The following is a list of ways bettors can possibly get rich by betting on the Preakness Stakes in 2014. While it is much harder to get rich betting on the Preakness than it is betting on the Kentucky Derby, mainly because fewer horses will be in the Preakness, gamblers can still make some nice money betting the second leg of the triple crown.
Before I get to the list, anybody who bets on the Preakness is gambling. Absolutely nothing is guaranteed in a horse race, and all money wagered on a horse race is money bet on an uncertain outcome.
How to get rich betting the Preakness Stakes in 2014
1. Bet the Superfecta
To win a superfecta bet you must have the first four finishers in a horse race in exact order. Not an easy bet to win, but the payoffs can be tremendous.
In 1999, all the bettors who had the first four finishers in the Preakness, numbers 6-5-4-11 in exact order, won $18,867.60 for each $1 bet. The superfecta bet is a relatively new wager that is not that old, and four times in Preakness history ($17,126 in 2010, $11,151.20 in 2006, and $10,362.30 in 2005) the superfecta paid over $10,000 for a $1 bet.
2. Bet the Trifecta
To win a trifecta bet you must have the first three finishers in a horse race in exact order. The trifecta is a hard bet to win, but it's much easier than a superfecta, and the payoffs can be pretty good.
In 2006, all the bettors with the winning trifecta numbers of 8-7-3 cashed a Preakness record $3,912.80 for each $2 bet. Six times in Preakness history, ($2,771.00 in 2010, $2,311.00 in 2002, $2,258.60 in 1993, $2,207.00 in 1991, and $2,049.80 in 1999), the trifecta has paid over $2,000 for each $2 winning bet.
3. Watch the Show Pool
After his impressive win in the Kentucky Derby, California Chrome is going to be a heavy favorite in the Preakness Stakes. Sometimes, when a horse is a heavy favorite to win a race some people will wager a lot of money on the heavy favorite to show.
To win a show bet your horse just has to run first, second or third in a race and you win. Show bets don't usually pay much because all the money in the show pool must be split among three horses, but with a heavy favorite like California Chrome, some people might wager a lot on him to show thinking that even if he does not win the Preakness he will run second or third.
When a ton of money is bet on just one horse to show in a race, it can sometimes pay big money to bet other horses to show in the race. If the heavy favorite with a ton of money on him to show finishes out of the money, every horse who does finish first, second or third in the race will pay spectacularly high amounts to show.
I have seen horses pay hundreds of dollars to show when a heavy favorite with most of the show money pool bet on him (or her) runs out of the money. Personally, I once won $70 for a $2 show bet when a heavy favorite with a lot of show money on him ran out of the money and my horse finished third.
So keep an eye on the show pools in the 2014 Preakness Stakes and if California Chrome has the vast majority of the show money bet on him, think of betting another horse to show.
Even if California Chrome runs in the money, you can still win your show wager if your horse also runs in the money, and if California Chrome falters and runs out of the money, you could cash a spectacularly high show bet and win a lot of money for a small wager.