Preakness Stakes Betting Terms You’ll Use This Week

HORSE RACINGNEWS
May 12, 2025

Preakness Stakes Betting Terms You’ll Use This Week

Horse Racing Betting Glossary

 

The 150th Preakness Stakes will captivate horse racing enthusiasts on Saturday, May 17, 2025, at Baltimore’s historic Pimlico Race Course. As the second jewel of the Triple Crown, this race often features top contenders from the Kentucky Derby and introduces fresh talent aiming to make their mark. With a post time scheduled for 6:50 p.m. ET, the event promises high stakes and thrilling competition. Understanding the specific betting terminology associated with the Preakness Stakes is crucial for those looking to enhance their Preakness Stakes betting experience. This glossary provides insights into key terms and strategies to help bettors make informed decisions.

 

The Betting Basics: Win, Place, and Show

 

These are the foundational bets in horse racing betting.

  • Win: Betting on a horse to finish first.

  • Place: Betting on a horse to finish first or second.

  • Show: Betting on a horse to finish in the top three.

These bets are straightforward and ideal for beginners. However, payouts vary based on the horse’s odds and finishing position.

 

Across the Board

 

An “Across the Board” bet combines Win, Place, and Show wagers on a single horse. If the horse wins, all three bets pay out; if it finishes second, the Place and Show bets pay; third place yields only the Show payout. This bet increases the chances of a return but requires a higher initial investment.

 

Exotic Bets

 

Exotic Bets encompass wagers beyond the standard Win, Place, and Show, such as Exactas, Trifectas, and Superfectas. These bets offer higher payouts but require more precise predictions.

 

Exacta

An Exacta bet involves selecting the first and second-place finishers in the exact order. This bet offers higher payouts due to its increased difficulty. For example, predicting that Horse A will finish first and Horse B second.

 

Trifecta

A Trifecta bet requires selecting the first three finishers in the exact order. Given its complexity, it offers substantial payouts. For instance, predicting Horses A, B, and C to finish first, second, and third.

 

Superfecta

The Superfecta takes it further, requiring the bettor to predict the first four finishers in exact order. While challenging, successful Superfecta bets can yield significant returns, especially in races like the Preakness Stakes.

 

Boxing Bets

The Box Bet allows multiple combinations of selected horses to finish in any order. For example, a Boxed Exacta with Horses A and B wins if either horse finishes first and the other second. Boxing increases the chances of winning but also raises the cost of the bet.

 

Quinella

A Quinella bet is similar to a Boxed Exacta but typically costs less. It involves selecting two horses to finish first and second in any order. If both horses finish in the top two, the bet pays out.

 

Daily Double

 

The Daily Double involves picking the winners of two consecutive races, often the first two on the card. Both selections must win for the bet to pay. This bet requires knowledge of multiple races but can offer attractive payouts.

 

Pick 3, Pick 4, Pick 5, Pick 6

 

These bets involve selecting the winners of three, four, five, or six consecutive races. Each additional race increases the difficulty and potential payout. These bets are popular among seasoned bettors looking for substantial returns.

 

Morning Line Odds

 

Morning Line Odds are the odds the track’s handicapper sets before betting begins. They reflect the expected betting patterns and help bettors gauge potential payouts. However, actual odds can fluctuate based on betting activity leading up to the race.

 

Live Odds

 

Live Odds are the current odds available as betting progresses. They provide real-time insight into how the betting public views each horse’s chances. Monitoring Live Odds can help bettors identify value bets and adjust their strategies accordingly.

 

Overlay and Underlay

  • Overlay: A horse whose odds are higher than its perceived chance of winning, potentially offering value to bettors.

  • Underlay: A horse whose odds are lower than its perceived chance of winning, possibly offering less value.

Identifying overlays and avoiding underlays can enhance betting profitability.

 

Chalk

 

“Chalk” refers to the race favorite, the horse with the lowest odds. While favorites win a significant percentage of races, betting solely on chalk can yield lower returns.

 

Longshot

 

A “Longshot” is a horse with high odds, indicating a lower perceived chance of winning. However, longshots can and do win, offering substantial payouts to those who bet on them.

 

Scratch

 

A “Scratch” occurs when a horse is withdrawn from a race after finalizing entries. Scratches can impact betting pools and may lead to refunds or adjustments in exotic bets, as happened with the winner of the 2025 Kentucky Derby, Sovereignty, who scratched from the Preakness Stakes to prepare himself for the Belmont Stakes better.

 

Post Position

 

The Post Position is the numbered stall where a horse starts the race. Certain positions may offer advantages or disadvantages depending on the track layout and the horse’s running style. The Preakness Stakes gate draw is set for Monday, May 12th. From that day, the odds will be clearer for the bettors.

 

Paddock

 

The Paddock is where horses are saddled and paraded before the race. Observing horses in the paddock can provide insights into their condition and demeanor, aiding in last-minute betting decisions.

 

Tote Board

 

The Tote Board displays real-time betting information, including odds, pool sizes, and payouts. Monitoring the tote board helps bettors stay informed about market movements and adjust their bets accordingly.

 

Handle

 

The “Handle” refers to the money wagered on a race or event. High handles often indicate significant public interest and can lead to larger payouts.

 

The Final Words

Understanding these betting terms can significantly enhance your wagering experience during the Preakness Stakes. By familiarizing yourself with the various bet types and strategies, you can make more informed decisions and potentially increase your chances of success. Remember to monitor the preakness stakes odds and adjust your bets accordingly. Whether you’re a seasoned bettor or a newcomer, leveraging this glossary can provide a competitive edge as you bet on Preakness Stakes.

 

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