Hot off a Kentucky Derby win, Always Dreaming will go for the second jewel in horse racing’s Triple Crown on Saturday. That means betting on the Preakness Stakes is going to be ramped up, as we watch to see whether there’s potential for a Triple Crown winner this year. If you’ve never bet on the Preakness Stakes before, here’s a primer to get you started.


How to Place Preakness Stakes Straight Bets

Straight bets are the easiest to understand. You’re simply betting on one horse, and there are three ways to do it.

1.       The win bet means the horse you bet on has to win the race in order for you to win a payout.
2.       The place bet means you’re predicting a horse to finish either first or second.
3.       The show bet mean you’re backing a horse to finish first, second, or third.

In terms of strategy, a place and show bet increases your chances of winning (compared to just picking a horse to finish first), but offers a smaller payout.


How to Place Preakness Stakes Exotic Wagers

Exotic wagers are a little more complicated, but pay more. Let’s start with the exacta bet. You pick two horses to finish first and second, and they have to finish in that exact order. A trifecta bet is similar, but with three horses; you wager on three horses to finish first, second and third in a specified order. A superfecta bet is when you wager on four horses to finish first, second, third and fourth, in a pre-determined order. These types of bets are hard to hit, and as a result, offer incredible payouts.

A quinella bet is when you pick two horses and they finish first or second in either order, giving you a bigger chance to win. There’s also the daily double, which is predicting the winner of two races in one day. Both have to hit for you to win. A Pick 3 is similar, but with three races instead of two, and a Pick 4 is the same but with four races. The more winners you try to predict, the bigger your potential payout.


How to Place Preakness Stakes Prop Bets

When it comes to Preakness Stakes betting, you’ll find a number of props available to you. One of the most popular ones is the head-to-head horse matchup, which pits two contenders against each other. With this type of prop, you simply pick the horse that has the better finish. Another fun prop is the margin of victory, which predicts the number of lengths the winner will finish by. You decide whether the winning horse will win by over that number of lengths or under.