A guide to betting on the Preakness Stakes horse race: Where and how to place bets, odds and more

Janice Dean previews the winner of the Preakness Stakes with horse race handicapper Naomi Turner on 'Fox & Friends.'

Horse racing is a popular sport to bet on. While there is an emphasis on horse racing in the spring, the sport is year round, and you can find racetracks around the country with American Thoroughbreds nearly any time. 

The Kentucky Derby, Preakness Stakes and Belmont Stakes are the popular horse races in the springtime that make up the Triple Crown. 

The Preakness Stakes is second in the racing lineup. The race has been around since 1873 and is held on the third Saturday of May each year. The race takes place in Baltimore at Pimlico Race Course. 

When it comes to betting on the horse races, there are a variety of bets you can place and a number of ways to make those bets. Many states allow online betting for horse races, but before placing bets make sure it's legal in your home state. 

The venue for the Preakness Stakes is the Pimlico Race Course. (Patrick Smith/Getty Images)

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If you're curious on how to bet the Preakness Stakes race, read on for wagers, odds and more. 

Before placing bets, you'll want to consider how much money you want to spend, what the payout will be for your bets and the levels of difficulty for wagering on different outcomes. Keep in mind that the harder the bet is to win, the more the payoff is going to be.

The Pimlico Race Course website highlights a variety of betting options and the level of difficulty for each.

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There are lots of different bets you can make on the Preakness Stakes, all with different levels of difficulty. (Patrick