Preakness Stakes betting odds reflect each horse's chances of winning the race. When deciding who to bet on, you are looking for betting odds that are better than the horse's actual chance to win. When you find that, it's called an overlay, and it's the perfect time to bet. For online betting, Preakness Stakes betting odds are shown in three formats depending on where you choose to play. If you know how to read them, you will be able to understand odds like a pro. American: This is the same format sports betting odds are typically shown in, particularly in the United States. A positive number reflects how much you win if you bet $100 on the horse. So, betting $1.00 on a horse at +250 means you get back $3.50 if the horse wins: $2.50 in profit plus your initial $1.00 stake. A negative number, on the other hand, shows how much you have to bet to get $100 in profit. So, if you bet $1.00 on a horse at -125 and the horse wins, you get back a payout of $1.80: $0.80 in profit plus $1.00 in stake. Decimal: Decimal odds reflect what you get back, including both winnings and betting stake, per dollar that you bet if your horse wins. So, if you bet $1.00 on a horse at 3.50 odds, you get back a $3.50 payout: $2.50 in winnings plus your initial $1.00 in stake. Fractional: Fractional odds show, as a fraction, the winnings you reap if your horse wins. So, if you bet $1.00 on a horse at 5/2 fractional odds and the horse wins, you get a $3.50 payout: $2.50 in winnings, plus getting back your $1.00 betting stake.