Preakness Stakes: Odds And Betting Strategies In 2022

The Preakness is the shortest and second leg of the Triple Crown, but it is one of the most significant and most lucrative events on the horse racing calendar.

Over $1 million will be awarded to the winner of the Preakness Stakes, which will be raced throughout 1 3/16 miles (9.5 furlongs). Moreover, there are numerous essential stages and strategies to bear in mind when wagering on the Preakness Stakes, whether you are an experienced bettor or a novice looking to learn how to place a wager on the Preakness Stakes

Brief History Of Preakness Stakes

The Preakness Stakes is part of a long tradition of horse racing in Maryland, having been held two years before the Kentucky Derby at Pimlico Racing Track in 1873. The race is named after Preakness, a colt that won the Dinner Party Stakes on the course's inaugural day of racing and was termed by Maryland governor Oden Bowie.

For the first time since 1890, the race was held in the Bronx, New York, at Morris Park Racecourse, where it remained for three years before returning in 1894 after its hiatus. Gravesend Race Track on Coney Island hosted it twice before returning to Pimlico in 1909. Later in 2019, a deal was reached with the city of Baltimore that ensured the Preakness would be held at Pimlico for the foreseeable future.

How Do Preakness Stakes Odds Work?

Preparing for how to wager on the Preakness Stakes online begins with familiarizing yourself with the odds.

For instance, the following were the 2021 odds contenders for Preakness Stakes:

Medina Spirit +180
Concert Tour +250
Midnight Bourbon +500
Crowded Trade +1000
Rombauer +1200

Looking at the odds, Medina Spirit (+180) may have the lowest number. However, in betting odds, the one with the lowest is regarded as the one favored to win. The rest of the horses are all considered underdogs.

Now, if you believed Medina Spirit would claim the win in the Preakness Stakes and placed a 100-dollar stake on him, you would receive a payoff of 280-dollar, provided that the one you wagered on (Medina Spirit) wins. You will then receive your 100-dollar in addition to your 180-dollar winnings.

Using pari-mutuel is how preakness stakes odds are formulated during the live odds. The final odds are determined by dividing the total quantity of cash in the pool from wagering across the country by the total number of wagers placed on each horse.

Betting Strategy

The Preakness Stakes gambling strategy presents some unique difficulties. The field's composition is unknown until after the Kentucky Derby is run. The outcome of that race will have a significant impact on the Preakness betting odds. Indeed, the Kentucky Derby winner will be the only horse guaranteed a place in the race and will almost certainly be the favorite.

Justify, for instance, won the Kentucky Derby in 2018 and was immediately positioned as the overwhelming favorite to win the Preakness Stakes. At odds of 2-to-5, he was rated one of the lowest-priced runners in the race's history, and he promptly won by a half-length against Bravazo.

Preakness Stakes Betting Trends

There's a wide variety of intriguing bets on even the tiniest of races. The Preakness Stakes, on the other hand, is one of the most prestigious horse races, and listed below are the popular Preakness Stakes betting:

Winner Betting

A bet on the result of a race or other event, such as the Preakness Stakes, is known as a winning bet. In order to win this wager, all you have to do is pick the horse which you believe will finish first.

Each-Way Betting

Each-way wagers are made up of two components. The first component of the wager is betting on your selection to win, as described above. The second component of the wager is a place wager on your horse finishing in one of the specified places.

Forecast Betting

Forecast betting, sometimes known as straight forecasts, is where you place your wagers on two horses in a race in which the ones you wagered on are the ones you believed to finish first and second place with the exact sequence. Forecasts are mainly used in horse and dog racing, where you pick the first two horses or dogs to cross the finish line in the correct sequence.

Tricast Betting

Tricast bets are popular in horse racing and operate similarly to forecast bets, except that tricast bets are expanded to three horses, while forecast bets are limited to two. To win in this wager, you must estimate which horse will come in first, second, or third.

Final Thoughts

After you've learned how the Preakness odds work and developed a strategy for placing your bets, you'll want to sharpen up on the odds and determine which horses will be regarded as your favorite. Now, place your bets!