Many people want to be a part of the Preakness Stakes action, but few understand how it all works. The Preakness is the second and shortest leg of the Triple Crown series and one of the most popular and lucrative horse racing events on the calendar.
There are some relatively straightforward wagers for the newbie. However, because the second leg of the Triple Crown is one of the most incredible racing events on the calendar, there is also an increased opportunity to wager on more exotic bets with a potentially massive payoff.
What Is Preakness Stakes?
Preakness Stakes is the second (and shortest) leg of American horse racing’s Triple Crown, including the Kentucky Derby and Belmont Stakes. The Preakness Stakes is a 13/16-mile flat race for three-year-old Thoroughbred horses held annually in mid-May at Pimlico Race Course in Baltimore, Maryland, United States. Fillies weigh 121 pounds, while colts weigh 126 pounds.
The Preakness was founded at Pimlico in 1873 and was named after the horse that won the track’s inaugural Dinner Party Stakes in 1870. In 1889, the Preakness was moved from Pimlico to Morris Park in Westchester County, New York. After a three-year absence, the event reappeared in 1894 but was raced at Brooklyn’s Gravesend track until 1908, when it returned to Maryland and settled permanently at Pimlico the following year.
Betting Tips On The Preakness Stakes
People are getting excited about placing a wager on the highly anticipated Preakness Stakes, but you must understand how the odds work to gain an advantage. Preakness Stakes betting tips are provided below.
Understanding Pari-Mutuel
Preakness wagers are placed in a pool, often known as the pari-mutuel system. Each cent wagered on a middle jewel of the Triple Crown is added to a collection, which is ultimately divided bettors according to their investment.
Because pari-mutuel wagers do not have fixed odds, it is difficult to use any betting strategy. However, payouts are determined by two factors: the number of people who bet on an event and the number of people who correctly predicted the winner. As you can see, assessing whether or not a selection is worthwhile can be a difficult task.
As a result, the odds posted on horse betting websites reflect which horses have received the most wagers. And if you wager on the favorite and it wins, your reward will be relatively small due to the pool being shared by a more significant number of other winners.
The Odds For The Preakness Vary Throughout The Race
The most important thing to know, and the most common mistake made by inexperienced bettors, is that the odds will not determine your payment when you place your wager. When the race begins, the odds will be whatever they are. This differs from sports betting, where the odds are fixed when you place your wager.
Betting sites for the Preakness offer odds throughout the build-up to the race, once the pool begins, and throughout the day, until post time. These help determine which horses are considered to have a decent shot at winning. As a result, it’s critical to consider not only where the odds are now but also where they’re expected toward the end of the game.
Fractions Are Used To Express The Odds
Horse betting sites frequently employ fractional odds (2/1, for example) rather than the Vegas-style odds offered by sportsbooks and sports betting sites (which appear to be closer to +200). They make more sense if you consider them as follows:
When the number to the left of the / is greater than the number to the right, the number to the left represents the amount you will win if you wager on the number to the right.
Example: A $1 wager on a winner with closing odds of 2/1 gets you $2 (in addition to your $1 deposit).
When the number to the right of the / is greater than the number to the left, the number to the right represents the minimum wager required to win the number to the left. Example: An $11 bet on a winner with closing odds of 8/11 earns you $8 (plus your $11 stake is returned).
Betting Markets For The Preakness Stakes
Horse racing and money betting went hand in hand and were practically built for one another. This is why even the smallest of horse races will always have a variety of thrilling wagers available.
Winner Betting
A winner wager is one on the outcome of a race or other similar event; in this case, the Preakness Stakes.
For this wager, it will be your preakness stakes predictions on the horse you believe will win the race or finish first. By obtaining the most excellent betting odds and supporting your forecast with real money, you might earn a sizable profit – but only if your horse is the first past the post.
Forecast Betting
Forecast bets, sometimes known as straight forecasts, are wagers on two horses in a race to finish first and second in 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.
The forecast payout is determined after the race based on the official industry forecast return and is expressed in pounds, and it’s critical to exercise patience until this announcement is made.
Tricast Betting
Tricast bets are popular in horse racing and operate similarly to forecast bets, except that tricast bets are expanded to three horses, whereas forecast bets are limited to two.
It makes logical because tricast betting requires the bettor to estimate which horse will finish first, second, and third. Due to the difficulty of correctly predicting the first three horses to finish first, second, and third, tricast bets can result in significant returns for a bit of wager. Again, winners are calculated in pounds using the industry’s stated, anticipated return.
Final Thoughts
Many have been anticipating the forthcoming Preakness Stakes. Still, to win the wagering, you will have an advantage if you are familiar with the different methods of betting and how they work. Along the road, you’ll have the opportunity to experiment with additional betting tactics. After all, experience is the best teacher.
