2023 Preakness Stakes Betting Guide: Tips & Strategy to Bet Online

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Last updated: May 20, 2023 at 4:40 p.m. EDT

How to Bet the 2023 Preakness Stakes Online

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 more restrictive.

After the Preakness field is drawn several days before the race, fans have days rather than months to wager on the race through racetracks, simulcast centers, and on Advance Deposit Wagering (ADW) platforms, including TwinSpires.


The Best Way to Bet $100 at The 2023 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

Betting Analyst James Scully suggests this bet:

Race 13 – Preakness (G1), 7:01 p.m.

First Mission’s scratch removes a pace player from the second leg of the Triple Crown, leaving five late runners among the seven contestants, including Kentucky Derby winner Mage, who has failed to break promptly in all three stakes appearances. #1 National Treasure (4-1) will look to take advantage of the favorable set-up as the controlling speed.

Multiple Grade 1-placed at two, National Treasure missed a plan prep for the Santa Anita Derby (G1), recording a respectable fourth after a rough start, and the Bob Baffert-trained colt has worked forwardly since, recording back-to-back bullet moves in preparation. National Treasure appears to be geared for speed in a race lacking pace, adds blinkers, and John Velazquez will save plenty for the final stages.

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. 2020 was a most unusual year for the Preakness, due to major racing calendar disruptions related to the COVID-19 pandemic. In addition to being delayed until early October, the Preakness was run as the 3rd and final leg of the Triple Crown, rather than in it's usual position between the Kentucky Derby and Belmont Stakes.

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. The total handle on the 2019 Preakness program was a then record-high $99.852 million. With no in-person attendance and a delayed running in October due to the pandemic, the 2020 Preakness card handle dropped to just $51.2 million. A bounce back was expected in 2021, and those hopes came to fruition with a total handle of $113.41 million. It was the first time the total handle has ever exceeded the $100 million mark.

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 lines following a few days before the race 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.

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 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 148th running of the Preakness Stakes!

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