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Best Trifecta Bets for the Preakness Stakes 2024

by Mike Allen - 5/16/2024

Preakness Stakes

What is a Trifecta Bet?

A trifecta is a parimutuel bet placed on a horse race in which the bettor must predict which horses will finish first, second, and third, in the exact order. We call it a trifecta In the United States and Australia. There are other names for this type of wager. In the UK, this is known as a tricast, in Hong Kong it's a tierce, in Canada it’s a triacto, and in France, a tiercé.

Parimutuel is a form of betting and of handling the betting on horse races at racetracks, in which those holding winning tickets divide the total amount bet in proportion to their wagers, less a percentage for the management, taxes, etc. This can also be called a parimutuel machine.

As you might expect, the odds of winning a trifecta bet on any horse race, much less The Preakness in a field, albeit shortened, of the world’s best are rather wide.

We have all seen the movies, though. Whether we are chasing a high with our wagers or we look at our strategy more as investments, winning a trifecta bet in a bar or at a friend's party would be an unforgettable moment, for sure.

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I can't imagine the excitement if you are sitting with your friends at a get-together, at a bar, or even in person at the race track. This is a reminder to do your cardio because we never know, good or bad, when that unexpected exhilarating news may arrive.

A good percentage of the fun here will most likely come in the preparation or perhaps the conversations with your friends and co-workers leading up to The Preakness.

I'm not saying to put all of your juevos in one carton. Your trifecta bet can be your potential garnish or, as we say in martial arts, your salt and pepper.

How much does a trifecta bet cost, and what do they pay out?

Cost and Payout of a Trifecta Bet

A straight trifecta bet is when we need to pick the 1st, 2nd, and 3rd place finishers exactly, and in that order. These bets usually cost as low as .50 cents to 1 dollar.

If you want to box your trifecta bet, it will be considerably more expensive, but with that price increase, your odds of winning, while still low, essentially skyrocket. A boxed trifecta bet means that, yes, we still need to pick the top three finishers. However, they can finish in any particular order, and we still win our wager.

Free Trifecta Picks

  1. Imagination
  2. Mystik Dan
  3. Catching Freedom

Let's start with our projected or, should I say "trifected" third-place finisher, Catching Freedom. Along with Mystik Dan, both ran in the Kentucky Derby a couple of weeks ago. Some people like to fade the horses who have run recently, and while that isn't a bad strategy, Catching Freedom's run was fairly clean.

He ended up finishing fourth at Churchill Downs, and I love his chances to place or show this week at the Pimlico Race Course in beautiful Baltimore, Maryland.

As for our #2 finisher, Mystik Dan, this guy won the Derby in one of the closest and most exciting finishes this legendary race has ever seen. He is now the favorite, with Muth running a fever of 103.

We were on Mystik Dan at the Kentucky Derby, and I don't see any reason to dismount ahead of The Preakness.

Finally, for our pick to win, well you can just use your Imagination. Held out of the Kentucky Derby due to the suspension of the legendary rule bender Bob Baffert, Imagination is fresh, hungry, and in a small field of horses. I believe he has the legs to take The Preakness by at least a nose.

Baffert has had the best horses on the track for years, and with all of his focus on this race, I love him to add the 2024 Preakness to his lengthy list of accomplishments.

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