This years Preakness Stakes will take place this Saturday, May 20th at Pimlico Race Course in Baltimore, Maryland.
Mage, the Kentucky Derby winner, will enter the race as the 8-5 morning line favorite. A win would allow Mage to head into the Belmont Stakes in June with a Triple Crown on the line. First Mission, National Treasure, and Blazing Sevens are the other top contenders looking to end Mage’s Triple Crown bid at the Preakness.
The Preakness Stakes will be shown on NBC from 4:30pm to 7:30pm ET on race day. I’m expecting a lot of betting interest on this years race and for this reason I wanted to add this how to guide to betting on the Preakness in 2023.
Bet On 2023 Preakness Stakes in Canada – Step By Step Guide
#1. Open a Horse Race Betting Account
First you’ll need to open an online betting account at a site that accepts Canadian bettors and is taking bets on the Preakness Stakes. I will personally be betting on this race at SportsInteraction.com, our top rated sportsbook for Canadian residents. Here’s a full SIA review if you want more information.
SIA is entirely focused on the Canadian betting market and they are taking bets on the Preakness Stakes in both their Sportsbook (fixed odds bet on the race winner) and Racebook (full variety of horse racing bets available using the parimutuel betting system).
#2. Fund Your Account
Next up, you need to make a deposit in order to have some funds with which to bet on the Preakness. Check out our deposit options page for in depth information on some of the various deposit options available at SportsInteraction.com.
Log into your SIA account, click the ‘Deposit’ button, enter your deposit amount, and follow the instructions for the deposit option you’re using to fund your account.
#3. Place Your Preakness Stakes Bets
Now that you have money in your account you’re ready to bet.
Fixed Odds Winner Betting
Select ‘Sports’ from the top navigation on the SportsInteraction.com website. Open the ‘Horse Racing’ drop down menu and select ‘Preakness Stakes’. Select the odds of the horse you are picking to win the race. Enter your stake amount on the Bet Card and click ‘Place Bets’ to make your wager.
The odds in the Sportsbook are fixed and you also have the option to make an each-way wager, which means half of your bet would be on the horse to finish in the top 3 places at 1/5 the odds of the odds for the horse to win.
Here is a screenshot of the odds for the Preakness Stakes winner from SportsInteraction.com (odds taken on May 17th):
Racebook Betting (Parimutuel Betting System)
Open the ‘Horse Racing’ drop down menu and select ‘Daily Track Odds’ to navigate to the SIA Racebook. Open the ‘US Thoroughbred’ drop down menu and select ‘Pimlico’. Select race #13 on May 20th (post time of 7:01pm EST) for the Preakness Stakes.
Select the type of bet you want to place (straight, exacta, etc), enter your wagers and click ‘Add to Race Card’. When you are happy with your bets click ‘Place Bet’ to lock in the wager.
The odds you see in the Racebook can change because the bets placed used the parimutuel betting system, which means the odds change depending on how much money is wagered one each outcome relative to the total money in the betting pool. Learn all about parimutuel betting here.
You will also see that you have the option to place ‘Win, Place or Show‘ bets, as well as exotic bets such as ‘Exacta’, ‘Trifecta’, ‘Superfecta’, and more in the Racebook. I explain most of these different horse racing bets (with examples) on the horse racing betting page.
Ready to bet? Click here to visit SportsInteraction.com.
To learn more about the race check out our Preakness Stakes betting page.