How To Bet On The Preakness

The Preakness Stakes is the second leg of the US Triple Crown, run two weeks after the Kentucky Derby in recent years. If you’ve never bet on it, the wagering menu can look complicated. This guide explains how and where to bet, what each wager means and how payouts are worked out.

What race is the Preakness?

The Preakness Stakes is a Grade I race for three-year-old Thoroughbreds over 1 3/16 miles (9.5 furlongs) on dirt. It’s the middle jewel of the Triple Crown, between the Kentucky Derby and the Belmont Stakes.

Where is the Preakness run?

Its traditional home is Pimlico Race Course in Baltimore, Maryland. While Pimlico is rebuilt, the 2026 Preakness was run at Laurel Park, also in Maryland, the first time the race had been held there. The race is scheduled to return to the new Pimlico in 2027.

When is the Preakness race?

It has traditionally been run on the third Saturday in May, two weeks after the Kentucky Derby. The 2026 Preakness was run on Saturday, May 16, 2026, and won by Napoleon Solo. For 2027 the race is moving to a Sunday on Memorial Day weekend, giving horses an extra week after the Derby, according to reports in August 2026. Check the official Preakness website for the confirmed date and post time.

How do I place a bet on the Preakness?

In the US, horse racing bets are pari-mutuel: your money goes into a pool with everyone else’s and the payouts are shared among the winning tickets. You can bet in three main ways:

1. At the track or an off-track betting (OTB) site. Go to a teller or a self-service machine and state the track, the race number, the amount, the bet type and the program number of your horse, for example “Laurel, race 13, $2 to win on number 5”.
2. Online with an advance deposit wagering (ADW) account. Licensed ADW sites and apps let you bet on races across the country from your phone, in states where online horse racing wagering is legal. You must be 18 or 21 or over depending on your state.
3. At a casino racebook, in states that have them.

Always check the program number rather than the horse’s name when you bet, and check your ticket before you leave the window.

What types of bets can be placed on the Preakness?

Straight bets

• Win: your horse must finish first.
• Place: your horse must finish first or second.
• Show: your horse must finish first, second or third.
• Across the board: three bets of the same amount on win, place and show, so a $2 across the board bet costs $6.

Exotic bets (one ticket, several horses)

• Exacta: the first two in exact order.
• Quinella: the first two in either order.
• Trifecta: the first three in exact order. Our guide to how to bet a trifecta explains boxes and keys and how much they cost.
• Superfecta: the first four in exact order.
• Daily double, Pick 3, Pick 4 and Pick 5: pick the winners of consecutive races.

Base amounts vary by track and bet type. Straight bets are commonly $2, and many exotics can be played for $1 or less.

Can I place a bet on the Preakness online?

Yes, if you live in a state where online pari-mutuel wagering is legal and you use a licensed ADW provider. You fund the account, find the Preakness card on race day and build your ticket the same way as at a window. Many ADW providers also offer live video of the race.

How are Preakness odds determined?

Before betting opens, the track’s oddsmaker publishes a morning line: a forecast of how the public will bet. After that, the odds on the tote board are set purely by the money bet. The more money on a horse, the shorter its odds. The track takes a percentage of each pool (the takeout) before the rest is paid out, and the final odds are only fixed when the race starts.

US odds are shown as odds-to-1, such as 5-2 or 8-1. Our odds converter turns them into decimal, fractional or American moneyline odds, and the odds calculator shows the chance each price implies.

How do I calculate the potential payout of my bet?

Payouts are quoted for a $2 bet. For a win bet, the payout is roughly $2 × (odds + 1): a winner at 8-1 pays about $18 for $2. Final payouts can differ slightly because of rounding (called breakage) and because the odds keep changing until the gates open.

Place and show payouts are smaller, because those pools are shared between two or three horses’ backers. Exotic payouts depend entirely on the pool and how many winning tickets there are, so there’s no fixed formula. The track posts “will pays” for some exotics before the race.

Two real examples: War of Will won the 2019 Preakness at 6.10-1 and paid $14.20 for a $2 win bet, and Napoleon Solo paid $17.80 in 2026.

Large payouts can be subject to tax reporting and withholding in the US. Check the IRS rules or a tax adviser if you hit a big ticket.

Are there any tips or strategies for betting on the Preakness?

• Read the past performances. Look at recent races, speed figures, class and how each horse handles the distance.
• Don’t automatically follow the Derby result. War of Will finished seventh in the 2019 Kentucky Derby and won the Preakness two weeks later.
• Watch the odds move. A horse whose odds drift a long way from the morning line is getting less support than expected, and the reverse.
• Use exotics to add value, not to cover everything. Boxing every horse you like gets expensive quickly.
• Set a budget for the day before you start.

For a deeper method, see our guides to horse racing handicapping and how to handicap horses.

How much is bet on the Preakness?

A lot. The 2019 Preakness day card handled a then-record $99.85 million across all of its races, according to the 2019 race report. That figure is for the whole day’s racing, not the Preakness alone.

Betting on horses always carries a risk of loss. Decide your budget before race day, bet only what you can afford to lose and never chase losses. Gambling responsibly.

Frequently asked questions

How much does a $2 win bet on the Preakness pay?

About $2 times the odds plus one. A winner at 6-1 pays roughly $14 for $2. The exact payout depends on the final pari-mutuel odds.

Where is the 2027 Preakness?

It's scheduled to return to the rebuilt Pimlico Race Course in Baltimore after a one-year move to Laurel Park in 2026.

What is the minimum bet on the Preakness?

It depends on the track and bet type. Win, place and show bets are commonly $2, and many exotic bets can be played for $1 or less.