The article highlights the enduring appeal of horse racing betting, particularly around the Preakness Stakes, the second jewel of the Triple Crown. Despite a long history of legalized betting on horse racing in the U.S., interest and wagering have declined by over 50% in recent decades. Traditional betting still dominates, with fans like Pat Cummings and Jon Stettin reminiscing about memorable races and the evolution from in-person to online betting platforms sanctioned by the racing industry.

However, newer forms of betting such as prediction markets, which are gaining popularity in other sports, have not penetrated horse racing due to industry restrictions. The racetracks and horsemen maintain control over betting through a 1978 federal commerce law, effectively excluding prediction markets like Kalshi and Polymarket. This control aims to keep wagering within established channels, limiting innovation in how fans can bet on races like the upcoming Preakness Stakes.