How and where to bet on the 2025 Preakness Stakes: promo codes, best apps for FanDuel Racing and Twinspires

The 151st running of the Kentucky Derby is in the books, but horse racing season continues with the Preakness Stakes on Saturday, May 17.

While the Preakness might not carry the fanfare of the Kentucky Derby, the race does have some unique experiences. The first is InfieldFest, which is a series of musical performances ahead of the race to capture some of the track's history as a party vibe. The Preakness is also known for its official cocktail, the Black-Eyed Susan. This is the 150th running of the Preakness, which features a track of 1-and-3/16 miles. Sovereignty, who won the Kentucky Derby, will not be running in the Preakness, so there will not be a Triple Crown winner. However, there's still plenty of excitement around this race, with Journalism, Sandman and Goal Oriented expected to contend for the title.

Here's a look at where bettors can make wagers on this year's event, along with the Preakness Stakes promos available. Keep in mind you cannot make horse racing bets at traditional sportsbooks and will instead need to create an account at a racebook to bet on the Preakness.

New users at FanDuel Racing get a $500 No Sweat First Bet to use on any horse at any track. If your initial wager loses, you will receive $500 in racing credit. This offer is only valid on a user's first wager, so those who took advantage of this promotion for the Kentucky Derby are not able to use it again for the Preakness. It could take up to five days after the initial wager is settled for racing credit to appear in your account. This credit expires in seven days.

If you have an account with FanDuel Sportsbook, you will need to create a separate account with FanDuel Racing in order to access this and other horse racing offers.

1/ST BET is offering new users up to $250 in bonus funds, with users being given $25 per $100 wagered. A $25 bonus bet will be credited to a user's account within three days, and this promotion lasts for 60 days from the creation of the account. Bonus funds expire 14 days after they are issued. 

TwinSpires is giving users up to $400 in bonus funds, although these are paid out in $100 increments for every $400 wagered. The promotion lasts a month, so users would need to wager at least $1,600 over that span in order to receive the full amount of bonus bets under the offer. This is a similar structure to the promotion being offered with 1/ST BET, although TwinSpires is giving out more in bonus funds.

FanDuel Racing is offering the most in bonus funds with $500, but that requires users to place a $500 wager on one race. TwinSpires and 1/ST BET are giving users more opportunities to get into horse racing betting with extended promotion offers, even if the amount of bonus bets available isn't as much as FanDuel Racing. 1/ST BET is the most appropriate option for users who might not want to wager much while getting into horse racing, while FanDuel Racing is for those who are willing to make a substantial initial investment. TwinSpires is a good mix of the two offers and could be an option for those who are willing to invest a bit more but also would like to make multiple horse racing wagers over a period of time.

There will not be a Triple Crown winner this year, as Kentucky Derby winner Sovereignty will not run in the Preakness. That means Journalism, the Derby runner-up, is the favorite in this race with 8-5 odds.  Sandman, who finished seventh in the Derby, should also be a contender to win the Preakness; his odds are 4-1. Clever Again is the third favorite at 5-1, with Goal Oriented at 6-1. American Promise is hoping to bounce back from a poor showing at the Derby, finishing in 16th place and has 15-1 odds. The longest shots are Pay Billy and Gosger at 20-1. 

Goal Oriented, owned by Bob Baffert, is also among the contenders for the Preakness title. Baffert has won the Preakness nine times, so he does have experience when selecting horses for this track. Clever Again is another name to watch, as he is the son of Triple Crown winner American Pharoah. 

SportsLine expert Jody Demling has already shared his best bets for the 2025 Stakes.

For bettors new to horse racing, the biggest change is the odds structure. Horse racing uses parimutuel wagering, which is a system that pools all money bet on every market until the race begins. The track and racebooks take a percentage of the pool for their operations, known as the takeout, and the rest is divided up among winning tickets. Odds can shift after a bettor locks in a wager, which is different from sports betting. For example, if you bet on a horse at 8-1 odds and the horse is 6-1 on the day of the race, the payout would change to 6-1 even if the bettor's wager was made when the horse was 8-1. The final odds users are paid out at are determined by the amount bet on each horse and the takeout.

Responsible gaming is important at all racebooks and each platform offers plenty of resources for users needing assistance, including timeouts, exclusions, betting activity alerts and deposit limits. The racebooks also have contact information for national helplines should users require additional help.

Be smart. Bet smart. Wager responsibly. Those in need of help can also call or text 1-800-GAMBLER (1-800-426-2537). Help is available 24 hours per day and seven days per week.

Chinmay Vaidya