Inexacta

Inexacta is a term used in horse racing and other pari-mutuel betting markets to describe a wager on the two horses that will finish in first and second place, without requiring a specific order. Bettors choose two horses, and a winning ticket pays if those two horses occupy the top two positions in either possible order.

The payout for an inexacta is determined by the wagering pool and the number of winning combinations. Payouts vary by track, field size, and whether the bet is placed as a single pair or as a box that covers both possible orders. In many markets, the inexacta is offered alongside other exotic bets such as the exacta (which requires the precise order) and the quinella (often used interchangeably with inexacta in English-language markets).

Relation to other bets: The inexacta is closely related to the quinella, a term more common in English-language betting that addresses the same concept. Its primary contrast is with the exacta, where the order of finish is mandatory. Bettors can sometimes purchase box or multiple-entry versions of an inexacta to guarantee coverage of both orders for the chosen pair, at the cost of a higher stake.

Example: If a bettor selects horses 3 and 7, they win if 3 finishes first and 7 second, or if 7 finishes first and 3 second. If the race finishes with two other horses in the top two, the ticket loses. Rules regarding ties (dead heats), payout minimums, and eligibility vary by jurisdiction.