The 2024 Preakness Stakes runs on Saturday, May 18th at Pimlico Race Course as a part of a 15-race card featuring $4 million in purses. Each year, the $2 million Preakness Stakes provides a first look at any potential Triple Crown contenders and generates more betting handle than any other North American race not named the Kentucky Derby.

Preakness Stakes betting handle regularly approaches $100 million from all sources, and online racebooks compete vigorously for a piece of that action. As a result, legal horse racing betting sites will be on-hand all weekend with live racing video, full track odds, and special offers for fans nationwide.

Preakness Stakes Betting Sites

TwinSpires$200 Deposit BonusTwinSpires Offer Code: BET200 Get Bonus
AmWager$150 Deposit BonusAmWager Promo Code: BUSA150 Get Bonus
DRF Bets$200 Deposit BonusDRFBets Promo Code: STAKES Get Bonus

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In this 2024 Preakness Stakes betting guide, BettingUSA will explain where to bet online and in-person, rank the best horse racing betting apps, and provide everything horse racing fans need to know to get started.

Betting On The 2024 Preakness Stakes

  • When: Saturday, May 18th, 2024
  • Where: Pimlico Race Course in Baltimore, Maryland
  • Watch the Preakness Stakes Live: NBC & Peacock from 4:30 PM to 7:30 PM ET
  • Preakness Stakes Post Time: 6:50 PM ET
  • Post-Position Draw: Monday, May 13th, 2024

Legal horse racing betting sites and mobile racebook apps will open their 2024 Preakness Stakes betting markets the day before the race and after the post-position draw determines the morning line odds.

Nearly 370 three-year-old thoroughbreds will become legitimate contenders to compete in the 2024 Preakness Stakes during the Triple Crown’s early nomination phase.

Of the 52 stakes winners who received Triple Crown nominations last year, Blazing Sevens, Chase the Chaos, First Mission (scratched), National Treasure, Perform, and Red Route One all secured spots at the starting gate during the 2023 edition.

In 2024, 1/ST Racing bumped the Preakness Stakes purse from $1.5 million to $2 million to discourage Kentucky Derby standouts from skipping the Triple Crown’s second jewel. With just two weeks between the Kentucky Derby and Preakness Stakes, it was becoming increasingly common for racing teams to skip the Preakness Stakes and focus on the Belmont Stakes.

Additionally, 1/ST Racing announced a $5 million bonus for any horse that wins the Preakness Stakes, California Crown Stakes, and Pegasus World Cup in that order.

Where To Bet On The Preakness Stakes Online

It is not necessary to attend the race in person or visit the nearest OTB to bet on the Preakness Stakes, although both are viable options.

Numerous horse racing betting sites and mobile apps are available to fans in most states. These betting sites are legal, licensed, and operate with the permission of track operators, allowing them to offer all the same types of wagers that fans can find in person at the Preakness Stakes.

All wagers placed online with licensed apps and betting sites are pooled with wagers taken at the track, giving customers true track odds and supporting the horse racing industry. The top-rated Preakness Stakes betting sites operate legally in nearly 40 states.

Preakness States Online Betting Apps

Each betting site serves different states based on its interpretation of the law and financial considerations. The following map shows which states are home to at least one legal horse racing betting site – and often more.

Readers can select any state on the following map for a brief overview of which operators are available in each state. The states in blue permit online horse racing betting, while the states in red do not.

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Horse Racing

States With Legal Preakness Stakes Betting

Most states permit horse racing betting to one degree or another. Below, states under the YES column allow horse racing betting, either in person, online, or both. States under the NO column prohibit all horse racing betting.

YES

  • Alabama
  • Arizona
  • Arkansas
  • California
  • Colorado
  • Connecticut
  • Delaware
  • Florida
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Maryland
  • Massachusetts
  • Michigan
  • Minnesota
  • Mississippi (at some sportsbooks)
  • Missouri
  • Montana
  • Nebraska
  • Nevada (at some sportsbooks)
  • New Hampshire
  • New Jersey
  • New Mexico
  • New York
  • North Carolina (at Harrah’s Cherokee sportsbooks)
  • North Dakota
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Dakota
  • Tennessee
  • Texas (simulcasting at race tracks)
  • Vermont
  • Virginia
  • Washington
  • West Virginia
  • Wisconsin
  • Wyoming

NO

  • Alaska
  • Georgia
  • Hawaii
  • South Carolina
  • Utah
  • Washington DC

Preakness Stakes Betting Promotions

Below is a collection of Preakness Stakes promotions from BettingUSA’s most-recommended horse racing betting sites and mobile apps.

The following section includes overviews of each operator’s standard new customer welcome bonus, ongoing promotions, and special offers released specifically for the 2024 Preakness Stakes. BettingUSA will update this roundup as additional Preakness Stakes offers go live.

AmWager Preakness Stakes Promotions

New AmWager customers can choose from one of two welcome bonuses, including a $150 welcome offer announced just before the Preakness Stakes. After signing up, AmWager users continue earning with daily cashback rewards.

New Customers: Limited Time $150 Deposit Match Bonus

  • AMWager Preakness Stakes Promo Code: BUSA150

New AmWager customers can claim a 100% first match deposit bonus to receive up to $150 extra to bet on the 2024 Preakness Stakes online. The AmWager bonus is available year-round, but it’s one of the best Preakness Stakes promotions for bettors who don’t already have accounts because it is straightforward, free of burdensome conditions, and is easy to clear for withdrawal.

New users can qualify in three simple steps:

  1. Visit AmWager.com and sign up for an account
  2. Make a first deposit with the AmWager promo code BUSA150
  3. Place an equal amount of wagers within 30 days of registering

In return, AmWager will match each new customer’s first deposit for up to $150 extra. For example, if someone registers and deposits $150 and places an equal amount in wagers within 30 days, they’ll get an extra $150 to use however they like on the AmWager platform.

Daily Cash Rewards

All AmWager customers receive daily cashback rewards as a percentage of their wagers, including bets placed on Triple Crown events. Bettors earn anywhere from 2% to 5% cashback on every wager based on their wagering volume:

  • 2% back: All users start at 2% cashback
  • 3% back: Customers who bet $500+ per month
  • 4% back: Customers who bet $2,000+ per month
  • 5% back: Customers who bet $5,000+ per month
  • Custom rewards: Customers who bet $80,000+ per year

Visit AmWager.com here to claim your bonus

TwinSpires Preakness Stakes Betting Promotions

As the official online horse racing betting site of Churchill Downs, TwinSpires has plenty of resources to fund big Preakness Stakes promotions. In addition, a large welcome bonus for all new users makes TwinSpires a compelling choice for anyone who doesn’t already have an account.

Twinspires $200 New Customer Bonus

All new TwinSpires customers can get up to $200 extra when they sign up for accounts with the offer code BET200. Bettors who don’t already have accounts can claim the offer in four steps:

  • Visit twinspires.com from any desktop or mobile device to sign up for an account
  • Use the Twinspires Preakness Stakes offer code BET200 when registering
  • Place $400 worth of wagers within 30 days of signing up to receive a $100 bonus
  • Place another $400 worth of wagers within 30 days of signing up to receive another $100 bonus

Check Back for More Preakness Stakes Promotions

TwinSpires usually have multiple promotions running on any given day, so check back soon for its latest TwinSpires offers. Typical types of TwinSpires Preakness Stakes promos include free PPs and money back on you win bet if your selection finishes in second or third place.

Visit TwinSpires here to register and bet on the Preakness Stakes

DRF Bets Preakness Stakes Offers

DRF Bets welcomes new customers with a $200 deposit bonus, 10 free Formulator PPs, and at least one Preakness Stakes betting promotion every year.

DRF Bets $250 Deposit Bonus

  • DRF Bets Preakness Stakes Promo Code: STAKES

The DRF Bets welcome offer gives $200 in bonus funds to new customers who sign up for accounts at drfbets.com with the promo code STAKES and deposit $200 within seven days. Additionally, bettors who claim the DRF Bets bonus get 10 free Formulator PPs.

Note – new customers must deposit exactly $200 to claim this offer. Bettors who receive the DRF Bets bonus must place $400 worth of wagers after signing up before making a withdrawal.

Rewind: DRF Bonus Bucks Series

DRF Bets will announce its Preakness Stakes betting promotions soon, so check back for updates.

Last year, DRF Bets awarded $10 free bets to customers who bet on select races during the days leading up to the Preakness Stakes. During the promo, anyone who placed win bets on horses that finishes in second or third place in qualifying races received $10 wagering credits to use on the Preakness Stakes.

Visit DRF Bets here to register and claim your bonus today

Preakness Stakes Betting Odds

The 2024 Preakness Stakes betting odds will come out the week of the race after the post-position draw determines the horses’ positions at the starting gate. Early, projected odds will begin showing up about a month before the race, but the official odds don’t come out until after the post-position draw.

Hint: For anyone new to horse racing betting, note that the morning line odds serve as a starting point for the action. The morning line odds provide a sense of which horses are favored heading into the race, but pari-mutuel odds fluctuate until post time in response to the public’s wagering action. As a result, the odds you see when you bet on the Preakness Stakes may not be the odds you receive after the race concludes.

Preakness Stakes Results

(Place) HorseTrainerML Odds
1st: National TreasureBob Baffert4-1
2nd: Blazing SevensChad Brown18-1
3rd: MageGustavo Delgado8-5
4th: Red Route OneSteve Asmussen10-1
5th: Chase the ChaosEd Moger, Jr.50-1
6th: PerformClaude McGaughey III15-1
7th: CoffeewithchrisJohn E. Salzman, Jr.20-1
(8) First Mission (SCR)Brad Cox5-2

Where To Watch The Preakness Stakes

Horse racing fans can stream the Preakness Stakes online or watch it live on TV for free.

  • Watch the Preakness Stakes on TV: NBC on Saturday, May 20th, starting at 5:00 PM ET
  • Stream the Preakness Stakes online: Visit NBCSports.com or download the NBC Sports app for coverage before, during, and after the race

2024 Preakness Stakes Expert Picks

BettingUSA does not make horse racing predictions, but plenty of experts with decades’ worth of experience provide their Preakness Stakes picks for free every year.

As race day draws nearer, BettingUSA will share tips and picks from some of the nation’s most well-known handicappers. Until then, continue below for last year’s predictions to see how the experts’ picks performed.

TwinSpires Staff: Mage

TwinSpires staff recently published a Preakness Stakes betting guide with information about Pimlico Race Course trends, overviews of this year’s contenders, and the staff’s favorite betting favorites. The guide came out before First Mission scratched, but it’s still full of useful but easily digestible handicapping tips and info.

This year, TwinSpires staff has four Preakness Stakes favorites:

  • #3 Mage (8-5)
  • #8 First Mission (scratched)
  • #7 Blazing Sevens (18-1)
  • #1 National Treasure (4-1)

The TwinSpires betting guide also recommends two Preakness Stakes trifecta bets. However, both include Mage, so bettors will need to remove or replace #8:

  • $5 Trifecta: Key 3 with 1, 5, 7, 8
  • $5 Trifecta: 3, 8 with 3, 8 with 1, 5, 7

Horse Racing Nation Expert Picks

Longtime handicapper, author, and industry insider Ed DeRosa published a recent article at Horse Racing Nation detailing his Preakness Stakes pick, taking into account First Mission’s absence.

Ed DeRosa notes that although the horse racing fan in him is disappointed First Mission scratched from the Preakness Stakes, it has made it much easier to find value. He thinks Mage is the likeliest winner but doesn’t see value in the odds-on favorite. Instead, he sees the most value in National Treasure, who will have the best chance of any other runner to upset the favorite.

See the full article here for more on Ed DeRosa’s reasoning in making this pick.

Preakness Stakes Trifecta Picks

Neil Greenberg, a Washington Post staff writer who specializes in sports analytics, publishes a useful Preakness Stakes Trifecta betting guide each year. The full article is always worth a read because it provides a behind-the-scenes look at an analytical mind applied to horse racing betting strategy.

Interestingly, Greenberg’s recommended strategy this year is to consider not placing a trifecta at all. It’s not the most exciting advice to read, but it shares an important lesson: you don’t have to bet on every race. That said, Greenberg says anyone who’s dead-set on placing a Preakness Stakes trifecta this year may want to consider Red Route One over Mage and National Treasure.

Getting Started: How To Bet On The Preakness Stakes

Aside from the magnitude of the event, betting on the Preakness Stakes is no different than placing a wager on any other horse race. Horse racing fans can place wagers in-person at the race itself, simulcasting facilities around the country, or online.

1. Choose A Horse Racing Betting Site

For fans who wish to bet online or through a mobile app, getting started begins with choosing a reputable horse racing betting operator.

There are quite a few licensed horse racing betting sites in the US, but most are small operations with limited geographic reach. The biggest operators, as listed above, are available in the most states and tend to offer the best betting promotions, handicapping tools, and other features.

All major betting sites support desktop wagering and mobile apps for iOS and Android devices.

2. Sign Up And Verify

Licensed betting sites are required by law in all states to collect the information of new customers to verify their ages and identities.

Initially, signing up for an account to bet on the Preakness Stakes involves submitting the usual personal information:

  • Name
  • Address
  • E-mail and phone number

Additionally, operators must verify each customer’s identity by collecting their social security number and driver’s license number. This information is then cross-checked against private and government databases to confirm the identity of each customer.

In most cases, signing up takes just a few minutes.

3. Make A Deposit

Most horse racing betting sites accept a wide range of deposit methods, including credit, electronic banking, and cash. The most common deposit methods include:

  • Credit and debit cards
  • ACH eCheck
  • Wire transfer
  • Green Dot MoneyPak or PayNearMe to deposit with cash

4. Place A Bet

Preakness Stakes betting typically opens 24-48 hours before the race and after the post-position draw. On the day before the race, customers can log in to their online or mobile betting accounts to get started.

Most betting apps present users with a list of upcoming tracks upon logging in. From there, customers can select Pimlico Race Course to view upcoming races – including the Preakness Stakes itself.

Types Of Preakness Stakes Wagers

As one of the biggest races on the calendar, Preakness Stakes betting options will include all the most common types of wagers outlined below.

Straight Bets

  • Win: Select a horse to finish in 1st place
  • Place: This wager wins if the selected horse finishes in 1st OR 2nd place
  • Show: This wager wins if the horse finishes anywhere in the first three places

Exotic Bets

  • Exacta: Select two horses to finish in 1st and 2nd place in the correct order
  • Quinella: Select two horses to finish in 1st and 2nd place in any order
  • Trifecta: Select three horses to finish in 1st, 2nd and 3rd place in the correct order
  • Superfecta: Select four horses to finish in 1st-4th places in the correct order
  • Hi-5: Select five horses to finish in the top five in the correct order

Multi-Race Exotics

  • Daily Double: Pick the winners of 2 consecutive races
  • Pick 3, Pick 4, Pick 5 and Pick 6: Pick the winners of 3, 4, 5, or 6 consecutive races

Preakness Stakes Betting FAQ

The next Preakness Stakes is on Saturday, May 18th, 2024.

Pimlico Race Course in Baltimore hosts the Preakness Stakes every year.

Yes. The Preakness Stakes is the second and shortest leg of the Triple Crown, held two weeks after the Kentucky Derby. If the Kentucky Derby winner enters the Preakness Stakes, the race provides fans a first look at the next potential Triple Crown champion.

Fans can watch and bet on the Preakness Stakes at licensed horse racing wagering sites, off-track betting parlors (OTBs), and race tracks. See the top of this page for a list of licensed and legal online racebooks recommended by BettingUSA.

Yes. Most states allow in-person and online horse racing betting. Readers can scroll up to see what their Preakness Stakes betting options are in every state.

Two-day Preakness Stakes ticket prices range from $203 in the Grandstand Upper to $900 in the Turfside Terrace, but Luxury Suites are even pricier (must call for current luxury box prices). Prices are even higher on secondary markets.

Yes. However, Nevada horse racing betting works differently than in other states. The nation’s prominent horse racing betting apps and websites do not offer their services in Nevada. Instead, sportsbooks in Nevada offer horse racing betting. Additionally, some Nevada racebooks only offer-fixed odds wagers, while others also offer pari-mutuel wagering on the Preakness Stakes.