Exacta Horse Racing
When you progress from straight bets to exotic bets, Exacta bets make for a good entry point. In Exacta, you select two horses and predict their winning order.
THE FUTURE OF HISTORIC HORSE RACING. Watch the Exacta story here! We’re making a billion-dollar difference for horse racing around the country. If that sounds like a big undertaking, it is. That’s fine with us. Exacta has the game for it. Exacta betting gives bettors a different way to approach a horse race rather than just betting on a single horse to win, place or show. In an exacta bet, you’ll win if you can predict the first two horses in the official order of finish.
Other exotic bets, such as Trifecta and the like, are very similar to Exacta, except that you choose more horses and their order. This is why Exacta is considered the immediate next step after mastering straight bets.
Exacta Bet vs. Quinella Bet
When you are trying to understand Exacta, it is important to understand the difference between Exacta and Quinella. In Exacta, you are betting on two horses and their exact order. So if you bet on horse A and horse B, A must come first and B must come second. Only then you can collect your payout.
In Quinella, you also bet on two horses, but you do not predict the exact order. A and B only have to finish in the first two positions; first or second place does not matter.
Types of Exacta Bets
Selecting two horses and their exact order is not easy. There are many factors at play, and as a smart bettor, you want to secure your chance of winning. How do you do that? By betting on different types of Trifecta.
Straight Exacta Betting
As the name suggests, this is the simplest form of exacta. The bet is placed on only two horses to win and place the horses in a precise order.
Let’s assume that the minimum wage is $2, and you are betting on horse #2 and horse #5. The betting slip will reflect $2 Exacta (2-5). This shows that the bet is placed on horses #2 and #5 and that horse #2 is predicted to place first, while horse #5 is predicted to place second.
Exacta Box Betting
Boxing an Exacta is an easy way to secure your winning. Boxing lets your selected horses come in any order and still win.
But in this case, isn’t boxing Exacta the same as Quinella then? Yes and no. The difference is when you make a Quinella bet, the cost will be $2. In box Exacta, you will bet on different combinations, which will increase your cost to $4.
Higher cost also means higher payout. Your payout amount is likely to be higher in box Exacta compared to Quinella.
Taking the same wager amount and horses from the previous example, your Exacta slip will reflect your horse numbers and all possible combinations:
$4 (#2 and #5)
#2 Win-#5 Place
#5 Win-#2 Place
If this was a Quinella slip, it would just read $2 with #2 and #5.
Exacta box also lets you bet on more than two horses to finish in the first two positions. Let’s say you add horse #7 to your narrowed list. Your possible combinations will be:
#2 Win-#7 Place
#2 Win-#5 Place
#5 Win-#7 Place
#5 Win-#2 Place
#7 Win-#5 Place
#7 Win-#2 Place
As you can see, there are six combinations, so your cost will be $2*6 = $12.
With every added horse, your cost compounds. You must do a cost-benefit analysis when you consider adding horses to your selection.
Exacta Wheel Betting
This type of betting is also known as the Exacta key. Under this bet, the bettor covers the prime horses in the first position and the rest in the second position. There are two types.
Full Wheel: When the bettor selects a horse for the first position and remaining for the second position, it is called the full wheel.
For example, in a race of six horses, horse #1 is selected by the bettor for the first position. The rest are placed in the second position, so the combinations will be five in all, and the cost will be $2*5, which is $10.
The crosses will be:
#1 Win-#2 Place
#1 Win-#3 Place
#1 Win-#4 Place
#1 Win-#5 Place
#1 Win-#6 Place
Part Wheel: With this option, the bettor selects one horse for first place and a few for second.
For example, suppose in a race of six horses that you choose horse #1 for the first position, and the other three horses (#2, #3, #4) are placed at the second position, then the combinations will be three in all, and the cost will be $2*3 = $6. The crosses will be:
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#1 Win-#2 Place
#1 Win-#3 Place
#1 Win-#4 Place
In either of the above, the bettor can select more than one horse for first and second. This increases the number of the combinations and the probability of winning the bet.
The Exacta wheel is one of the most opted types and rightly so. It gives a chance to cover more horses with less combinations and, hence, reduces the cost.
How Much Does an Exacta Bet Cost?
We already went through some examples and their respective costs in the previous section. The cost of these bets depends on the number of combinations you bet on. There is a minimum wager, usually either $1 or $2. This is multiplied by the number of combinations you bet on.
Another thing you should know is that if you find #1 and #1A on the screen while placing the bet, you will get both horses at the price of one. This is called an entry. It happens when the horses that participate in the race are trained by one trainer.
What Are the Payouts for an Exacta Bet?
Like in other exotic bets, the payout for Exacta is calculated using the pari-mutuel system. Here, all the stake money is collated into a prize pool. All the winning tickets draw their share from this prize pool. It is pretty simple as a concept, however, predicting your payout money can be really difficult.
Let’s say there are 1,000 tickets bought for straight exacta for $2 each. The prize pool is $2,000. Fifty tickets got it right, meaning they selected the finishing horses and their order correctly.
Each winning ticket will get $2000/50, which is $40. There will be some deductions from this $40. Organizers, tracks, and collectors all get their share from this pool money, as well.
Be Smart About Your Exacta Bets
Referring to our payout example from the previous section. if you just had one ticket for $2, and you got it right, you would have won ~$40 for just an investment of $2. However, you now know that that’s easier said than done. Do not lose hope; we will leave you with some tips to help you get started. Over time, you will get smarter about betting from better analysis and experience.
- When you are just starting out, choose easier bets even if the payout is less. Instead of spending $4 on a box Exacta, go for a $2 Quinella. When you start getting it right, spend the extra $2 and have your chance at the bigger payout.
- You will not win big if you choose the favorite. Think about the payout pool system you just learned and consider how many tickets you will have to share with if you win on an obvious choice. Choose races where you think the winner is not obvious; go against the herd mentality.
- Start with part wheels. Unless you are extremely sure of some of your choices, maximizing coverage and reducing costs should be your goal. Part wheels help you do that.
With this foundational knowledge, you are now equipped to get started! It is very common to lose in these bets; invest only what will allow you to have fun even if you are losing.
What is a Exacta Bet?
Exacta betting requires you to pick the first two finishers in a race in exact order – hence the name exacta. Also known at some tracks as the exactor or perfecta, exactas are attractive betting propositions to many players because of the potential for large payoffs. Exacta wagering also offers an opportunity to make a good profit on race in which a heavy favorite makes win betting a poor value proposition.
Whereas a horse might only pay $5 to win for a $2 bet, an exacta combining that winner with a longshot could pay substantially more. Some players like to bet exactas not only because of the potential for high payoffs, but also because the tote board at most racetracks will show the probable exacta payoffs before a race runs. Being able to see what you can win before a race runs is a very appealing option to many bettors. Additionally, exacta boxes of two or more horses are an option used by many bettors when their handicapping can’t separate the winner from their top contenders.
There are basically three different exacta wagering options, some more efficient than others.
Straight Exacta Betting
The first exacta wagering option is the straight exacta bet, generally offered in minimum denominations of $2. A $2 straight exacta bet 3-4 would require that horse 3 win the race and horse 4 finish second in order for you to cash a winning ticket.
Exacta Boxes
The second and most popular exacta wagering strategy is an exacta box combining 2 or more horses to finish first or second in either order. Generally offered in a minimum denomination of $1, an exacta box of horses 3-4 would represent 2 possible combinations – 3-4 and 4-3, at a cost of $2. The cost of a $1 exacta box correlates directly to the number of horses and possible combinations in the box.
For example, a $1 exacta box of 3 horses (2-3-4) represents 6 possible $1 winning combinations that include 2-3, 2-4, 3-4, 3-2, 4-2 and 4-3. While any of these combinations would allow you to cash a ticket, keep in mind that your payout would be only half of the actual $2 straight exacta payout, because you played a $1 box.
A box can be played in any denomination of $1 or more, but the higher the denomination played, the higher the cost. A $2 exacta box of the same three horses (2-3-4) would cost $12, twice as much as a $1 exacta box, but would also offer the full $2 exacta payout as displayed on the tote board.
To determine the cost of a $1 exacta box take the number of horses you want to box and multiply that number by the number of horses in the box minus 1. A $1 exacta box of four horses would be calculated as 4 * (4-1) * $1 = $12, which equates to 12 $1 exacta bets.
Below are some additional exacta box calculations with costs:
$1 exacta box of 3 horses = 3 * (3-1) = 6 combinations * $1= $6
$1 exacta box of 4 horses = 4 * (4-1) = 12 combinations * $1 = $12
$1 exacta box of 5 horses = 5 * (5-1) = 20 combinations * $1 = $20
$1 exacta box of 6 horses = 6 * (6-1) = 30 combinations * $1 = $30
$1 exacta box of 7 horses = 7 * (7-1) = 42 combinations * $1 = $42
$1 exacta box of 8 horses = 8 * (8-1) = 56 combinations * $1 = $56
You can box as many horses as you like in an exacta, but this is not generally a wise betting strategy simply because all of the horses in the box do not have the same chance of finishing first or second.
In most, but not all cases, exacta boxes represent poor value, but because they are relatively easy to understand, mentally easier to play (you don’t have to pick the horses in exact order) and offer the greatest probability of cashing a ticket (even at a loss), they are the most popular method of playing exactas.
Because exacta boxes rate each combination in the box as having the exact same probability of winning (which is never the case) they produce inefficiencies in the exacta betting pools. It is these inefficiencies that smart bettors look for and try to take advantage of.
Exacta Wheels and Exacta Part-Wheels
The third method of playing exactas is to wheel one horse (or more than one horse) in one position with any number of horses in the other position. For example, if you were to play a $1 exacta wheel 3-with-All in an eight-horse field (3 with 1,2,4,5,6,7,8 – seven $1 combinations) it would cost you $7. The 3 horse would have to win and any of 1,2,4,5,6,7,8 would have to finish second in order for you to cash a ticket. Or, if you think the 3 horse has a better chance of finishing second, you might play a $1 exacta wheel All-with-3 (1,2,4,5,6,7,8 with 3 – again seven $1 combinations) at a cost of $7. In this case any horse in the race could win and the 3 horse would have to finish second in order for you to cash a ticket.
Exactas can also be played as part-wheels, which differs from a full wheel in that you do not use ALL the horses in one part of the wheel. For example, in an eight-horse field, you might play a $1 exacta part-wheel 3 with 2, 4, 5 (three possible winning combinations of 3-2, 3-4, 3-5) at a cost of $3. Or you might play the part-wheel the other way, 2, 4, 5 with 3 (also three possible winning combinations of 2-3, 4-3, 5-3) at a cost of $3. While exacta wheels and part-wheels are not quite as inefficient as boxes, they still leave room for improvement, which brings us to our preferred exacta betting strategy.
Preferred Exacta Betting Strategies
Let’s say you like horses 5, 6 and 7 to finish first or second in a race. Your handicapping tells you that horse 5 has a 50 percent chance of winning the race, horse 6 has a 20 percent chance of winning and horse 7 has a 10 percent chance of winning. Most bettors in this scenario would play an exactor box of 5-6-7 – six possible combinations. Other bettors might play an exactor part-wheel wheel of 5-with 6, 7 and an additional part-wheel of 6, 7 with 5 – four possible combinations. The exactor box rates each possible combination as having the same probability of winning, which according to your handicapping is not correct. The part-wheel in this case is more efficient, leaving out the less probable combinations of 6-7 and 7-6, but still rating both the 6 and 7 horses as having the same probability of winning or finishing second.
Considering you have $60 to spend and that you have rated the chances of each horse winning as follows: 5 – 50%, 6-20%, 7-10%, below are some possible betting options:
Exacta Box – Least Efficient
$10 exacta box 5-6-7 = 6 possible combinations bet in equal proportion = $60
Resulting Exacta Tickets
- $10 exacta 5-6 = $10
- $10 exacta 5-7 = $10
- $10 exacta 6-5 = $10
- $10 exacta 6-7 = $10
- $10 exacta 7-5 = $10
- $10 exacta 7-6 = $10
Exacta Part-Wheels – Slightly More Efficient
$15 exacta part wheel 5 with 6, 7 and 6, 7 with 5 = 4 possible combinations = $60
Resulting Exacta Tickets
- $15 exacta 5-6 = $15
- $15 exacta 5-7 = $15
- $15 exacta 6-5 = $15
- $15 exacta 7-5 = $15
Exacta Part-Wheels Correlated to Winning Probabilities as Identified by Your Handicapping – Highly Efficient
- $30 exacta 5-6
- $20 exacta 5-7
- $6 exacta 6-5
- $4 exacta 7-5
Results and Exacta Payoffs
The race ran exactly as your handicapping said it would – the 5 horse won and the 6 horse ran second. The $2 exacta 5-6 paid $20. Lucky you! Depending on how you bet.
If you had bet the first option, the exacta box:
Cost: $60 Return: $10 exacta 5-6 = $100 - $60 = $40 Profit
If you had bet the second option, the exacta part-wheels:
Cost: $60 Return: $15 exacta 5-6 = $150 - $60 = $90 Profit
If you had bet the third option – exacta part-wheels correlated to winning probabilities as identified by your handicapping:
Exacta Horse Racing Meaning
Cost: $60 Return: $30 exacta 5-6 = $300 - $60 = $240 Profit
The final exacta wagering strategy, which places more money on the higher probability combinations as identified by your handicapping, produces the largest profit – which is the key to producing a positive return on investment over the long term. While you might cash more tickets using the inefficient exacta box method, it is unlikely that this low-profit strategy will sustain itself over the long haul.
Keeping in mind that combinations of favorites in exactas generally produce lower payoffs than they should, as do combinations of longshots, you can further increase you chances of achieving a positive return on investment by focusing your play on races in which your handicapping points to the high probability of two medium-priced horses completing the exacta. The latter scenario often results in payoffs that are larger than they should be due to inefficiencies in the exacta betting pools.
In summary, using solid handicapping fundamentals to determine your own set of probabilities, and then focusing your main exacta combinations on the most probable outcomes, rather than on boxes and wheels, is the key to making a long-term profit from exacta betting.
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What Is An Exacta Bet
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