The Preakness Stakes, a major race in the USA sporting calendar is just around the corner, and there’s no better time than now to freshen up your betting knowledge. Strategy is one of the most important factors in horse racing betting. Sure, some of the strategies we’ll talk about today will not be about winning your bets, but they could keep you betting until your bankroll gets bloated.
If you’re committed to horse racing betting, learning some strategies will help you both in the short and long run. And luckily for you, the strategies that you’ll learn or probably remember today can be used in the upcoming Preakness Stakes. Let’s start.
The Dutching Betting Strategy
Let’s start with the arguably most popular one. The first betting you should consider for preakness 2023 betting online is dutching betting or simply, dutching. This betting strategy requires you to bet on multiple possible outcomes rather than just betting on one.
The basic principle of this strategy in horse racing, is to back multiple horses in one race. In this way, you will split your bet equally to win at least one bet for equal profit. This strategy is very beneficial if you know which horses and races to bet on.
The Beaten Favorite
In this strategy, you will be betting on a horse that lost its previous race but had a winning streak before that loss. From a professional’s perspective, that horse is a great contender, and its recent loss is just a flop. That said, for the upcoming race, you’ll be banking for the horse to make a solid comeback, which you can capitalize on in lucrative markets.
This is because this particular horse will usually be at worse odds, which makes for good payouts. But how do you know if a horse is a beaten favorite? Usually, you can see this in the racing form. A good sign of a beaten favourite is when it transferred to a different type of track surface for that one loss. Now that the horse is back in its elements, there’s a good chance it will be back in its top form.
The lay betting strategy is a clever way of betting against a horse bound to lose. This strategy is very popular for sports traders, which bank on highly marketable profits in horse racing. To use this bet, you’ll have to spot three favourites of the race first and analyze their chances of winning. After that, you can pick horses with odds between 3.0 to 6.0 and bet against the lowest underdog in the three.
Note that favourites only win a third of their races, and many bettors attest that this strategy has a high win rate. Probably the only downside of this strategy is that you have to research deeply on each horse to figure out which of the three of them you’d have to bet on.
Have you ever experienced backing a horse and being happy it’s leading the race early on, only to lose steam and go down the places and not even being a runner-up at the last moment? It’s infuriating, and it’s usually a devastating loss. However, we have a strategy that you could use to minimize that loss. The 80/20 strategy means that you’ll be betting twice on a single horse.
The 20 represents the 20% of your bet towards your bet if the horse wins. The other 80 represents 80% of your remaining bet, which you will use to bet for the horse to win a place. This way, you will still get a considerable profit if the horse wins the race, and if it doesn’t, you’ll still have a chance to win your bet if the horse wins a place.
Exotic Boxing Strategy
The boxing strategy is not a strategy per se but an option you can make for exotic bets like trifecta and superfecta. For example, in an exacta bet, you’ll be betting on two horses to win first and second place in the right order. If these horses win and your bet is in the exact order, you win a huge profit.
It’s quite hard to win, so you can box your bets. For example, for a boxed exacta bet, you will win if the two horses win the first and second place, and you still win even if the order is incorrect. This means it doesn’t matter which horse got first or second place. If these two horses win the race, you still win the bet.
Using a strategy is what differentiates a serious bettor from a casual bettor. Both are fine; there’s nothing bad with being a casual bettor. But if you’re willing to go the extra bit to win big for the upcoming Preakness Stakes, you might want to consider the strategies we discussed in this article.