2019 Preakness Stakes: Horse racing gambling terms, odds explained

The Kentucky Derby is officially in the rearview but we've still got two more legs of the Triple Crown on the horizon -- even if we're not actually going to get a Triple Crown winner.

If you got hosed by the controversial finish at the Derby, well... you can still make up that lost coin over the next few races.

Those who don't often participate in betting on the ponies may not understand all the excitement surrounding the events, but it's never too late to get in on the action. If you aren't exactly sure how it all works, don't you worry -- we're here to help you get up to speed. 

Betting on horse racing can be quite confusing and overwhelming for a newcomer, especially if you don't particularly understand the process or the terminology of betting. Luckily, we've got you covered with a handy cheat sheet.

Which horse is going to win the Preakness? What huge long shot hits the board? Visit SportsLine now to get Jody Demling's Preakness winner, see which huge long shot contends, and get the finish positions for every single horse, all from the man who's nailed 9 recent Preakness winners.

For the novice, there are pretty simple wagers. But, with the Preakness being one of the biggest racing events on the calendar, there's also more opportunity to divulge in more exotic bets, in which the payouts can be huge. 

An important disclaimer, though: Knowing the terminology doesn't guarantee you success in your wagers. Sometimes, ignorance is bliss ... and profitable.

Anyway, here's a rundown of the terms you'll want to be familiar with.

BET TO WIN: Well, this one is pretty self-explanatory. You're betting on a horse to win the race.
BET TO PLACE: You're betting on a horse to finish either 1st or 2nd in the race.
BET TO SHOW: You're betting on a horse to finish either 1st, 2nd or 3rd in the race.
EXACTA: You're betting on both the 1st and 2nd place finishers in a race.
TRIFECTA: You're betting on the 1st, 2nd and 3rd place finishers in a race.
SUPERFECTA: You're betting on the 1st, 2nd, 3rd, and 4th place finishers in a race.
DAILY DOUBLE: You're betting on the winners of two separate races.
PICK 3: You're betting on the winners of three consecutive races.
PICK 4: You're betting on the winners of four consecutive races.
PICK 5: You're betting on the winners of five consecutive races.
PICK 6: You're betting on the winners of six consecutive races.

Obviously, some of those are more challenging endeavors than others so, as is always the case with gambling, play the odds at your own peril. Check out the latest odds and expected field here.

Updated odds

Improbable 3-1
Bourbon War 9-2
Alwaysmining 6-1
War of Will 6-1
Owendale 8-1
Win Win Win 11-1
Anothertwistafate 14-1
Warrior's Charge 15-1
Laughing Fox 16-1
Bodexpress 16-1
Signalman 20-1
Everfast 22-1
Market King 25-1

Pete Blackburn is from Boston, so there's a good chance you don't like him already. He has been a writer at CBS Sports since 2017 and usually aims to take a humorous and light-hearted approach to the often... Full Bio

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