Preakness Stakes betting: How you can easily place a bet on the second race of the Triple Crown

The Preakness States is the second leg of the Triple Crown and always occurs on the third Saturday of May. If you'd like to place a bet on the famous race, here's how you can do so.

The second Triple Crown race, the Preakness Stakes, is right around the corner. That means people will be dishing out cash and placing their bets.

The Preakness Stakes follows the Kentucky Derby and falls on the third Saturday in May. This race is held at Pimlico Race Course in Baltimore.

If you want to place a bet for this year's race, here's how you can do so.

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Before placing bets for the Preakness Stakes, you'll want to consider how much money you want to spend, what the payout will be for your bets, and the levels of difficulty for wagering on different outcomes. Keep in mind that the harder the bet is to win, the more the payoff is going to be.

The Pimlico Race Course website highlights a variety of betting options and the level of difficulty for each.

The easiest bets you can place are for win, place and show. For a win bet, you simply pick who you think will win the race. In a place bet, the horse you choose must either place first or second. For a show bet, the horse you pick must land in the top three spots.

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Then, there are exacta, quinella and double bets. In an exacta bet, you have to choose the first- and second-place winner of the race in order. In a quinella bet, you pick the first two finishers, but the order does not matter. For a double bet, you must pick the winner of two consecutive races.

Also, you can place trifecta, superfecta and pick 3 bets. In a trifecta bet, you must pick the first three finishers of the race in the correct sequence. Superfecta means you must pick the first four finishers of the race in the proper order. Lastly, for pick 3 bets, you have to correctly choose the winner of three races in a row.

The hardest level of difficulty includes pick 4, pick 5 and pick 6 bets. For a pick 4 bet, you have to choose the winner of four races in a row. For pick 5, you have to pick the winner of five races in a row. Finally, there's pick 6, where you have to pick the winner of six races in a row. 

Once you decide what bet (or bets) you are going to place, it’s time to pick your horses. When you pick your horse or horses, use their number to make the bet.

The final step is to place your bet.

If you are attending the Preakness Stakes, you can make your bets in person. If you are not attending the race but want to make your bet in person, check your local casinos, as they may be taking bets if it is legal in your state. 

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You can also place bets online or through a mobile app, which is the quickest and easiest approach to take. Many states have legalized betting online and through mobile apps.

There are numerous online platforms and mobile apps you can use to make your horse racing bets from home. Popular places to make your bets are TwinSpires and FanDuel Racing. 

Betting through a mobile app will also give you access to instructions on an easy-to-follow platform, making this mode of betting best for beginners.

Odds are important to pay attention to when making a bet.

Odds are "the ratio of approximately how much you can expect to win versus how much money you're going to bet," according to the Pimlico Race Course website.

For example, if you see 8-5 odds, it means that you will win $8 for every $5 that you bet.

For 2024, Muth was the favorite to win the race but was scratched due to a fever.

That leaves eight horses left to race in this year's Preakness.