On Wednesday, stakeholders cleared the final hurdle to move forward with redevelopment plans for the home of Preakness Stakes betting in Maryland, which could include an in-person sportsbook.
With approval from the Board of Public Works in Annapolis, bonds for $400 million in renovations at Pimlico Race Course in Baltimore and a horse training center can now be issued as the state takes ownership of the race track.
Alan Foreman, a Maryland Thoroughbred Racetrack Operating Authority (MTROA) board member, told LSR on Wednesday that a Maryland sports betting license has not been discussed yet. However, he said a sports betting option at the redesigned home of Preakness betting will be part of future conversations.
Sportsbook at Preakness betting site?
Laurel Park, Maryland’s other thoroughbred race track, will host the Preakness in 2026 while Pimlico is under construction.
While adding Pimlico to the list of retail MD sportsbooks has not been part of the early discussions, it will still be a future consideration.
“Laurel Park has a room built for sports betting,” Foreman said. “That could be used when racing is hosted at Laurel. Then, when Laurel closes, bring it over to Pimlico. But that discussion has not occurred yet.”
Future of Preakness Stakes
With 1/ST Racing, under the Stronach Group, transferring Pimlico ownership to the state, the MTROA is creating a non-profit entity to manage the horse racing industry.
That non-profit, once established, will take over operations on January 1, 2025.
The non-profit will pay 1/ST a $3 million licensing fee annually to host the Preakness and Black-eyed Susan Stakes and their respective festivals. 1/ST will also receive 2% of the total horse betting handle on those two days of racing.
Recent Preakness betting history
Preakness Stakes betting hit a three-year low in 2023, coming down from record numbers in 2021.
- 2023: $54.6 million
- 2022: $65.3 million
- 2021: $68.7 million
The Preakness Stakes future bet handle, though, increased nearly 28% compared to last year. Horseplayers placed $388,400 in future bets on this year’s race, up from $304,300 last year.
