2023 Preakness Stakes Betting in PA
The Preakness Stakes, held annually at Pimlico Race Course in Baltimore, is often referred to as “the Second Jewel of the Triple Crown.” While several horses have looked like Crown contenders through the years, many have come up short at this highly-anticipated race. This year, Mage is the only competitor with the opportunity to capture the Triple Crown after the colt won the Kentucky Derby.
You can bet on the Preakness Stakes legally online via several horse racing apps right here in Pennsylvania. This page covers everything you need to know about the Preakness Stakes, beginning with the 2023 odds and where you can bet on the action.
How To Bet on the Preakness Stakes in Pennsylvania
2023 odds on the Preakness Stakes
National Treasure won the 148th running of the Preakness Stakes. The odds for the 2024 event will release the week leading up to the race.
To bet on the Preakness Stakes, you’ll need a place to do it. However, there isn’t any need to travel to bet. Thanks to great options like FanDuel Racing, you can wager from wherever is most convenient.
Using your desktop computer or mobile device, you can log in and wager on the ponies. One of the top options for Pennsylvania horse racing fans is the FanDuel Racing app.
Through FanDuel Racing, you can place bets on races from around the globe, including the Preakness Stakes. To get started, all you need to do is click on our exclusive links to create an account. From there, it’s just a matter of entering a few simple details such as your name and email address.
Once that’s all set, click on “Complete Registration.” Your new account will be created right away. Mobile Apple users should take the time to download the iOS app from the main website. Afterward, log in on mobile, and you’ll be ready to bet from wherever you are.
Android users aren’t out of luck. The site is fully optimized to work on mobile. After you have created an account via our exclusive links, visit the site on your device and log in for mobile access.
From start to finish, you’re looking at just a couple of minutes of your time. FanDuel Racing is a top-notch operator that offers a $100 No Sweat First Win Bet.
Types of Horse Race Bets
Betting on the Preakness Stakes goes beyond just trying to figure out which horse will win. There are several ways to bet on the race, many of which can be quite fruitful.
Let’s take a look at all the major bet options you have to consider, starting with the basic:
- Win: Place your bet on the winner of the race.
- Place: This bet covers a horse to finish in first or second place.
- Show: This wager pays if the horse you choose finishes in third, second, or first place.
The above bet types work as individual wagers. You can also combine them on a single betting slip if you want, such as a win/place or win/place/show bets. The payout amount for winning tickets will vary depending on the amount of the betting pool and odds.
Hitting on one of these bets can provide a nice return depending on your wager amount.
The next level of bet types are exotic wagers. While these are tough to hit, the returns can be exceptional:
- Exacta: A bet on the horses who finish in the top two.
- Quinella: Similar to an exacta, but with different payouts.
- Trifecta: A wager on the top-three finishers of the race.
- Superfecta: With this wager, you have to pick the top four horses to finish the race.
- Super High Five: This is a bet on the top-five finishers in the race.
You can place each of the above bets with a single selection for each spot and a small amount. You can also “box” a bet, which means your picks can finish in any order. You can also add selections.
In both cases, the cost of the ticket will rise accordingly. If your picks were correct, and one finisher happens to be a long-shot horse, you could be looking at a fantastic return.
The Preakness Stakes will be the big focus on the day of the event, but there will also be a full card of other races. If you’d like to try your chances on those races as well, here are some various ways to wager:
- Pick 3: You need to pick the winner of three straight races.
- Pick 4: Pick the winner of four races in a row.
- Pick 5: A wager on the horses to win in five consecutive races.
- Pick 6: A bet on the winner of six straight designated races.
If you take a shot at these bets and just choose a lone horse in each race, then the cost per ticket will be small, such as 50 cents or $2. If you decide to take a shot with multiple horses in each leg, then the wager amount will rise, depending on the number of selections.
It’s far from easy to win these bets, but they’re a good source of entertainment. Remember to only bet with a comfortable amount.
How Horses Qualify for the Preakness Stakes
Traditionally, the Preakness Stakes is the second leg of horse racing’s Triple Crown. The Kentucky Derby is the first of the trio, while the Belmont Stakes is the final leg.
It’s not uncommon to see several horses compete in all three races. That’s especially true for those who place well in the first leg and onward. In all cases, the horses in the field are the best of the season.
So, how do we figure out which horses make the cut? That depends on how they perform in other stakes races throughout the preceding year. Known as “the Road to the Kentucky Derby,” horses earn points based on how well they finish in these contests.
In early races, points may be awarded on a scale of 10-4-2-1. Later in the season, the points get bumped up even further to a range of 50-20-10-5. The stakes get kicked up once again for the final races of the stretch, known as the “Super Six.”
Horses who win the races in this category, which include annual events such as the Blue Grass Stakes and Louisiana Derby, win a whopping 100 points. The top finishers on the leaderboard qualify for the main events.
By the time the Preakness rolls around, all the horses scheduled to run will have proven themselves as being among the top 2- and 3-year-old horses for the current season.
Preakness Stakes Betting Favorites
The week heading into the Preakness Stakes is chock full of anticipation. Once the odds are released, bettors get to see the oddsmakers’ take on the field.
On the day of the race, betting handle will flow in, so it’s not uncommon to see the odds shift. Some bettors like to get their bets in early, while others take a wait-and-see approach on the odds board.
We’ll provide the 2023 Preakness odds when they’re initially announced.
Where to Watch Horse Racing in Pennsylvania
If you’re looking to catch the Preakness Stakes on TV, you can tune into NBC, which is the broadcast home for major racing events. You can catch live racing action on media outlets NBCSN and FS1.
Horse Racing in Pennsylvania
Pennsylvania has six racetracks for you to get in on the action. Here are the details:
- The Downs at Mohegan Sun Pocono: 1280 Pennsylvania 315, Wilkes-Barre
- Harrah’s Philadelphia Casino & Racetrack: 777 Harrah’s Blvd., Chester
- Hollywood Casino at Penn National Race Course: 777 Hollywood Blvd., Grantville
- The Meadows Racetrack & Casino: 210 Racetrack Rd., Washington
- Parx Racing at Parx Casino: 3001 Street Rd., Bensalem
- Presque Isle Downs & Casino: 8199 Perry Hwy., Erie
Handicapping the Preakness Stakes
By the time Preakness Stakes day comes around, there’s a good chance you’ll have come across several takes on how the race will play out. Convincing arguments will be laid out for several runners in the field, so you’ll have plenty to consider.
While you can make information from others a key part of your research, you don’t have to stop there. You can verify speculation and justify it by learning by doing some of your own handicapping. Here are some tips:
- Past performance: You’ll want to take a look at how the horses have been faring in the run-up to the Preakness. Many in the field will have competed against each other already. With that in mind, there should be plenty of nuggets of information available. Naturally, those who have won some other big races should capture your attention.
- Career earnings: For a big-picture look at all the runners in the field, go through the career earnings of each of them. This method is an excellent way to help separate the horses into tiers. Theoretically, the better horses will have made more money over their careers. However, keep in mind that some have run in more races.
- Key stats: There are several stats to consider, such as previous times, pace, and class. They can all be helpful and useful, but be careful not to suffer from information overload. To avoid this, consider some of the bottom line stats, such as power and speed ratings, to be fair assessments of overall strength.
You can spend lots of time handicapping the race, but that won’t necessarily get you any closer to positive results. It may lead to success, but there aren’t any guarantees.
As an alternative, keep it simple and follow the steps above while digesting the opinions of sources you trust. There’s a good chance you’ll find some selections you’re happy with by doing so.
History of the Preakness Stakes
The first running of the Preakness Stakes took place in 1873. Survivor won the inaugural race contested over 1 1/2 miles at a time of 2:43. The length has shifted through the decades, but the current stretch of 1 3/16 miles has stuck for some time.
There have been a number of legendary performances through the years at Pimlico, including some memorable runs by Triple Crown winners. We’ve been fortunate to see two of those in 2015 and 2018.
It seems that interest is only increasing with each passing year. Here’s a look at the last 10 winners of the Preakness Stakes and their winning times:
- 2022: Early Voting, 1:54:54
- 2021: Rombauer, 1:53.62
- 2020: Swiss Skydiver, 1:53:28
- 2019: War of Will, 1:54:34
- 2018: Justify, 1:55:93
- 2017: Cloud Computing, 1:55:98
- 2016: Exaggerator, 1:58:31
- 2015: American Pharoah, 1:58:46
- 2014: California Chrome, 1:54:84
- 2013: Oxbow, 1:57:54
The speed record at Preakness’s current length is held by the legendary Secretariat, who won the race in a time of 1:53:00. Smarty Jones had the most dominant victory, winning by an impressive 11 1/2 lengths in 2004.
Preakness Stakes FAQ
The Preakness Stakes traditionally occurs on the third Saturday in May. This upcoming year (2024), that falls on Saturday, May 18. NBC Sports will handle the broadcast and streaming duties.
Only 13 horses have been able to win horse racing’s Triple Crown, the last of which was Justify in 2018. American Pharoah made it happen in 2015, but that was the first time that a horse had turned that trick since Affirmed pulled it off in 1978.
Win, place, and show bets can offer decent returns when a long-shot pick takes down one of those places. For bets that provide even greater potential profits, exotic wagers can payout some eye-popping numbers.
For example, here were the returns for the 2020 edition of the race:
- $2 Exacta: $75.60
- $0.50 Trifecta: $602.85
- $1 Superfecta: $5,053
Eddie Arcaro is atop the all-time win list for jockeys at the Preakness Stakes. He won the event six times, two of which came in back-to-back years in 1950 and 1951. Arcaro’s last victory came in 1957.
As interest has risen through the years, so too has the betting handle for the Preakness Stakes. For example, the total amount bet on the race in 2019 was a little south of $100 million, while the number dipped lower than that in 2020. For years with a legitimate Triple Crown contender, the handle can rise well above that number.