The 2023 Preakness Stakes takes place this Saturday, May 20 at Pimlico Racecourse in Baltimore, Maryland.

As we prepare for the event to kickstart, the gambling industry experts at JustGamblers have shared their top betting strategies for those placing bets over the weekend.

80/20 Strategy

Many horse racing fans will have experienced the frustrating scenario where a horse you backed initially takes an early lead in the race, only to lose momentum and fail to even secure a runner-up position in the final moments.

Therefore, the”Split Bet Strategy” is recommended, where you will place two separate bets on a single horse.

The first portion, representing 20% of your total bet, is allocated towards the horse’s chances of winning. The remaining 80% is designated for a bet on the horse to secure a place in the race.

This strategy ensures that if the horse triumphs, you will still reap a substantial profit. Even if it falls short of victory, there is still a chance to salvage your bet by securing a

place finish.

The Dutching Betting Strategy

An online option ideal for Preakness 2023 betting is dutching betting, also known as just “dutching.” Instead of placing a bet on a single outcome, this strategy involves wagering on multiple potential outcomes.

The fundamental idea behind dutching in horse racing is to support several horses in a single race.

By doing so, you divide your bet equally among them, aiming to secure at least one winning bet that yields a balanced profit. This approach proves advantageous when you possess knowledge about the horses and races that warrant your bets.

Exotic betting technique

There are several exotic betting options such as trifecta and superfecta. For the Preakness Stakes, the “boxing” technique is a valuable choice for wagering.

For instance, consider the exacta bet, which entails predicting the correct order of two horses’ first and second-place finishes.

This can be a daunting task, making it difficult to win. However, boxing your bets presents a solution. With a boxed exacta bet, you will win as long as your selected horses secure first and second place, regardless of their respective order.

If your chosen duo crosses the finish line in any order, you will still collect your payout.

Lay Betting

Lay betting is a strategy designed to capitalize on horses destined for defeat.

Widely embraced by sports traders in the realm of horse racing, this method promises alluring profits.

To do this correctly, begin by identifying the top three favorites in a race and assessing their chances of triumph. Then look at horses with odds ranging from 3.0 to 6.0, and target the least favored contender among the initial trio.

Expert top tip: Keep in mind that favorites only emerge victorious in a mere one-third of their races, and many bettors vouch for the favorable success rate of this strategy.