FanDuel Racing promo code earns $20 No Sweat First Bet for Preakness 2023

The FanDuel Racing promo code gives new users a generous offer for horse racing betting over the weekend. New users can get $20 in bonus bets if their first wager doesn’t hit with the No Sweat First Bet promotion for the Preakness.

You must wager on a horse to win the Preakness Stakes -- not any of the undercard races. It must be on a horse to win, not any exotics. And if your bet loses, you’ll get refunded in bonus bets up to $20.

We’ll elaborate on the nature of this offer, break down how betting on horses works and preview some of the best bets for Saturday’s Preakness in the paragraphs below.

FanDuel Racing vs. FanDuel Sportsbook

Betting on horse racing is a slightly different process from traditional sports betting. Players can bet on horses in most states in the U.S. (40+ states), but users in some states will be required to bet using different FanDuel apps based on their locations.

Bettors in many legal sports wagering states can use the traditional FanDuel Sportsbook app to place their Preakness wagers, but users in non-legal sports betting states cannot. As a way of delivering horse racing to fans in other states, FanDuel developed the FanDuel Racing app which is exclusively for horse racing for bettors in states like California and Florida, where horse racing betting is legal but sports betting is not.

The promotions on both apps for the Preakness are the same value with the same conditions so users are not losing anything by wagering with one over the other.

FanDuel Racing Preakness promotion

The FanDuel Racing promo code gives new users up to $20 in bonus bets with the No Sweat First Bet offer.

This promotion is structured in a similar fashion as the other No Sweat First Bet offers from FanDuel Sportsbook. Essentially working as first bet insurance, new users will get $20 back in bonus bets when they place a win bet on a single horse of that same value.

Critically, a win bet is a straight wager and no exotic wagers will count towards this promotion. That is to say, bettors cannot claim this promotion by placing a place or show bet, or any exotics.

Notably, this offer does not require a promo code so users can easily claim this promotion by simply clicking the module linked below.

To qualify for this offer users simply need to sign up with FanDuel Racing — which as noted does not require a promo code — and place a real-money wager of at least $20.

It is critical that new bettors place a real-money wager as any bets placed using credits or bonus bets of any kind will not qualify for this offer.

If that wager wins, users will collect their profits and keep their stake as usual.

However, if that bet goes south, users are still covered with the No Sweat First Bet offer. Players will get up to $20 in bonus bets within 24 hours if that first wager doesn’t hit.

As is the case with any other new customer promotion, bonus bets can be used for any additional wager on the platform but cannot be withdrawn or cashed out. Similarly, bonus bets are only valid for one wager and thus will not be returned in the event of a successful bet.

Relevant conditions

Before signing up with FanDuel Racing, new users should review the conditions outlined below to make the most of the offer.

First and foremost, this promotion is restricted to new customers who are at least 21 years old and present in a legal FanDuel Racing state.

With that in mind, the first step to claiming this offer for new users is to sign up for a FanDuel Racing account. This promotion does not require a promo code so users can easily claim this promotion by clicking either of the modules displayed above and inputting the relevant information.

From there, users simply need to make their initial deposit and first real-money wager. Only real-money wagers, or cash wagers, will qualify for this promotion and any bets placed with credits will not trigger this offer.

If that first wager hits, users will obviously keep their stake and collect their profits. If that first bet goes south though, new users will get up to $20 back in bonus bets that can be used for any additional wager on the FanDuel Racing platform.

As noted above, bonus bets are only valid for one wager and thus will not be returned in the event of a successful wager. Similarly, bonus bets cannot be withdrawn or cashed out.

Any bonus bets earned from this offer will typically be credited to a user’s account within 24 hours after the initial wager settles. At the most, it will take five days for the bonus bets to be distributed to a new user’s account. Said bonus bets will be valid until June, 12, 2023.

How to bet on Saturday’s Preakness

Wagering on horse racing is a bit different from other sports betting.

Typically, the odds on a football game or other sporting event are determined by oddsmakers in Vegas. However, horse racing odds are pari-mutuel.

In other words, the odds on each particular horse are determined by the amount of money the public places on a horse. So the more favorable the odds are for a horse on this weekend’s Preakness, the more money has been wagered on said horse.

The horses below are displayed by their post positions.

Odds courtesy of FanDuel

National Treasure is the public’s favorite heading into this weekend’s Run for the Black-Eyed Susans, though Mage remains the favorite after winning the Kentucky Derby.