Horse racing is legal in Colorado and has been since the passage in 1991 of a law that allowed horse racing to make its way back to the state.
Along with the legalization of horse racing came the reopening of Arapahoe Park, the only horse racing venue in all of Colorado. The law allows for simulcasting of other horse races at Arapahoe Park, so if you want to bet on the Preakness Stakes in Colorado, this is one of the places where you can do so.
Here are all your betting options:
- Online or through a mobile gambling website
- Through an off-track betting site, aka an OTB
- At Arapahoe Park
What is the maximum bet for the Preakness Stakes?
When it comes to sports betting in Colorado, there is not a limit in place unless the individual gambling establishment has set one. Therefore, you can bet as much as you want as long as Arapahoe Park or your app or OTB of choice allows it.
How do I bet on the Preakness Stakes?
You have a number of options for betting on the Preakness Stakes while in Colorado: You can bet through Arapahoe Park, you can bet through an OTB (off-track betting site), or you can make your bets online or through an app.
If you decide to bet at Arapahoe Park, you’ll need to view the Preakness Stakes through simulcast.
You can make your bets just as you would at any other racetrack in the US.
If Arapahoe Park is not an option, you can go to an OTB. You’ll find high-quality OTBs in a variety of locations throughout the great state of Colorado.
Many bettors enjoy OTBs and racetracks (as opposed to gambling online) because of the food, drink and atmosphere. You’ll also get to enjoy the feeling of seeing everyone win or lose big, even if you didn’t win yourself.
You can also gamble on the Preakness Stakes by using one of the many sports betting apps and websites that allow betting on horse racing. You can access these apps on your device of choice, including your smartphone, a tablet, or a desktop or laptop computer.
This might be your best bet. OTBs are not very common in Colorado, and there is only one Arapahoe Park, after all.
If you’re going to gamble online, you can do so from anywhere in the state, so you can pick your favorite local bar or restaurant, or you can go to a friend’s house (or just watch from home).
Will my winnings be reported for tax purposes?
If you win above $600 or if your payment is 300 times your wager or more at any horse racing event in Colorado, the track will report the winnings for tax purposes.
If this is the case, you’ll need to fill out a W-2G form (this form is a wage reporting form for gambling).
If you win above $5,000, the track will automatically withhold 28% of your winnings for federal taxes and 4% for state taxes.
How old do I have to be to bet on the Preakness Stakes in Colorado?
Unlike other forms of betting in Colorado, to bet on horse racing, you must be 21 or older.
You also must be within the state lines of Colorado to make the bet and collect your winnings, even if you’re betting online.
You’ll need to have your bank information and/or credit card information available along with a photo ID just in case. However, if you appear over the age of 30 or 40, many venues will not card you unless you win (or win big).
Do I have to live in Colorado to bet on the Preakness Stakes?
No. As long as you are within the state of Colorado, you can bet on the Preakness Stakes using the three methods listed above — you do not need to be a resident of the state to do so.
If you want to bet on the Preakness Stakes through the various gaming apps and websites that are only available in Colorado, you’ll need to be within the state lines of Colorado.
Otherwise, the websites and apps won’t work.
If you are at an OTB or at Arapahoe Park, you can bet on the Preakness Stakes without being a resident of the state.
What kind of bets can I make?
Horse racing has a wide variety of bets, but remember that just because some racetracks have a type of bet available doesn’t mean you’ll find that option available everywhere.
This is one of the major reasons so many people are beginning to gamble online.
Here are some of the most common bets that you’ll find for the Preakness Stakes. These bets are also common across horse racing generally.
- Show bets
- Place bets
- Win bets
- Win bets
- Superfecta bets
- Trifecta bets
- Exacta bets
- Quinella bets
- Proposition bets
Types of bets explained
- Show Bets: A show bet is a bet that a horse will finish in either first, second or third place. This bet pays out less than a place bet and has better odds than a place bet. For the beginner at the race track, a show bet is a great first bet to get a taste of what betting is like with a somewhat decent chance of winning some money.
- Place bets: A place bet is just a bet that the horse will finish in either first or second place. This type of bet has better odds than a win bet, but it also pays less.
- Win bets: A win bet is simply a bet on a horse to win.
- Wheels: Wheeling is like boxing. However, with wheeling, you must select the winner, but the other horses can win in any order. If you wheel a superfecta, you choose one horse to win in each combination and then three other horses that can claim the second, third and fourth spots in any order.
- Boxes: Boxing a bet is a method of betting on all possibilities for that bet. Boxing a trifecta allows you to choose three horses that you think will claim the top three spots. You do not have to choose the order because you are betting on all possible combinations. You can also box a quinella, exacta and superfecta.
- Superfecta: This is an extension of the trifecta. You must decide which horses will finish in first, second, third and fourth place. If any of them are out of order, then you lose the bet. This type of bet has lower odds than a trifecta, but it has a very high payout.
- Trifecta: This is an extension of the exacta. You bet on which three horses will come in first, second and third. They must be in order. This type of bet has much lower odds than an exacta.
- Exacta: Similar to the quinella, you bet on the top two horses. They must finish in the order you designate. As in the example above, you could choose No. 2 and No. 4, but then you would have to decide which horse would get first and which would get second. If you don’t get the order right, you lose, even if No. 2 and No. 4 both get the top two spots. This type of bet has lower odds than a quinella.
- Quinella: A quinella bet is where you select the two horses you think will finish in the top two spots. They can finish in any order.
An example might look like this — you could bet on No. 2 and No. 4, and then you would win if No. 2 got first and No. 4 got second OR if No. 4 got first and No. 2 got second.
- Proposition bets (prop betting): This is simply betting on something other than the outcome of the race, like the margin of victory or how well certain horses will do. These bets can become increasingly strange. For example, you may be able to bet on how many words will be in the name of the winner, if the number of the last place horse’s saddlecloth will be even or odd, or if the winning trainer will cry in the post-race interview. For most people, this is not the kind of bet that they want to make, but if you find the strangeness of the potential bets enticing, they can add some flavor to the event. After all, there’s only one race a year. You might as well make a lot of bets because it’s your only chance to do so.
Other types of bets
Depending on your betting venue of choice, there may be other types of bets available beyond even prop bets.
You might be able to make an across the board bet for example, where you will make a win bet, a place bet and a show bet all together on a single horse. If you feel strongly about a single horse, this can be a good bet to go with.
Arapahoe Park offers daily double bets and triple bets for many of its regular season races. These bets pay off if you pick the winners of two or three consecutive races.