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.
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 Sites
$200 Welcome BonusTwinSpires Offer Code: TWIN200
Void where prohibited. Terms and conditions apply. Offer for TwinSpires Racing only. See TwinSpires.com for details. Must be 18+ (21+ where applicable). For help with a gambling problem, call 1-800-GAMBLER.
$150 Deposit BonusAmWager Promo Code: BUSA150
Promotional offer valid and continues until further notice.
Open to new AmWager account holders who have not previously opened an AmWager account. Individuals may only have one (1) AmWager account and may only qualify for a signup promotion one (1) time.
The First Deposit Match Bonus promotion applies to the first deposit made; any subsequent deposits will not apply.
The amount of the first deposit will determine the amount of the bonus and bets that must be placed to earn the bonus. For example, to qualify for the maximum bonus of $150 an initial deposit of $150 is required and total bets must equal $150 or more within 30 days of sign up. Cancelled wagers and refunded wagers are not eligible and will not be counted towards the promotion.
The total promotional wagering credits will be credited to the AmWager account in a single deposit within seven (7) business days of meeting the betting requirements for this promotion. Any promotional wagering credits deposited to a player’s account must be wagered and cannot be withdrawn from the account. Any winnings from those wagers are cash and can be withdrawn.
Any portion of the promotional credits unused expires after 30 days.
Account must remain in good standing to be eligible for all promotions. Returned deposits during the promotional period will cancel eligibility to receive promotional wagering credit.
Limit one promotional offer per household.
21+ to Play, T&Cs Apply. Gambling Problem? Call 1-800-GAMBLER
Betting On The 2024 Preakness Stakes
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.
- 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 be covering the full card live and accepting wagers on every race, including the main event. Now that the post positions are set, online racebooks are ready to open their 2024 Preakness Stakes betting markets.
Update: Muth has scratched from the Preakness Stakes with a fever. Kentucky Derby winner Mystik Dan is the new betting favorite now that Muth has withdrawn.
Kentucky Derby winner Mystik Dan will be running as the betting favorite from the no. 4 post now that Muth has withdrawn from the Preakness Stakes with a fever.
The Bob Baffert-trained colt initially had the no. 4 post and morning line odds of 8-5, putting him ahead of Mystik Dan at 5-2. But after arriving at Pimlico Race Course, Muth spiked a fever of 103, and his team decided to withdraw him from the Preakness Stakes. Baffert still has another horse in the Preakness Stakes (Imagination), but Muth was by far the most promising prospect.
“We are sick about this,” Baffert said. “The horse had been doing really well, but we have to do what’s right by the horse.”
Muth’s withdrawal removes one of the biggest obstacles between Mystik Dan and victory in the second jewel of the 2024 Triple Crown. Trainer Kenny McPeek was unsure if he would commit to the Preakness Stakes after winning the Kentucky Derby but ultimately decided Mystik Dan will be up for the challenge.
Other Kentucky Derby runners slated to run in the 2024 Preakness Stakes include Catching Freedom (4th in the Derby) and Just Steel (17th).
In 2024, 1/ST Racing 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.
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.
Horse Racing
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
$150 Deposit BonusAmWager Promo Code: BUSA150
Promotional offer valid and continues until further notice.
Open to new AmWager account holders who have not previously opened an AmWager account. Individuals may only have one (1) AmWager account and may only qualify for a signup promotion one (1) time.
The First Deposit Match Bonus promotion applies to the first deposit made; any subsequent deposits will not apply.
The amount of the first deposit will determine the amount of the bonus and bets that must be placed to earn the bonus. For example, to qualify for the maximum bonus of $150 an initial deposit of $150 is required and total bets must equal $150 or more within 30 days of sign up. Cancelled wagers and refunded wagers are not eligible and will not be counted towards the promotion.
The total promotional wagering credits will be credited to the AmWager account in a single deposit within seven (7) business days of meeting the betting requirements for this promotion. Any promotional wagering credits deposited to a player’s account must be wagered and cannot be withdrawn from the account. Any winnings from those wagers are cash and can be withdrawn.
Any portion of the promotional credits unused expires after 30 days.
Account must remain in good standing to be eligible for all promotions. Returned deposits during the promotional period will cancel eligibility to receive promotional wagering credit.
Limit one promotional offer per household.
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:
- Visit AmWager.com and sign up for an account
- Make a first deposit with the AmWager promo code BUSA150
- 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
TwinSpires Preakness Stakes Betting Promotions
$200 Welcome BonusTwinSpires Offer Code: TWIN200
Void where prohibited. Terms and conditions apply. Offer for TwinSpires Racing only. See TwinSpires.com for details. Must be 18+ (21+ where applicable). For help with a gambling problem, call 1-800-GAMBLER.
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 has 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 your 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.
FanDuel Racing Preakness Stakes Promos
FanDuel Racing welcomes all new customers with a first bet refund offer plus ongoing promos for the Preakness Stakes and other major horse races.
No Sweat Preakness Stakes Bet
First-time FanDuel customers who sign up for accounts and place their first wager qualify for a first bet refund worth up to $20 or $500, depending on their state of residence.
This offer invites new FanDuel customers to place their first bet on the Preakness Stakes or any other race. Any type or size of bet qualifies, and if it loses, you’ll get a 100% refund paid as wagering credits. The maximum refund varies quite significantly based upon your residency:
- Get up to $500 back in AR, CA, DE, ID, FL, MN, MT, NH, NM, ND, OR, RI, SD, and WA
- Get up to $20 back in AZ, CO, IL, IN, KY, LA, MA, MD, MI, NY, OH, PA, VA, WV, and WY
FanDuel WIN Bet Insurance
FanDuel Racing is offering WIN bet insurance for all of May and June this year on select races. Current FanDuel Racing customers can check in each day to see the qualifying races and place a WIN bet on any horse in that race. If your selection finishes in 2nd or 3rd, you’ll get your money back as a bonus worth up to $5.
It’s not a huge bonus, especially for one race, but this offer extends well beyond the Preakness Stakes and adds up over time.
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 | YES | NO |
|---|---|---|
| Alabama | Montana | Alaska |
| Arizona | Nebraska | Georgia |
| Arkansas | Nevada (at select sportsbooks) | Hawaii |
| California | New Hampshire | North Carolina (online betting is now legal but yet live in NC) |
| Colorado | New Jersey | South Carolina |
| Connecticut | New Mexico | Utah |
| Delaware | New York | Washington DC ( in MD to bet in-person) |
| Florida | North Dakota | |
| Idaho | Ohio | |
| Illinois | Oklahoma | |
| Indiana | Oregon | |
| Iowa | Pennsylvania | |
| Kansas | Rhode Island | |
| Kentucky | South Dakota | |
| Louisiana | Tennessee | |
| Maine | Texas (simulcasting at race tracks) | |
| Maryland | Vermont | |
| Massachusetts | Virginia | |
| Michigan | Washington | |
| Minnesota | West Virginia | |
| Mississippi | Wisconsin | |
| Missouri | Wyoming |
Preakness Stakes Betting Odds
The 2024 Preakness Stakes betting odds and post positions are now official. The post position draw on May 13th has priced Muth and Mystik Dan as the clear favorites in the fourth and fifth post positions, respectively.
| (Post Pos.) Horse | Trainer | ML Odds |
|---|---|---|
| (1) Mugatu | Jeff Engler | 20-1 |
| (2) Uncle Heavy | Robert "Butch" Reid, Jr. | 20-1 |
| (3) Catching Freedom | Brad Cox | 6-1 |
| (4) Muth (SCR) | Bob Baffert | 8-5 |
| (5) Mystik Dan | Kenny McPeek | 5-2 |
| (6) Seize the Grey | D. Wayne Lukas | 15-1 |
| (7) Just Steel | D. Wayne Lukas | 15-1 |
| (8) Tuscan Gold | Chad Brown | 8-1 |
| (9) Imagination | Bob Baffert | 6-1 |
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.
Past Preakness Stakes Results
| (Place) Horse | Trainer | ML Odds |
|---|---|---|
| 1st: National Treasure | Bob Baffert | 4-1 |
| 2nd: Blazing Sevens | Chad Brown | 18-1 |
| 3rd: Mage | Gustavo Delgado | 8-5 |
| 4th: Red Route One | Steve Asmussen | 10-1 |
| 5th: Chase the Chaos | Ed Moger, Jr. | 50-1 |
| 6th: Perform | Claude McGaughey III | 15-1 |
| 7th: Coffeewithchris | John E. Salzman, Jr. | 20-1 |
| (8) First Mission (SCR) | Brad Cox | 5-2 |
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 18th, 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.
Ed DeRosa: Imagination
Before Muth scratched, Ed DeRosa believed he was “unquestionably” the horse to beat among 2024 Preakness Stakes runners. Muth’s withdrawal has changed everything, but it opens new possibilities to find more value.
A quote from Ed DeRosa’s updated Preakness Stakes picks article sums it up succinctly: “At least I don’t have to pick chalk to win a Triple Crown race now.” In other words, Muth’s withdrawal means it’s now practical to bet on other horses with better payout potential.
DeRosa believes Mystik Dan is the rightful new favorite but doesn’t think Mystik Dan’s likely payout odds of even money or worse will provide value. Instead, DeRosa thinks Imagination benefits the most from Muth’s withdrawal and will provide the most value. See DeRosa’s for more of his thought on the race and some Preakness Stakes trifecta tips.
Neil Greenberg: TBD
Neil Greenberg had of every horse running in the 2024 Preakness Stakes, but he’s now in the process of rewriting it due to Muth’s withdrawal. Greenberg said he’ll but hasn’t yet revealed which horse he likes the most for the 2024 Preakness Stakes.
In his original article before Muth scratched, Greenberg made an interesting point when analyzing then-second-favorite Mystik Dan. Specifically, he noted that Mystik Dan was actually the third-fastest horse in the Kentucky Derby when measuring by feet traveled per second but won the race by a nose thanks to Brian Hernandez’s masterful jockeying.
According to Equibase’s GPS data, Mystik Dan , at least seven fewer feet than any other horse in the field — and 23 feet fewer than second-place finisher Sierra Leone and 39 fewer feet than third-place finisher Forever Young.
That said, it’s worth reiterating that Brian Hernandez, Jr. will be riding Mystik Dan in the Preakness Stakes.
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
Mike Murphy is the founder of ycgts.shop and has over 10 years of experience in the legal gambling industry. A regular attendee of industry trade shows and conferences, Mike is a strong proponent in the idea of a well regulated online betting industry.