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Last updated September 28, 2020

How to Bet the 2020 Preakness Stakes

Unlike the Kentucky Derby, which can be bet on at various times during the winter and spring leading up to the race in the form of the Kentucky Derby Future Wager (KDFW), pari-mutuel betting on the Preakness is restricted to just two days.

After the Preakness field is drawn on the Wednesday before the race, fans will have less than 48 hours to wait before wagering on the race is available at racetracks, simulcast centers, and on Advance Deposit Wagering (ADW) platforms, including TwinSpires.

The Best Way To Bet $100 At The 2020 Preakness Stakes

Money management is an important skill to master in maximizing your funds. For the Preakness Stakes, the race traditionally holds potential of nice payouts due to value in upsets with full fields.

Let’s look at betting strategies to maximize a budget of $100 for the second jewel of the Triple Crown.

This handicapper suggests not placing the full $100 to win on a horse, as he likes to spread among opportunity and there really isn’t a true sure thing in racing.

  • Suggestion 1:
    • Ladder betting:
    • $50 Win
    • $30 Place
    • $20 Show
  • Suggestion 2:
    • Strong opinion on 2 to 3 horses
    • $15 Exacta Box with three horses = $90
    • $10 Straight Exacta with horse 1 & 2

When does Preakness Stakes Betting become available?

Traditionally, the first opportunity to wager on the Preakness is on the Black-Eyed Susan Day program at Pimlico. The day prior to the Preakness is Pimlico’s second biggest day of betting due to attendance and thus a handle perspective.

Preakness Day starts early, with a first post of 10:30 a.m. (ET) the norm in recent years.

In 2015, the Preakness was the 13th race on a 14-race program.

The Kentucky Derby is far and away the most wagered-on horse race in the country, but the Preakness often attracts $50 million or more in wagers. That’s good enough to be the second, or third, most wagered-on race in the country every year. Total handle on the 2015 Preakness program was $85.161 million, surpassing the $83.786 million wagered in 2014.

In addition to the traditional “straight” wagers (Win, Place, Show), fans can also attempt to cash big in the various “exotic” pools. Exacta (first two), Trifecta (first three), Superfecta (first four), and Super High Five (first five) wagering are all offered.

Odds for the Preakness at Pimlico will be posted as morning line following the draw Wednesday evening and then adjust live once betting officially opens.

The Preakness field is limited to a maximum of 14 horses.

Preakness Stakes Betting Strategy

Betting on the Preakness Stakes is a short but sweet affair. The post draw occurs on the Wednesday leading up to the weekend, and wagering will officially open when the Friday program begins two days later. Though early odds will be available, you can only place a bet during the two-day period over the weekend.

Unlike the first leg of the Triple Crown, which boasts the popular Kentucky Derby Futures Wager and various contests, the Preakness Stakes is a more traditional weekend of horse wagering. That doesn’t mean there’s any shortage of action.

Everything starts with Black-Eyed Susan Day on Friday and ends on the Preakness Day on Saturday. In total there are 14 races, with the Preakness traditionally running as the 13th race on the program.

In 2016, the Preakness weekend garnered $94,127,434 in all-sources wagering. In fact, last year boasted record crowds of 135,256 in attendance. Both numbers established new records.

Basic Preakness Stakes Betting Guide:
Since the Preakness Stakes is considered a marquee event on the Thoroughbred racing calendar, all betting options are available to horse players. These include straight bets and exotic bets which are outlined below.

Straight Bets

Win – The horse must finish first
Place – The horse must finish first or second
Show – The horse must finish first, second or third

Exotic Bets

Exacta – Select two horses to finish 1st and 2nd in exact order
Trifecta – Select three horses to finish 1st, 2nd and 3rd in exact order
Superfecta – Select four horses to finish 1st, 2nd, 3rd and 4th in exact order

Box Bet – The above exotics can be “boxed”, which adjusts the payout but makes the bet slightly easier to win. An “trifecta box” for example simply determines which three horses will finish in the top-three in no specific order.

Where To Bet on the Preakness Stakes

You can bet on the Preakness Stakes in person by joining the amazing crowd at Pimlico Racecourse itself. The track is located just outside of Baltimore, Maryland. Preakness.com [http://www.preakness.com/tickets] offers various travel packages as do a variety of other vendors.

You can also bet on the Preakness Stakes at Twinspires.com using our mobile or desktop platforms. A full range of betting options will be available, as well as streaming options. Our handicapping tools and data resources are great for picks and wagering.

Twinpires.com makes it fun and easy to get in on the action on the 142nd running of the Preakness Stakes! The race weekend begins on Friday, May 19th and continues through Saturday, May 20th.

Find more helpful betting information in our online betting guide portal.