This Saturday, I’ll be back at the same sports bar where I watched the Kentucky Derby. If you read my Derby column, I told you to throw out a couple of favorites (Lawyer Ron and Brother Derek), and keep Barbaro, despite history being against him. Unfortunately, I also told you that I like America’s favorite bet, the exacta. The exacta always seems do-able, and offers a chance to win some real dollars. And in a field of 20, what were the chances of hitting the Trifecta? Sad to say, that darn Bluegrass Cat spoiled my day. This was a horse that, by all reports, was “the bust of 2006.” That’s why it’s called gambling. But Triple Crown races are events, and, if you are a sports fan, you’ve got to bet the Preakness.

This time, it’s all about value. Sure, Barbaro looked great in the Kentucky Derby, but is he the sure thing that many analysts and bettors make him out to be? Well, maybe. Which is the reason you’ll never get value betting on him this Saturday. At best, he’ll go off at even money. Keep in mind, until Smarty Jones won in 2004, it had been 25 years since an odds-on-favorite won the Preakness Stakes. You’ll hear a lot about “The Bounce Factor,” which says that horses tend to regress after particularly strong races, especially when they are coming back on short rest. And Barbaro is a horse that has never run with fewer than five weeks of rest.