In this 2026 Preakness Stakes betting guide, BettingUSA explains where to bet online and in-person, ranks the best horse racing betting apps, and provides all the other info horse racing fans need to know to get started.
The 2026 Preakness Stakes runs on Saturday, May 16th at Laurel Park 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: BET200
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 Any promotional wagering credits deposited to a player’s account must be wagered and cannot be withdrawn from the account. Any winnings from those wagers are cash and can be withdrawn.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.
$500 No Sweat First BetFanDuel Racing Promo Code: Not Needed
18/21+, T&Cs apply. Age and residency restrictions apply. Offer valid on first real-money wager of $5 or more. Refund issued in non-withdrawable Racing site credit that expires 7 days after receipt. Max refund $500. See terms at racing.fanduel.com.
50% up to $300Iron Bets Racing Promo Code: BUSA
18/21+, T&Cs Apply. Gambling Problem? Call 1-800-GAMBLER
21+ to Play, T&Cs Apply. Gambling Problem? Call 1-800-GAMBLER
Betting On The 2026 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 16th, 2026
- Where: Laurel Park in Laurel, Maryland
- Watch the Preakness Stakes Live: NBC & Peacock starting at 2 PM ET
- Preakness Stakes Post Time: ~7:00 PM ET
- Post-Position Draw: Monday, May 11th, 2026
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 position draw has determined the starting lineup and morning line odds, online racebooks will open their 2026 Preakness Stakes betting markets roughly 24 hours before the race.
In 2024, 1/ST Racing increased the Preakness Stakes purse from $1.5 million to $2 million to encourage more Kentucky Derby contenders to return for the second leg of the Triple Crown. With just two weeks between the Preakness Stakes and the Kentucky Derby, horse racing teams have increasingly opted to skip the second leg and focus on the Belmont Stakes, which offers a five-week break.
It remains uncertain whether the higher purse will motivate more Kentucky Derby standouts to enter the Preakness Stakes. In modern horse racing, highlighted by sophisticated training methods, optimized training schedules, a deeper understanding of horse health, and an increased focus on animal welfare, two weeks isn’t much time between two ultra competitive and high-profile races.
The response has been mixed. Mystik Dan, the 2024 Kentucky Derby winner, ran in both of the remaining Triple Crown races. However, Sovereignty’s team opted to skip the 2025 Preakness Stakes after winning the Kentucky Derby to focus on the Belmont Stakes.
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 2026 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 2026 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.
Zero Percent Preakness Takeout
Bet on the Preakness Stakes with 0% track takeout on WIN bets at AmWager. Opt in to this promotion and receive wagering credits equal to 22% of your gross payout on winning WIN bets – credited the next day.
How to claim:
- Sign up or log in to your AmWager account
- Go to the Promos tab and opt in
- Place WIN bets on the Preakness Stakes
Preakness Week Bankroll Giveaway
Earn up to seven free entries in the AmWager Bankroll Giveaway during Preakness Stakes Week for a chance to win $100, $150, or $250 in wagering credits.
Get one free entry per day from May 10th–16th by completing these three steps:
- Log in to your AmWager account
- Go to the Promos tab
- Opt in to the Bankroll Giveaway
(Maximum of one entry per day; up to seven entries total)
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: BET200
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
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.
New Customer Welcome Bonus
First-time FanDuel customers who sign up for accounts and place their first wager qualify for a first bet refund worth up to $500.
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.
No Sweat Preakness Stakes Bet
New and existing customers can claim a no sweat Preakness Stakes bet by logging in, visiting the promos page, opting in, and placing a WIN bet on any Preakness horse. If your Preakness Stakes bet loses, FanDuel Racing will refund it with bonus funds of equal value.
Additional FanDuel Preakness Stakes Promos
FanDuel Racing consistently launches new Preakness Stakes betting promos each year ahead of the race. Check back closer to race day for the latest updates and offers.
Iron Bets Racing Preakness Stakes Promos
Iron Bets Racing offers a $300 deposit bonus for new customers and will announce additional Preakness Stakes promos for existing accountholders a few days before the race.
The deposit bonus is particularly attractive because it’s the largest of its type. Unlike the first bet refund offers some other Preakness Stakes betting sites offer, the Iron Bets bonus benefits everyone, not just customers who place losing wagers.
The offer is easy to claim:
- Use the promo code BUSA when signing up for an account
- Make a deposit and receive an extra 50% in bonus funds
Be sure to check back in the days leading up to the race for additional Preakness Stakes betting bonuses.
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 (visit Laurel Park 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 official 2026 Preakness Stakes morning line odds and starting positions will be released after the post-position draw on Monday, May 11th, 2026.
Projected odds will be available even sooner, and BettingUSA will update this page with all the relevant details closer to the 2026 running of the Preakness Stakes.
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.
2026 Preakness Stakes Contenders
As the 2026 Preakness Stakes draws nearer, BettingUSA will update this page with brief bios of horses worth watching during the run-up to race day.
In the meantime, here’s a review of last year’s Preakness Stakes contenders:
Goal Oriented
- Trainer: Bob Baffert
This lightly-raced colt is undefeated in two starts and hails from a trainer with a record eight Preakness victories, making him a serious contender despite stepping up significantly in class.
Journalism
- Trainer: Michael McCarthy
As the Kentucky Derby runner-up and Santa Anita Derby winner, Journalism is the morning-line favorite and a clear contender based on proven top-class form. With one Preakness Victory to his name, Michael McCarthy has proven he has what it takes to win at Pimlico.
American Promise
- Trainer: D. Wayne Lukas
Although he faded to 16th in the Kentucky Derby, he’s trained by a seven-time Preakness winner and has a previous win on a muddy track, making him a potential longshot contender if conditions are off.
Heart Of Honor
- Trainer: Jamie Osborne
An international challenger who finished second in the UAE Derby, he brings a different form line and could be a contender if he adapts well to the Pimlico surface and American racing style.
Pay Billy
- Trainer: Michael Gorham
As the winner of the Federico Tesio Stakes, a traditional Preakness prep at Laurel Park, he has local form but the odds mark him an outsider against more accomplished runners. However, his strong front pace and his four wins out of his last five races make Pay Billy a long shot worth considering.
River Thames
- Trainer: Todd Pletcher
With a strong second in the Fountain of Youth and consistent performances, this colt could give his decorated trainer his first Preakness win, making him a definite contender.
Sandman
- Trainer: Mark Casse
The Arkansas Derby winner who finished a respectable 7th in the Kentucky Derby, Sandman has the back class to be a contender if he gets a favorable pace setup. However, strong closers rarely win the Preakness Stakes, and come-from-behind victories are rare.
Clever Again
- Trainer: Steve Asmussen
A lightly raced son of American Pharoah who won the Hot Springs Stakes, his pedigree (sired by American Pharoah) and trainer’s reputation (a 2x Preakness winner) make him a legitimate contender despite his limited experience.
Gosger
- Trainer: Brendan Walsh
Winner of the Grade 3 Lexington Stakes, he has shown talent but faces a tougher field here, making him more of a dark horse contender.
Past Preakness Stakes Results
2025 Preakness Stakes Finishing Positions
| Horse (Post Pos.) | Trainer / Jockey | (ML Odds) Final Odds |
|---|---|---|
| 1st: Journalism (2) | Michael McCarthy / Umberto Rispoli | (8-5) 1-1 |
| 2nd: Gosger (9) | Brendan Walsh / Luis Saez | (20-1) 15-1 |
| 3rd: Sandman (7) | Mark Casse / John Velazquez | (4-1) 6-1 |
| 4th: Goal Oriented (1) | Bob Baffert / Flavien Prat | (6-1) 8-1 |
| 5th: Heart of Honor (4) | Jamie Osborne / Saffie Osborne | (12-1) 18-1 |
| 6th: River Thames (6) | Todd Pletcher / Irad Ortiz, Jr. | (9-2) 9-1 |
| 7th: Pay Billy (5) | Michael Gorham / Raul Mena | (20-1) 15-1 |
| 8th: American Promise (3) | D. Wayne Lukas / Nik Juarez | (15-1) 11-1 |
| 9th: Clever Again (8) | Steve Asmussen / Jose Ortiz | (5-1) 9-2 |
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 16th, starting at 4:30 PM ET
- Stream the Preakness Stakes online: Visit NBCSports.com or download the NBC Sports app for coverage before, during, and after the race
2026 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.
We will update this section during Preakness Week 2026. Until then, we can see how the experts’ picks performed last year:
Ed DeRosa: Journalism, American Promise, and Clever Again
Ed DeRosa believes “there’s no sense trying to get cute” with exotic bets when Journalism is such a strong contender heading into the Preakness Stakes. Further, he states he’ll bet on Journalism to win at odds of 6-5 or better.
DeRosa also likes American Promise, who he believes will perform better at the Preakness Stakes than he did in the Kentucky Derby, where he finished 16th. Finally, DeRosa likes Clever Again because he’s coming in off nearly two-months’ rest, which “is an eternity for a D. Wayne Lukas” horse.
See the full article here for additional details and Ed DeRosa’s picks in other Preakness Day races.
Neil Greenberg: Journalism, American Promise, and Sandman
Washington Post writer Neil Greenberg has outlined every Preakness Stakes contender and favors Journalism, American Promise, and Sandman for the following reasons:
- Journalism: His consistently strong track record, 108 Brisnet speed factor, and peerless pedigree make Journalism “a deserving morning-line favorite.”
- American Promise: Sired by Justify (the most recent Triple Crown winner), American Promise should perform better at the Preakness Stakes despite his unfortunate placing at the Kentucky Derby thanks to a “favorable pace setup” and the expertise of D. Wayne Lukas (seven-time Preakness champion trainer).
- Sandman: Sandman didn’t run well in the Derby because of the wet track and running wide at the start. His trainer said Sandman didn’t like the track but still ran well at the end. If the 2025 Preakness Stakes runs on a dry track, Sandman’s closing style will serve him well.
See Greenberg’s full writeup here.
Vince Hanson Preakness Stakes Longshot Pick: Gosger
Vince Hanson says Gosger looks good on paper as a potential Preakness Stakes longshot bet and inclusion in other exotics for numerous reasons:
- He has won two of his three races, and his only loss was second in a shorter race
- He has won his other two races at a mile or longer, including a stakes race
- His speed numbers could be better, but he has room to improve under trainer Brendan Walsh, who has had an excellent season
- His racing style should work well the Preakness Stakes because there seem to be many fast starters, and the longer distance should also help him
- His strong pedigree (son of 2016 Kentucky Derby winner Nyquist) and long odds
See the full article here.
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 BettingUSA.com 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.