Three Ways To Bet $10 On The Preakness Using TVG Online In Michigan

Written By Paul Costanzo on May 20, 2022 - Last Updated on March 11, 2024
Preakness Stakes betting

The second leg of the Triple Crown will take place Saturday with the running of the Preakness Stakes.

For plenty of Michigan online sports bettors, this will also be their second experience with betting on horse racing. That includes yours truly.

So, I’m taking a look at three ways to use my $10 in TVG site credit to bet on this weekend’s race.

Note: This is not expert advice. Far from it, actually. It’s just a way to give you some options if you decide to take part in the weekend’s festivities.

TVG Michigan Preakness Stakes Promo Offer

None of the bets I made on the Kentucky Derby won. I could blame this on the fact the winner wasn’t even in the field when I placed those bets, but I will not. Mainly because it’s my own fault for making them prior to the field being confirmed.

Either way, thanks to TVG’s sign-up offer, my first bet — a $10 win bet — was refunded with $10 in site credit.

New customers can take advantage of this TVG offer, which is still available for the Preakness.

Click the button below and register your account with the promo code RISKFREE. Make a deposit and place your first win-type bet up to $200 on a single horse in any race at any track and get it back as wagering credit within 24 hours if you don’t win.

Only the win portion of a win/place, win/show or win/place/show wager will count towards the promotion.

As a reminder, horse racing markets aren’t available at Michigan’s 15 online sportsbooks. TVG is the biggest online operator, with TwinSpires and Xpressbet also available for Michigan bettors.

Betting on horse racing is also legal at Michigan racetracks, and there is just one of those left: Northville Downs. The track is located at 301 S. Center St. in Northville, and you can call 248-349-1000 to make a reservation for the Preakness.

How to watch the Preakness

  • What: 2022 Preakness Stakes
  • When: Saturday, May 21
  • Where: Pimlico Race Track, Baltimore, Md.
  • Race Surface: Dirt
  • Race Distance: 1 3/16 mile (9.5 furlongs)
  • Post Time: 7:01 p.m. ET
  • Broadcast: NBC
  • Online viewing: Peacock
  • Pre-Race coverage: CNBC, 2-4 p.m.; NBC 4 p.m.
  • Weather Forecast: Low 90s; slight chance of showers in the evening

Placing a Win bet on the Preakness Stakes

The simplest thing to do with my free $10 is to put it on who I believe will be the winner.

As I mentioned in my Kentucky Derby piece, I am the opposite of a horse racing expert, but it’s become pretty clear that a lot of people expect Epicenter to win this race.

Epicenter was the favorite at post time in the Derby, and is a huge favorite on the morning line for the Preakness at 6-5. If the line stays there, a $10 win bet on Epicenter would payout $22 ($12 profit plus my $10).

Doubling your money is never a bad thing, so while this is boring, it’s still profitable. Is it as profitable as throwing that $10 on longshot Fenwick and making $500? Of course not, and I’m sure that after Rich Strike’s out-of-nowhere win in the Derby, people will be tempted to do just that.

No matter which horse you decide to back, you are definitely going to want to watch the odds movement leading into the race before placing your bet in order to maximize it. Or, you know, to make sure the winner isn’t a late entrant.

Placing a Superfecta Box bet on the Preakness

There are four pretty clear favorites in this race: Epicenter, Early Voting (7-2), Secret Oath (9-2) and Simplification (6-1). They’re the only horses with single-digit odds on the morning line.

If you agreed with the oddsmakers, you can place a $10 Superfecta bet on them to place in the correct order. Even though you’re picking favorites, that would give you a nice payday.

But for a less significant payday on a safer bet, you could box the four of them. That way you win if they finish in the top four, regardless of order.

In order to do this, you’ll actually be making a $0.40 bet for a total of $9.60, as you have 24 possible winning outcomes, and you’re paying $0.40 for each.

Typically, I’d like to add another horse into the box for a safety net and/or a longshot. But that creates 120 winning scenarios, and with $10, that’s not a possibility, even with a minimum $0.10 bet.

Placing a Win/Place bet on the Preakness Stakes

OK, let’s say you really want to bet the longshot, but you’re scared of Epicenter and his outrageous speed in a race shorter than the Kentucky Derby.

A win/place bet allows you to, essentially, place two different bets on one horse. So a $5 win/place bet on Fenwick would cost you $10, but you would win if it takes first or second.

If your horse wins the win/place bet, you win both bets. If it takes second, you lose the “win” portion, but win the “place” portion.

That’s not going to pay you as much as the straight-up win bet on the horse would, as your win bet is cut in half. But it still gives you an in with a longshot, and the smallest bit of breathing room.

Preakness Stakes odds

The post-position draw for the 2022 Preakness Stakes was completed Monday afternoon. Here’s where the nine horses will line up, along with their morning line odds.

Post PositionHorseJockeyMorning Line Odds
1.SimplificationJohn Velazquez6-1
2.Creative MinisterBrian Hernandez Jr.10-1
3.FenwickFlorent Geroux50-1
4.Secret OathLuis Saez9-2
5.Early VotingJose Ortiz7-2
6.Happy JackTyler Gaffalione30-1
7.ArmagnacIrad Ortiz Jr.12-1
8.EpicenterJoel Rosario6-5
9.SkippylongstockingJunior Alvarado20-1
Photo by Julio Cortez / Associated Press
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Paul Costanzo

Paul Costanzo is the managing editor of PlayMichigan, the No. 1 source for online gambling news in Michigan. He has covered news and sports throughout the state at various media outlets over the past 20 years. Paul works with a talented team at PlayMichigan to provide the latest news and information on Michigan’s booming sports betting, online casino and online poker industries.

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