Horse Racing” before selecting “Preakness Stakes Odds to Win”.

    Bet on the Preakness Stakes - Step 3

    Step 4: Place your bets

    Finally, you’ll need to click on the relevant betting opportunities. If you want to bet on a horse to win, click on that horse’s name to add it to the betslip. Enter your desired stake, click on “Place Bet” and wait for the confirmation message.

    Bet on the Preakness Stakes - Step 4

    Guide to Deposits and Withdrawals for the Preakness Stakes

    You can’t truly understand how to bet on the Preakness until you get to grips with payments. In this next section, we’ll talk you through how to make a deposit, as well as cashing out your profits.

    How to Deposit Money into your Account

    Every betting site and app will have a slightly different cashier, so the exact steps may vary a little. But generally speaking, you’ll need to follow the below process in order to fund your account.

    1. Log into the account: Type your username into the relevant field, followed by the password;
    2. Head to the cashier: Visit the cashier section, which will be marked by a button stating “Deposit Now”, or words to that effect.
    3. Pick a payment method: Select your favorite deposit option from the list and pay attention to any instructions. It should inform you of any minimum deposit requirements, for example.
    4. Enter the stake amount: Type in the amount you wish to bet, double check it, then confirm the transaction.
    5. Sit back and wait: If you’re depositing a cryptocurrency token, it could take a short time before it’s fully processed. But even the more traditional options, such as Visa and Mastercard, can take a couple of minutes to go through.

    mybookie Deposit

    How to Withdraw your Winnings

    If you’re ready to make a withdrawal, congratulations. You must have been following our expert betting advice! However you made your money, you’ll want to get your hands on it as soon as you possibly can. This is how to do it.

    1. Visit the cashier: Click on the button marked “Cashier” or “Payout” to head over to the cashier.
    2. Prove your identity: If this is your first time asking for a withdrawal, you’ll need to verify your identity. This is a legal requirement found at all online betting sites to help prevent fraud and other criminal offenses.
    3. Choose your method: Select the payout method you wish to use from the list of options. Follow any instructions on the screen around minimum and maximum withdrawal limits.
    4. Enter a value: Key in the amount you wish to withdraw, before confirming the payout.
    5. Await your payment: Payout speeds vary greatly between withdrawal methods and betting sites. If you’re using an e-wallet or cryptocurrency, you could potentially receive the funds in less than an hour. Though a bank card may take several days to process.

    Withdraw

    Payment Methods Available for Preakness Stakes Betting

    We’ve just spoken about how to make a deposit and withdrawal, but we didn’t go into much detail about the payment options. Let’s address that topic now!

    Standard Payment Options

    Almost all of the top online sportsbooks in the United States offer more traditional banking methods, like bank transfers and debit cards. Trusted brands such as Visa, Mastercard and American Express are the most prominent. 

    When it comes to withdrawals, you may be able to request a check. Though you should be prepared to wait up to two weeks, since this method often takes time.

    eWallets

    It’s increasingly common for horse racing betting sites to accept the major e-wallet options, including Neteller, Skrill and PayPal. Transactions carried out this way are very often free and usually extremely fast.

    E-wallets are also handy for keeping your betting bankroll separated from your everyday spending money. You can safely store funds in one for a long period of time, easily moving it between accounts.

    Cryptocurrency

    We’re seeing more and more Bitcoin betting sites emerging, as cryptocurrency continues to cross into the mainstream. It’s not only BTC though. Sportsbooks have begun to accept an ever-growing list of tokens, like Ethereum, Ripple, Litecoin, Bitcoin Cash and Dogecoin. 

    These crypto coins are especially good for receiving payouts. Not only are they the quickest way to get hold of your cash, but they offer an additional layer of anonymity and security. 

    Claim a Betting Bonus for the Preakness

    Now that you’re familiar with how to bet on the Preakness, we’ll let you in on a little secret. You don’t necessarily have to use your own cash to do it! There are all sorts of bonuses and offers to be found online and you can often use them for horse racing wagers.

    Here are the most common promotions found at racebooks in the US.

    Sign-Up Offer

    The gambling industry is extremely competitive, so bookmakers must do all they can to stand out. Almost all online betting sites today offer an attractive welcome package as an incentive for new customers to join.

    The classic example is the deposit match bonus. This requires you to fund your account with real money, before a bonus is added to your account. For example, if the offer is for 150% and you deposit $50, you’ll receive a total of $125. That’s $50 of your own money combined with a $75 bonus!

    Free Bets

    There are two different free bets used by online bookmakers. The first is the risk-free bet, which insures your real money wager against a loss. You’ll bet using real money and if you win, that’s great. But if you lose, your stake will be refunded for you to have another try.

    The second type of free bet is where the sportsbook credits you with a kind of betting token. You use this to bet and if it wins, you’ll keep only the profits, but not the value of the free bet.

    Rebates

    Cashback rebates are usually awarded to regular players as part of a loyalty program, though they can be given as welcome bonuses. This type of offer is just what it sounds like; if you make a loss during the promotional period, you’ll receive a rebate.

    The exact percentage depends on the bookmaker and the promotion in question. But it’s usually something in the region of 10% on monthly losses.

    Profit Boosts

    Some bookmakers like to run “Happy Hour” style promotions, where the odds setters elect to enhance prices. These are available for all customers to enjoy, during specific promotional periods.

    However, it’s not uncommon for some bookmakers to give you a certain number of odds boosts every day. You’ll be free to apply the boosts to whatever markets you like, giving you the opportunity to get ahead.

    Which Different Preakness Stakes Betting Markets are there?

    If you aren’t comfortable with the various types of bet, then you can’t truly understand how to gamble on the Preakness Stakes. So let’s get you fully up to speed right away!

    Standard Wagers

    The most common horse racing bet types are extremely simple to understand. You can place your wagers at online bookmakers ahead of time, or at the track on the big day. They are as follows: 

    • Win bet: All you need to do here is identify the winning horse;
    • Place bet: With place bets, your pick can finish second, as well as first;
    • Show bet: This gives you a safety net, as your selection can be anywhere in the front three for your bet to win;
    • Double bet: Parlay two different races together to shoot for bigger payouts.

    Exotic Wagers

    If you don’t know how to bet a trifecta for the Preakness Stakes, or you’re unsure of what a Quinella is, this is the section for you. Exotic bets are a little more complex, resulting in much greater payouts.

    • Exacta bet: Here you must predict the first and second placed horses in the correct order (e.g. 1 to beat 4); 
    • Quinella bet: This is like an Exacta, but you win if they finish in any order (so 4 to beat 1 and 1 to beat 4);
    • Trifecta bet: A trifecta is when you correctly name the front three finishers in the exact sequence (e.g. 1-4-8); 
    • Superfecta bet: This extremely tough bet requires you to pick the first four horses to pass the post in the right order (e.g. 1-4-8-2);
    • Super Hi-Five bet: An extremely rewarding bet due to the incredible difficulty, you have to correctly pick out the first five home (e.g. 1-4-8-2-7).

    Best Tips for Placing Bets on the Preakness

    So far we’ve explained the mechanics of how to bet on the Preakness, but we haven’t really talked too much about strategy. So in this next part of our guide, we’ll help you discover how to bet the Preakness Stakes winner this year!

    Tip 1: Do your homework

    Trusting your own eyes is the best way to find a winner. Look back at previous races and try to spot the horses which are suited to the unique Pimlico track. Analyze the form guide and pay attention to timings, as opposed to the bare form. Don’t be put off by other people’s opinions.

    Tip 2: Become an expert

    Try to specialize as much as possible. If you attempt to bet on every single race in a season, you’ll spread your efforts too thinly. Successful racing bettors focus on a narrow group of horses, tracks or types of contest. You might have some joy if you only follow the three year old races in the build up to the Preakness, for instance.

    Tip 3: Listen to others

    There’s an abundance of information to consume on the internet today and everyone thinks they know it all. Avoid the nonsense found on betting forums and instead listen to real experts. Trainers sometimes share updates or drop hints in interviews. Jockeys reveal a lot of information too, especially if they have riding options in the race. The horse they choose indicates plenty about its chance of winning.

    Tip 4: Get the value

    Knowing how to bet on the Preakness is one thing, but understanding how to get the best possible price is a different story. You’ll need to shop around the various betting sites to make sure you get the best odds. Look to offshore betting sites for bigger prices or check out our Preakness Stakes odds comparison guide.

    Tip 5: Exploit bonus offers

    Staking other people’s money is a great way to learn how to bet on the Preakness while minimizing your own risk. Many top sportsbooks offer free bets and bonuses, meaning you can use the bookmaker’s cash to wager. Check out the Bovada promo code BTCSWB750 for example. Deposit using Bitcoin and you’ll bank up to $750 which can be used to bet on horses.

    Betting on the Preakness Stakes by Mobile

    Want to know how to bet on Preakness 2022 runners using mobile betting apps? No problem! All of the top betting brands named on this page offer nicely optimized mobile betting sites, with many of them providing a native app for download too.

    In order to sign up, simply visit the site in your mobile or tablet device’s browser. Then you can follow the same guide found elsewhere on this page. That’s because the registration process is identical via mobile to that of your desktop computer. 

    One of the best elements of mobile betting is the live, in-play markets. With our top-rated sportsbooks, you can place bets even after the Preakness has started. So if your pre-race pick gets off to a bad start, you can react in real time. Maybe it’s time to bet on something else!

    Can I bet at the Track on the Preakness Stakes?

    In this next section, we’ll explain how to bet on the Preakness if you’re lucky enough to have a ticket for the big day. 

    At Pimlico Race Course, home of the Preakness, you’ll be betting into a pool. That means you won’t know exactly how much you stand to win until the race is already over. If you would prefer to bet at fixed odds, get your bets on at one of our recommended sites before heading off to the track.

    But if you’d rather bet at Pimlico, just follow these simple steps:

    1. Once you’ve made your picks, note down the number(s);
    2. Head to a betting terminal and browse to the race on which you want to bet;
    3. Key in the number of your selection(s) and the bet type;
    4. Enter the stake, confirm the bet and pay the correct amount;
    5. Don’t forget to take your ticket, as you’ll need that to pick up any winnings!

    Where Near Me can I Bet on the Preakness Stakes?

    Most of us will have to settle for watching the 2022 Preakness Stakes on the television. So in this final part of our guide, we’ll look at how to bet on the Preakness in states like Texas, NJ and NY.

    More and more states are opening up to legalized internet betting, making it much easier to bet on horse racing. You’ll find a plethora of New Jersey betting apps and websites online, for instance. You could even head off to your local betting hall, casino or racetrack to bet.

    If you live in a state where online betting is illegal, you might think that you have no chance of placing a bet. But thanks to the many offshore betting sites which accept US players, it’s actually a breeze. Online betting apps in Texas are not technically permitted, for instance. 

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