Ah, the Preakness Stakes -- one of the most celebrated and anticipated horse racing events of the year. This year -- one flipped upside down because of the coronavirus pandemic -- is no different.

Those who don't often participate in betting on the ponies may not understand all the excitement, 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. If you don't particularly understand the process or the terminology of betting (we know it can be a bit confusing), we've got you covered with a handy cheat sheet.

Who wins the Preakness? And which underdog is a must-back? Visit SportsLine now to get Jody Demling's Preakness Stakes winner, see which long shot contends, and get the finish positions for every single horse, all from the expert who's nailed nine of the past 15 Preakness winners.  

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.