Preakness Stakes betting: How you can easily place a bet on the second race of the Triple Crown

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The second Triple Crown race, the Preakness Stakes, is right around the corner. That means people will be dishing out cash and placing their bets.

The Preakness Stakes follows the Kentucky Derby and falls on the third Saturday in May. This race is held at Pimlico Race Course in Baltimore.

If you want to place a bet for this year's race, here's how you can do so.

The Preakness Stakes is the second race in the Triple Crown series. (Rob Carr/Getty Images)

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1. What kind of wagers can I place on the Preakness Stakes?
2. Where to bet on the Preakness Stakes?
3. What do odds mean when betting on horse racing?

1. What kind of wagers can I place on the Preakness Stakes?

Before placing bets for the Preakness Stakes, you'll want to consider how much money you want to spend, what the payout will be for your bets, and the levels of difficulty for wagering on different outcomes. Keep in mind that the harder the bet is to win, the more the payoff is going to be.

The Pimlico Race Course website highlights a variety of betting options and the level of difficulty for each.

The easiest bets you can place are for win, place and show. For a win bet, you simply pick who you think will win the race. In a place bet, the horse you choose must either place first or second. For a show bet, the horse you pick must land in the top three spots.

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Then, there are exacta, quinella and double bets. In an exacta bet, you have to choose the first- and second-place winner of the race in order. In a quinella bet, you pick the first two finishers, but the order does not matter. For a double bet, you must pick the winner of two consecutive races.

You can place bets at the racecourse itself, at a local casino in states where it's legal, or right from your phone. (Jonathan Newton/Washington Post via Getty Images)

Also, you can place trifecta, superfecta and pick 3 bets. In a trifecta bet, you must pick the first three finishers of the race in the correct sequence. Superfecta means you must pick the first four finishers of the race in the proper order. Lastly, for pick 3 bets, you have to correctly choose the winner of three races in a row.

The hardest level of difficulty includes pick 4, pick 5 and pick 6 bets. For a pick 4 bet, you have to choose the winner of four races in a row. For pick 5, you have to pick the winner of five races in a row. Finally, there's pick 6, where you have to pick the winner of six races in a row. 

Once you decide what bet (or bets) you are going to place, it’s time to pick your horses. When you pick your horse or horses, use their number to make the bet.

The final step is to place your bet.

2. Where to bet on the Preakness Stakes?

If you are attending the Preakness Stakes, you can make your bets in person. If you are not attending the race but want to make your bet in person, check your local casinos, as they may be taking bets if it is legal in your state. 

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You can also place bets online or through a mobile app, which is the quickest and easiest approach to take. Many states have legalized betting online and through mobile apps.

There are numerous online platforms and mobile apps you can use to make your horse racing bets from home. Popular places to make your bets are TwinSpires and FanDuel Racing. 

Looking at odds can help you make your decision about which horse or horses you'd like to bet on. (Jonathan Newton/Washington Post via Getty Images)

Betting through a mobile app will also give you access to instructions on an easy-to-follow platform, making this mode of betting best for beginners.

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3. What do odds mean when betting on horse racing?

Odds are important to pay attention to when making a bet.

Odds are "the ratio of approximately how much you can expect to win versus how much money you're going to bet," according to the Pimlico Race Course website.

For example, if you see 8-5 odds, it means that you will win $8 for every $5 that you bet.

For 2024, Muth was the favorite to win the race but was scratched due to a fever.

That leaves eight horses left to race in this year's Preakness.