Docs Website

53 Years Strong! A Trusted Leader In Sports Picks, Best Bets and Predictions Since 1971.

Main Menu

2024 Preakness Stakes Wagering Strategies

by Spencer Toth - 5/16/2024

Preakness Stakes

Horse Racing is one of the true staples of sport betting, as the races have drawn billions of dollars of bets since starting in the 19th century. In modern day, the Triple Crown is the biggest accomplishment available to be won, and the Preakness Stakes is the second race in the series. While Preakness Stakes may not draw the same number of eyes as the Kentucky Derby, there is still plenty to race for at this weekend’s event. This event takes place on the third Saturday of May, two weeks after the Derby. When placing a bet on the race, there are several key factors that cannot be ignored in order to churn a profit. All the betting markets must be carefully examined before deciding on your final choice. Here are 5 helpful betting tips you can implement for this weekend’s big race.

Don’t be Afraid of a Preakness Stakes Longshot:

The outright favorite has won just four of the last 18 Preakness Stakes, with a whopping 5 double-digits underdog getting the win in that span. It can be tempting to take the higher win probability with the outright favorite, this year 5/2 Mystic Dan. However, the favorites have not been cashing tickets in recent years, making longer underdogs the far more profitable return on your investment. Five of the last 6 winners have been in the 6-1 to 13-1 range. There are three horses that fit this profile in this year’s race. And while a 20-1 winner is unlikely, a small upset is a more than reasonable bet to make. You may still lose more often than you win. However, by spreading your wager across a few medium-sized underdogs, you can vastly improve your chances at churning a profit at this year’s event. It just takes a single 8-1 win to make up for 7 losses, and this is a great strategy to employ at the Preakness Stakes.

Evaluate all the Betting Options:

It’s not hard to understand betting on the winner of the Preakness Stakes, but there is still plenty of money to be made in the other markets. A ‘Place Bet’ is a bet on your prospective horse to Place, which means they finish in the top two. This market will not have the same massive payouts as the outright winner but will still offer underdog odds to almost any horse at this year’s race. The favorites are usually a reliable bet to finish near the top, as aside from a poor start or unexpected disqualification, the heavy favorites will be fighting for not only the win, but a top two finish. To go even further, a bet on a horse ‘To Show’ means they will finish inside the top 3. It doesn’t matter if the horse you back finishes in first, second, or third, if you bet on them to Show, your wager will be declared a winner. The ‘To Show’ market is where the favorites often start seeing their odds plummet, so this market should only be used on the larger underdogs. A possible big payout is the best part about betting on horses, and trying to lock in profits on a Mystik Dan ‘To Show’ bet will not be a profitable wager in the long run.

The difference between a win, place, or show bet may seem minute, but the vastly different odds make a real difference. Before placing a bet on the Preakness Stakes, you must carefully evaluate all the betting options on your prospective horse, or risk leaving money on the table if you get scared and take a softer line.

Be Wary of Complicated Props:

It is hard enough to pick the winner of the Kentucky Derby. But once you start getting into Exacta or Trifecta bets, you significantly reduce your chances at winning. An Exacta bet is a bet on the correct top two finishers, in the correct order. The payouts can be tempting, and a small wager doesn’t hurt. However, a majority of your Preakness Stakes betting should be done on straight bets, just like how in other sports you want to avoid parlays and take the best lines only. To make the payout even bigger, sportsbooks use Trifecta to really bait casual bettors. These bets will offer massive payouts, often 50-1 or longer. However, getting all three horses on the podium’s correct order is no easy task. By sticking to the straight bets, the odds aren’t as long, but it is much easier to walk away with a win, instead of a ‘what if.’

Get expert sports picks on every game, or if you want our very best bet premium picks by the experts, sign up for your free $60 account with a guarantee.

 

Most Recent Preakness Stakes Handicapping

One E-mail A Week Is All You Need!
Our weekly newsletter is loaded with exclusive free picks,insight and advice from our expert handicappers