Last Updated May 20, 2022, 06:38 AM ET
With the Preakness Stakes set for Saturday, May 21, 2022, there’s never been a better time to register with an online horse racing betting site. Read our round-up of the best online horse racing betting sites available in your area.
The “sport of kings” is steeped in tradition, but the modernization of betting has ushered in a new crop of fans and bettors who are looking to become horse racing betting experts. If you’re reading this page, there’s a good chance that you are looking for ways to engage and interact with horse racing betting sites. We can help.
Not all sportsbooks offer horse racing odds. However, you can turn to several legal horse racing specialist betting sites to meet your needs. Here are the best horse racing betting sites available in your area:
Horse racing’s popularity in Canada — and subsequent revenues — have soared to historic highs in recent years. The industry accounts for 50,000 jobs and $5.7 billion (Woodbine Communications) in economic activity across Canada. We’ve identified the top betting sites for Canadians looking to place bets on the Preakness Stakes and upcoming races:
Those looking to find online horse racing betting sites in Ontario have limited options. When the province's iGaming market launched on April 4, 2022, with a slew of legal wagering options, betting on horse racing via sportsbooks was left out. Now, with the Preakness Stakes coming up, HPIbet — for experienced bettors — and Dark Horse — for beginners — are the only two online betting sites — both owned by Woodbine Racetrack — Ontarians will find the practice permitted.
Our independent bookmaker reviews are designed to ensure that you're wagering at safe and legitimate UK online horse racing betting sites. Read our full reviews to become more informed and to start betting.
You need to know a little bit about how to bet on horse racing and its betting intricacies before you can get started. Good news: This is the best place to start. First, let’s take a look at the three major types of horse racing.
Surely even the uninitiated are familiar with the term thoroughbreds. The most common form of horse racing features jockeys astride of thoroughbreds running on flat surfaces. Thoroughbreds can run on dirt or grass tracks, with distances ranging from 5/8 of a mile to 1 1⁄2 miles, although there can occasionally be races both longer and shorter. The upcoming Preakness Stakes in Baltimore is a thoroughbred race run over a distance of 1 3⁄16 miles on dirt.
Jump racing, sometimes referred to as steeplechase or hunt racing, involves horses leaping over an obstacle one or multiple times during the race. This type of horse racing is generally contested at distances of two miles or longer.
This form of horse racing involves the horse pulling a two-wheeled vehicle called a bike or sulky. These rear-mounted bikes are steered by drivers. Most harness races take place on dirt tracks and are run over one mile. This is more common in North America, whereas in the UK and elsewhere they can be contested at longer distances.
Those unable to attend a live horse race won’t miss a thing, aside from the excitement of physically being there. Here are the advantages to leveraging online horse racing betting in your locale:
Pick the horse that you believe will win the race. If it does, congratulations, you’ve won your bet.
Show or or
Here, you'll make a wager on a horse to finish within one of the top three positions. If the horse you've selected finishes first, second, or third, you will win the bet.
Trifecta + +
For the trifecta, you’ll bet on the horses that you think will finish in the top three in that specific order.
or
Your horse needs to finish in either first or second to collect on your winning wager.
Exacta +
Make your prediction as to which horse will finish in first place and which one will place second. You'll win the bet if they finish in that exact order.
The horse racing betting sites we highlighted earlier, along with any tied to the Preakness Stakes, will display their odds in American format. What does this mean? Let’s look at this example:
Preakness Stakes favorite Epicentre is listed at +250 and Kentucky Derby 2022 winner Rich Strike sits at +500. In this instance, a $100 bet on Epicentre would profit $250 if he wins, and a $100 bet on Rich Strike would profit $500 if he were to win.
Forget the mental math and use our betting odds converter to change American odds to decimal or fractional odds. Plus, don’t forget to check the latest Preakness Stakes odds.
We're looking for comprehensive or blanket coverage when it comes to classifying the most trustworthy horse racing betting sites. Keep an eye out for these key features:
Racing programsHorse racing forms are easy and free to download. These racing programs are key to your horse betting strategy, because they contain statistics on the horses and their past performances, too.
BankrollBetween betting too many races, not trusting your gut, and chasing losses, your once-promising horse racing betting strategy can get blown up in a hurry. Remember those bet types highlighted earlier? Stick to the one that you are most comfortable with playing or choose the one that has provided the biggest return on your investment. Don’t pull up lame.
Past performancesWith Rich Strike pulling out from the Preakness Stakes, no horse will be able to secure horse racing's vaunted Triple Crown in 2022. Keeping an eye on how the horse has performed in recent races can unlock the keys to your betting victory. Only 13 horses have won the Triple Crown, so stake that with a grain of salt.
Live betting and streamingThis fantastic feature allows you to back a horse in the middle of its race. Due to the fast-paced nature of horse racing, our recommendations for horse racing betting sites take into account high-quality functionality. Rooting for your horse in real-time with real money funds on the line is exhilarating.
Free betIf you have recently signed up and registered an account with an online horse racing betting site, you will likely receive a welcome or deposit bonus. More often than not, this comes in the form of a free bet.
Jockey experienceBetting against a prolific jockey's horses can be difficult, but there are no guarantees in horse racing. Securing information on a horse’s lineage and connections must be considered before you make any wager with horse racing betting sites.
Most horse racing gambling sites require you to wager some of your own money before any winnings from the free bet can be collected.
Only the winnings from the bonus bets are returned to your account and you won’t recoup the free bet stake. Choose sports betting sites that treat these bonus bets and site credit like cash. Please read the fine print before claiming the offer.To bet on the Preakness Stakes or other horse races, U.S. bettors need to register with one of the horse racing betting sites highlighted earlier. Bettors in Canada and the UK can get started at an online sportsbook or bookmaker. Here’s what to expect when you are ready to wager.
Before you can bet the Preakness Stakes and other horse races online, you’ll have to create an account. Simply input basic personal information for verification, including your legal name and date of birth, then create a username and password.
You’ll have to top up your newly created account with real money funds before any horse racing gambling bets can be made. Online betting sites differ, but the majority offer several different types of banking methods. It all depends on the betting site and your location.
The best horse racing betting sites have been recommended to you, so there’s not much left to do other than to make your pick. Each of these betting sites makes it easy to find and lock in your preferred horse racing bet type.
Each of the horse racing betting sites we listed earlier has policies about how and when to claim your winnings. Collecting those winnings on race day is a sensation not to be missed, assuming you make the right pick.
The Covers BetSmart System™ is our tried, tested, and true method for evaluating, reviewing, and recommending sports betting sites. Our comprehensive guides provide you and the Covers community with the most up-to-date and necessary information and analysis.
Bonuses and promotionsIncreased competition among sports betting sites is a benefit to you, the user. We’ve handpicked the best horse race betting sites which will offer you perks ahead of the Preakness Stakes and other major horse races.
Mobile bettingEach of the legal horse racing betting sites tipped earlier is mobile-friendly. Whether you're betting live from the Preakness Stakes or another horse race, you can rely on slick design and secure connectivity to lay down the action.
Customer supportThe horse racing betting sites we recommend generally offer 24/7 customer service help via live chat, email, and most feature dedicated phone numbers for your area. These well-established sites are well-equipped to solve any potential problems.
Banking and payout speedOur recommendations are based on horse racing betting sites that offer you a generous selection of banking options, including the most popular ones in Canada, the U.S., and the UK. Securing your bets before post time and recouping your winnings post-race is key.
Security and trustEvery horse racing betting site should have state-of-the-art security measures enabled like SSL data encryption. These sites also hold legal operating licenses from registered authorities.
Our round-up of horse racing gambling sites provides you with access to horse racing betting markets from across the globe. We have targeted the most popular races to bet, including the upcoming Preakness Stakes.
Date: Saturday, May 6, 2023
Location: Churchill Downs - Louisville, Kentucky
2022 winner: Rich Strike
Best Kentucky Derby betting sites
Date: Saturday, June 11, 2022
Location: Belmont Park - Elmont, New York
2021 winner: Essential Quality
Date: Saturday, May 21, 2022
Location: Pimlico Race Course - Baltimore, Maryland
2021 winner: Rombauer
Date: November 4-5, 2022
Location: Keeneland - Lexington, KY
2021 winner: Knicks Go
Date: Saturday, 30 April 2022
Location: Rowley Mile Newmarket - Suffolk, England
2021 winner: Poetic Flare
Date: 7-10 September 2022
Location: Doncaster Racecourse - Doncaster, England
2021 winner: Hurricane Lane
Date: Saturday, 4 June 2022
Location: Epsom Downs Racecourse - Epsom, England
2021 winner: Adayar
See all blacklisted sportsbooks 
Our due diligence, coupled with negative customer experiences, has identified several sports betting sites worthy of the blacklist. The findings include payment delays, poor customer support, unfair bet grading, and other questionable tactics. We encourage you to avoid these blacklisted betting sites at all costs.
Online betting sites for horse racing are a great resource for helping you place bets on races around the world, including the Preakness Stakes. Follow our advice for a seamless entry to the world of online horse racing gambling:
We endorse TVG for U.S. bettors and bet365 for bettors in Canada and the UK.
Yes. The thrill of live streaming a horse race and cashing out your winnings is almost unrivaled. The social aspect should not be overlooked either, because hosting viewing parties and creating betting pools can ramp up the fun.
Yes, horse racing betting sites that offer live streaming allow you to watch and wager straight from your mobile device.
Joshua Howe is a commercial content editor at Covers, assisting experts in making smarter sports bettors.
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