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New to Horse Race Betting? No worries—we’ve got you. This section breaks down the basics of horse racing bets, from the simple stuff like traditional Win bets to more advanced plays like Exactas and Pick 5s. We'll take a look at how odds work, how payouts are calculated, and what it all means for your wallet. It’s everything you need to understand betting and enjoy the action.
If you're new to horse racing or looking to understand the basics, it's essential to grasp the Traditional bet types: Win, Place, and Show. These straightforward wagers are the foundation of horse race betting and are ideal for beginners.
A WIN bet is the simplest type of horse racing wager—you’re picking a horse to come in first place. If your horse finishes at the front, you’ll earn a payout based on the final odds for that horse. For instance, if you wager $2 on a horse with 5-to-1 odds (5/1) and it wins, you’d get $10 in profit ($5 for every $1 bet), plus your original $2 bet back, totaling $12.
Last year's Preakness $2 WIN bet paid $4.00
A PLACE bet gives you two chances to win. You’re backing a horse to finish either first or second. As long as your chosen horse comes in one of those top two positions, you’ll receive a payout. Since the odds of winning are better than a Win bet, the potential payout is typically smaller.
Last year's Preakness $2 PLACE bet paid $2.80
A SHOW bet offers the most leeway—you’re betting on a horse to finish in the top three. Whether your pick comes in first, second, or third, you’ll get paid. While this type of bet has the highest chance of a return, it also comes with the lowest payout due to the broader margin for success.
Last year's Preakness $2 SHOW bet paid $2.40
Betting them ACROSS THE BOARD, is probably a term you've heard. It's a popular and straightforward wager where you’re betting on a horse to Win, Place, and Show all at once. This would be shown as WIN/PLACE/SHOW or WPS on the betting pad. If your horse finishes first, you collect the Win, Place, and Show payouts. If your horse finishes second, you collect the Place and Show payouts, and if it finishes third, you just collect the Show payout.
Once you’ve mastered the basics, Exotic bets offer a thrilling next step. These wagers involve predicting multiple outcomes—like the exact order of finishers in a single race—and they come with higher risk but much bigger potential rewards. Whether you’re chasing an Exacta or aiming for the elusive Superfecta, exotic bets bring strategy, excitement, and serious payout possibilities to the track.
An EXACTA bet ups the challenge. You’re predicting which two horses will finish first and second, in the exact order. If your selections cross the line in that precise sequence, you win. It’s tougher than a Win or Place bet, but the payouts can be significantly higher. Not confident about the exact order, but like your horse picks? Box your bet, and as long as your selected horses finish in the top 2 spots—1st and 2nd—they can finish in any order and you’ll still win.
Last year's Preakness $2 EXACTA bet paid $33.80
Taking it a step further, a TRIFECTA bet requires you to choose the first three finishers in the exact order. Nail all three in the right sequence and you’ll score a much bigger payout—though it’s definitely harder to hit than an Exacta. Box your bet, and as long as your selected horses finish in the top 3 spots—1st through 3rd—they can finish in any order and you’ll still win.
Last year's Preakness $1 TRIFECTA bet paid $73.50
The SUPERFECTA is where serious bettors test their skill. You must pick the top four horses to finish in the exact order. It’s a high-risk, high-reward wager that can deliver massive payouts if you’re able to beat the odds. Box your bet, and as long as your selected horses finish in the top 4 spots—1st through 4th—they can finish in any order and you’ll still win.
Last year's Preakness $1 SUPERFECTA bet paid $303.40
The ultimate single race challenge is the EXACT 5: pick the first five horses to finish in exact order in a single race. Known in some places as the Super High Five, this bet is notoriously difficult to hit, but the potential payout is huge for those who can call it perfectly. And yes, you can Box this bet too. By now, you know the drill.
Last year's Preakness $2 EXACT 5 bet paid $3,534.60
Multi-race wagers add an extra layer of excitement to the day’s card. Instead of betting on just one race, you’re trying to predict the winners of multiple consecutive races. These bets raise the stakes—and the payouts—making them popular among players who enjoy longer-range strategy and higher risk. To increase your chances of hitting winners, you can include more than one horse in each race. That will raise your ticket cost, but it also boosts your probability of picking more winners.
DOUBLE: pick the winners of two back-to-back races. It’s the most approachable multi-race bet and often serves as a great entry point for players looking to move beyond single-race wagers.
Last year's Preakness $2 DOUBLE bet paid $21.60
PICK 3: correctly select the winners of three consecutive races. Slightly tougher than the Daily Double, but with greater reward potential for a small added challenge.
Last year's Preakness $.50 PICK 3 bet paid $11.30
PICK 4: predict the winners of four races in a row. The payouts start to grow substantially here, and it's a favorite among intermediate-level bettors who enjoy a bit of suspense across multiple races.
Last year's Preakness $.50 PICK 4 bet paid $88.85
PICK 5: choose the winning horse in five straight races. Hitting all five requires strong handicapping skills—and a little luck—but the payoff can be massive, especially with longshots in the mix.
Last year's Preakness $.50 PICK 5 bet paid $413.70
PICK 6: is the most legendary of the multi-race bets. To win a Pick 6, you must select the winners of six consecutive races. It's incredibly difficult to hit, but that’s also why the pools can climb into life-changing territory.
Last year's Preakness $.20 PICK 6 bet paid $2,276.32
Unlike traditional fixed-odds sports betting, where the payout is predetermined, horse racing uses a pari-mutuel system. This means that all bets on a particular race are pooled together, and the odds can change as more money is wagered until the pools close and the race goes off.
Horse racing odds represent the potential payout for a bet relative to your stake. Let’s break down what some example odds like 5/1 & 5/2 mean, and how to calculate your winnings.
When you see 5/1 odds, it means that for every $1 you wager, you’ll profit $5. That’s 5 times your bet! Plus, you get your original $1 bet back. So, with a $2 wager on a horse that is at 5/1 odds, you’d profit $10 ($5 for every $1 you bet) plus your initial $2 stake, for a total of $12 in payout.
With a horse at 5/2 odds, you’ll profit $5 for every $2 bet. This is often considered a "shorter" odd, meaning your return is smaller compared to 5/1, but still a nice payout. For a $2 bet, you'd profit $5 ($5 for every $2 you bet) plus get your original $2 stake back, for a total payout of $7.
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Top local hope has won all 3 starts at Laurel Park, including the Miracle Wood Stakes and an 8-1/4 length romp in the Federico Tesio Stakes. Husband-wife tandem of jockey Sheldon and trainer Brittany Russell. Son of 2016 Kentucky Derby winner Nyquist, third in that year's Preakness as the favorite. Nyquist sired last year's narrow Preakness runner-up Gosger. Photo: TMJC
Junior Alvarado, who won two-thirds of last year's Triple Crown aboard Sovereignty, looks for his first Preakness. Won an automatic berth to the Preakness by scoring Oaklawn's Batthouse Row Stakes in April. Has won 2 of his last 3 after starting his career 0-3. Home-bred for owner Robert Zoellner who campaiged the dam She's All In to 8 stakes wins with trainer Donnie K. Von Hemel. Photo: Coady/Oaklawn
Kentuckly Derby 14th-place finisher started from far outside 18 post at Churchill. San Felipe Stakes runner-up had a seventh-place regression in the Santa Anita Derby. He's an early pace player at his preferred style for for Doug O'Neill, who campaigned 2012 Kentucky Derby and Preakness winner I'll Have Another and 2016 Derby winner and Preakness third Nyquist.
Blue Grass Stakes third-place finisher hasn't won since his August debut at Saratoga, but has been stakes-placed in the Champagne in New York amongst his defeats. Trainer Gargan won the Belmont Stakes 2 years ago with Dornoch, who did not compete in the Preakness. Jockey Irad Ortiz Jr. takes the mount after finishing 2nd in the Derby aboard Renegade.
Kentucky Derby-winning jockey Jose Ortiz takes the mount with Golden Tempo skipping the Preakness. Veteran of all 4 Louisiana Derby series races at Fair Grounds, winning the Gun Runner in December to open the quartet. Runner-up in the Risen Star before tiring in the series finale. Potential pace player bypassed Derby for Preakness. Photo: Coady/Churchill Downs
New Mexico-based, half-brother to Senor Buscador (who earned $12.9 million) exits a runner-up finish in Keeneland's Lexington Stakes. Son of 2020 Kentucky Derby winner Authentic, who wound up second in that year's Preakness. His victories have come at Remington Park in Oklahoma City and at New Mexico's Sunland Park.
Won Turfway Park's Rushaway Stakes on the synthetic surface most recently, following a seventh-place effort on dirt in Gulfstream's Fountain of Youth. $75K son of multiple champion Essential Quality earned that and more in his last start. Photo: Turfway / Coady
Gotham Stakes winner tired to seventh in the Wood Memorial in his first try around 2 turns and first beyond 1 mile. Son of 2016 Kentucky Derby winner Nyquist has been mentioned as a possible Preakness starter in lieu of a Kentucky Derby bid even though he has enough points to qualify for the first Saturday in May. Photo: NYRA
Blowout winner of both starts last year, including Grade 1 Champagne at Aqueduct. Disappointing fifth-place return in the Fountain of Youth at Gulfstream was followed by similar finish upon returning to NY for the Wood Memorial. Rerouted to Wood after reported foot issue forced his Arkansas Derby scratch. Seeks first win around 2 turns.
Last-minute Derby entrant will be on the also-eligible list. Exits a third-place finish in the Lexington Stakes at Keeneland 3 weeks in front of Derby Day. Lone win came March 7 in his fourth start, a Fair Grounds wire-to-wire maiden score at 1-1/16 miles.
Virginia Derby winner exits a credible sixth-place Kentucky Derby effort following a 7-week layoff when becoming Riley Mott's first Triple Crown starter. Won Street Sense Stakes at age 2 at Churchill Downs but was flat in the Holy Bull in his 3YO return before bouncing back at Colonial Downs. Jockey Jaime Torres won the '24 Preakness aboard Seize the Grey.
Scratched from the Kentucky Derby after flipping behind the gate. Turfway Park winter warrior raced his first 3 times there on the synthetic surface, winning the John Battaglia Memorial in February at 15-1 odds. Set the pace and tired to fifth on the dirt at Keeneland in the Blue Grass Stakes, beaten 22+ lengths by Further Ado. Trainer Ennis had similar-campaigned Epic Ride finish 13th in the 2024 Derby. Draws in from the also-eligible list after the Wednesday scratch of Silent Tactic. Photo: Coady/Turfway Park
Back-to-back maiden and starter allowance winner at Aqueduct makes his first rise into stakes company in the Preakness. All 4 career starts have come at Aqueduct. Sire Beau Liam's 3YO crop includes Pat Day Mile winner Crude Velocity. Photo: NYRA / Coglianese
INCREDIBOLT
TAJ MAHAL
CHIP HONCHO
CRUPPER
INCREDIBOLT
OCELLI
CHIP HONCHO
TAJ MAJAL
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OCELLI
CHIP HONCHO
INCREDIBOLT
TALKIN
INCREDIBOLT
TAJ MAHAL
IRON HONOR
CRUPPER
CHIP HONCHO
GREAT WHITE
IRON HONOR
OCELLI
TAJ MAHAL
OCELLI
IRON HONOR
CHIP HONCHO
INCREDIBOLT
OCELLI
TAJ MAHAL
BULL BY THE HORNS
TALKIN
OCELLI
INCREDIBOLT
IRON HONOR
TAJ MAHAL
IRON HONOR
NAPOLEON SOLO
OCELLI
OCELLI
INCREDIBOLT
IRON HONOR
THE HELL WE DID
THE HELL WE DID
TAJ MAHAL
OCELLI
INCREDIBOLT
BULL BY THE HORNS
TALKIN
OCELLI
CHIP HONCHO
SCENE SETTER: The 102nd running of the fillies’ Preakness, the Black-Eyed Susan Stakes, tops a 14-race Friday card and will be held for the first time at Laurel Park. It’s essentially 1 lap around the Laurel Park oval at 1-1/8 miles. Early positioning can be important with a short run into the first turn. The stretch run to the finish line is considerably shorter than Churchill Downs and slightly shorter than Saratoga, making it the least amount of late real estate at this year’s 3 Triple Crown tracks. Top storylines Friday include Louisiana-bred rising star BRAKEN POPPA bidding for a fifth straight victory when she takes on Gulfstream Oaks runner-up MY MISS MO and the top-4 finishers from Laurel’s Weber City Miss, including 26-1 upsetter IVY GIRL.
MEET THE BLACK-EYED SUSAN CONTENDERS
Trainer Saffie Joseph Jr. on her resume: "The last race was pretty solid and I feel like the horse that beat her at Gulfstream had a troubled trip in the Oaks so her form seems like it should stack up well. I would think she would stack pretty decent going into this race … she should have a pretty decent chance."
Co-owner Ken Reimer: "She's a beauty. You hope they're all going to be that good ... She likes to go to the lead, and she runs fast. She's a handful, though. She's an absolute handful. She always gets a little fractious and all the morning riders say she's tough to ride, but she likes to go and she's got a lot of heart. I love that horse." – Laurel Park Publicity
Trainer Kenny McPeek on her development: "She had been training really well. She had always trained really good as an early 2-year-old, but she came up with a little bone bruising, and we stopped on her. She was just a bit uncomfortable. We didn't think it was a problem, but after her second race it was more dramatic, and we had to regroup with her and gave her plenty of time. Since then, she has been stellar. She came back as a filly we thought she could be. I think this is a good next spot for her."
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SCENE SETTER: Cherie DeVaux became the first female trainer to win a Kentucky Derby 2 weeks ago when GOLDEN TEMPO wore the roses. That distinction remains in the Preakness storylines as Brittany Russell (TAJ MAHAL) takes aim at another chance for history in the last of the Triple Crown races yet to be won by a female trainer. Preakness-winning trainers among this year’s lineup include 2-time victors Steve Asmussen (CHIP HONCHO) and Chad Brown (IRON HONOR) as well as solo winner Doug O’Neill (ROBUSTA). The last trainer to win a Preakness debut was Michael McCarthy in 2021 with Rombauer. This year’s cast includes 6 race rookies: John Ennis (GREAT WHITE), Chad Summers (NAPOLEON SOLO), Whit Beckman (OCELLI), Jeremiah Englehart (PRETTY BOY MIAH), Danny Gargan (TALKIN), Riley Mott (INCREDIBOLT) and Todd Fincher (THE HELL WE DID).
Trainer Saffie Joseph, on taking a shot in a wide-open middle jewel of the Triple Crown: “When we looked at the Preakness, we thought there’s not much downside. He’s going to like the distance … Obviously, his number didn’t come back that fast (in the Rushaway at Turfway Park), but the race came up productive. The horse that ran third (Trendsetter) came back to win the Lexington. Visually, it was very important, and the productivity of the race is even more important than numbers, in my opinion. That gives me a little confidence to go forward.” – Laurel Park Publicity
Trainer Steve Asmussen, on Fair Grounds rival Golden Tempo and the influence of his former stable star Curlin: “I’m extremely happy with the results of the Derby. Curlin finally got his Derby done, which is unbelievable. The horse that was second [Renegade] is out of a Curlin mare and the horse that was third is by Connect, who’s by Curlin. It was a Curlin Derby.”
Trainer Dallas Stewart: “I love the horse. I’ve loved him since I bought him. I own a piece of him.”
Trainer Dallas Stewart, on his Preakness chances: “When you have John Velazquez, we’ll start with that.”
Trainer Donnie Von Hemel on his pedigree: “I think him and his family have shown an aptitude for longer races. He’s a decent-sized horse. I think he’s still maturing. I don’t think he’s a finished horse or anything yet … like next year is going to better than this year.” – Daily Racing Form
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SCENE SETTER: The Preakness Stakes is a year younger than its Triple Crown counterpart in the Kentucky Derby, and this 151st edition will be quite different than the past. The venue changes to Laurel Park, true, but the field makeup continues its seismic shift of recent years. Despite the once-common carryover of horseflesh from Louisville to Baltimore, the betting public’s response to the middle jewel dazzles with record interest. In the absence of a Derby winner in 2019, a then-record $99 million was bet on the day. The ’22 edition without Rich Strike posted the then second-highest handle in history at $104 million, while last year’s bypass from Sovereignty didn’t slow business as $110 million was bet – currently the second-highest mark in history behind $112 million in 2021. The top-5 betting handles in Preakness history have come in the last 5 years when held in Spring – with or without the buoy of Kentucky Derby starpower.
Trainer Justin Evans, on not having a race since the Feb. 15 Sunland Derby: “I wish maybe that we’d had a race since then but we ran into some issues. He got a little sick on me there for a few days where all that stuff was kind of going around everywhere it seemed like. He spiked a fever for a few days. He came out of it fast, but it eliminated us from kind of getting a race where we wanted to be. You’ve got look on the bright side of it. He’s fresh, he’s doing good, he’s had a couple of nice works…” – Laurel Park Publicity
Trainer John Ennis, on his one and only Preakness workout post-Derby: “Everything was easy, smooth, he’s ready to go … If he’s feeling good and his energy level’s good, I’ll be there.” – Daily Racing Form
Chad Brown on his May 9 workout on the Belmont training track and on removing blinkers for the Preakness: “The track was a little quick after that break, but he worked well and galloped out well and came back good. I think it was a good, solid work for him. I think he looks like he’s ready to give it a go ... He’s much more relaxed without blinkers.” – Daily Racing Form
Trainer Chad Summer, on a stop-and-go 2026 season: “The rust of the first race, the ailment of the heel bruise (that forced him to miss the Arkansas Derby and a workout before the Wood Memorial) are behind him/ To me, he looks like he’s finally the horse that we want him to be and just kind of continue from where he was as a 2-year-old …If he can sit off and then have that burst of energy at Laurel where at least we’re running to the first wire and not the second, it might be tough for the closers to come from behind … Paco (Lopez) wants to win so much. He’ll ride a $5,000 claimer at Parx on Monday and a Grade 1 on Saturday and he’ll give you the same ride. He lets horses do what they want to do, and I think that’s what this horse is all about.” – Daily Racing Form
Trainer Whit Beckman, on the Preakness race shape: “If you look at it from a pace perspective, it could go as fast as the Derby. He’s doing great. That’s the only reason I’m saying ‘yeah, maybe.’ The horse is doing fantastic. The horse is made of iron. Generally, I run a horse, they may not come to the front of their stall for a week. He was right there .. The only downside is if the horse is not ready to do it.” - Laurel Park Publicity
Trainer Whit Beckman, on the colt’s winless record: “Nobody said it to my face, but I’m sure people were thinking, ‘How stupid is this guy putting in a maiden?’ But they don’t get to see what I see every day. They don’t get to see a horse that wants more and more and more, that trains like an absolute terror. I think the thing we always miss is the development of these 3-year-olds. You don’t know who is going to be the best 3-year-old on the first Saturday in May, in comparison to horses rounding into form in March and April.” - Laurel Park Publicity
Kentucky Derby winner to win: Justify (2018)
Kentucky Derby runner-up to win: Journalism (2025)
Kentucky Derby show horse to win: Curlin (2007)
Kentucky Derby off the board finisher to win: War of Will (2019)
Kentucky Derby exacta to repeat 1-2 in Preakness: I’ll Have Another-Bodemeister (2012)
Kentucky Derby trifecta to repeat 1-2-3 in Preakness: Affirmed-Alydar-Believe It (1978)
Non-Kentucky Derby alum to win: Seize the Grey (2024)
Jockey to win back-to-back: Victor Espinoza 2014-’15 with California Chrome and American Pharoah
Jockey to win his debut: Umberto Rispoli (2005) with Journalism; prior Jaime Torres (2024) with Seize the Grey
Trainer to win back-to-back: Bob Baffert (2001-‘02) with Point Given & War Emblem
Trainer to win his Debut: Michael McCarthy (2021) with Rombauer
Filly to win: Swiss Skydiver (2020), last of 5 fillies to have won this race
Gelding to win: Funny Cide (2003)
Wire-to-wire winner: Aloma’s Ruler (1982); note ’24 Seize the Grey, ’23 National Treasure, ’18 Justify, ’15 American Pharoah, ’13 Oxbow, ’09 Rachel Alexandra, ’96 Louis Quatorze led all but start call
Winner to close from more than 10 lengths back: Exaggerator (2016) from 11 ½ lengths back after ¼ mile
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SCENE SETTER: This marks the 10th anniversary of the 2016 Kentucky Derby rematch when Derby runner-up Exaggerator splashed through the mud to roar past Kentucky Derby winner Nyquist et al in the Preakness. It’s the 25th anniversary of Kentucky Derby beaten favorite Point Given rebounding at Pimlico in 2001 and going on to win two-thirds of the Triple Crown. Fifty years ago, Elocutionist took advantage of the speed duel between Bold Forbes and Honest Pleasure to outkick them all and upset the 1976 middle jewel. And it’s been a century since eventual Hall of Famer Display bounced back from a 10th-place disappointment at Churchill Downs to win the black-eyed Susans. Throughout history, the Preakness has proven a perfect place for redemption.
POST DRAW REACTION & WAGERING NOTES
Trainer Jeremiah Englehart: “[We’re] trying to have fun and at the same time let him develop how we want to see him develop. He’s doing things now that I kind of felt like he was going to do since he came in … That’s why you get into this. You want to take chances on big days and great races. It’s a great spot, so hopefully we get a chance to run in it and have some fun.” - Laurel Park Publicity
Trainer Doug O’Neill: “He’s got speed, he’s got stamina, he’s got class. If things go his way, he can be a factor. If all goes well, we’re hoping to see it Preakness Day.” - Laurel Park Publicity
Trainer Doug O’Neill on the Preakness: “It’s such an historic race, Middle Jewel of the Triple Crown. Obviously, it’s a unique situation this year being at Laurel Park, but all that stuff is a good addition to an exciting afternoon and we’re optimistic that we can see it through.” - Laurel Park Publicity
Jockey Sheldon Russell, on his Federico Tesio victory from post 10: “The outside post is always going to be a worry. I’ve rode a lot of races here, and I’ve lost a lot from that outside post. The goal was not to make the lead because we had the outside post. The plan was that this might be the race where something else does the dirty work, and he looms outside. He warmed up like he was going to break out of there and do something. He was there for me the second, third, fourth jump, and he wouldn’t stop until he got across.” – Laurel Park Publicity
Trainer Brittany Russell, on his recent attitude. “After he ran in the Tesio, he seemed to know. He had that air [about him]. We all came back to the barn and he was just posing.” - Laurel Park Publicity
Trainer Danny Gargan, on his horse’s development: “He’s not a huge horse, but he’s eating really well. He’s put on weight [and] he’s put on muscle since his last race … He’s come out of that race better than he went into it. He used to swap leads, used to crossfire a lot in behind. He’s gotten stronger and stopped doing that lately, and that’s a big encouragement to move forward. He’s just getting more mature. We’ve been really patient with him, let him get there. And I think we’ve done everything we can to give him his best chance in the Preakness … I never really planned on running in the Derby all year,” he said. “We had enough points to get in, but we stuck with our game plan. We know we have a horse that’s coming around. I want to go to the Derby more than anybody, but I want to win the Derby. I thought the best move for him was to give him the time to let him fill out a little more and shoot for the Preakness…” - Laurel Park Publicity
Trainer Todd Fincher, on this colt being half-brother to Senor Buscador: “He’s just like his brother. I don’t know how many different tracks his brother ran at, but he’s handled everything really good. They’re both big horses. I think The Hell We Did is a smoother traveler. As far as hitting the ground I think he travels a little bit better. … I trained the mama (Rose’s Gold) and she was great to us. Every one of her babies has been good and they’ve taken us to different tracks and countries. It’s just been awesome.” - Laurel Park Publicity
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