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exacta

An exacta is a type of pari-mutuel wagering used primarily in horse racing in which the bettor must select the first and second finishers in the race in the exact order. A winning exacta ticket pays only if the two chosen horses finish first and second in the specified order; finishing first and second in the opposite order does not pay.

How it works: Bettors place a wager on two selections for the two available finishing positions. Payouts

Variations and strategies: An exacta box covers both possible orders of two selected horses, increasing the

Relation to other bets: The exacta is part of a family of exotic wagers that includes the

Example: In a race with horses 1–10, a bettor selects exacta 4-7. If 4 finishes first and

are
determined
from
the
race’s
pari-mutuel
pool
after
deductions
by
the
track
or
bookmaker,
so
odds
are
not
fixed
in
advance.
The
size
of
the
pool
and
the
number
of
winning
tickets
influence
the
payout.
The
cost
of
a
bet
increases
with
the
number
of
horses
included
in
the
wager,
especially
when
using
multiple
selections
in
a
box.
chance
of
a
win
but
also
the
cost
(for
n
horses,
the
box
costs
n
times
(n−1)
units).
An
exacta
wheel
fixes
one
or
more
horses
in
a
position
and
combines
them
with
all
possibilities
for
the
other
position,
reducing
the
number
of
combinations
to
purchase.
Some
markets
also
offer
variations
such
as
reverse
exactas
or
other
two-horse
exotics,
though
terminology
can
vary
by
jurisdiction.
quinella
(two
finishers
in
either
order),
the
trifecta
(first
three
in
exact
order),
and
the
superfecta
(first
four
in
exact
order).
Compared
with
a
quinella,
the
exacta
generally
offers
higher
potential
payouts
due
to
the
added
constraint
of
order.
7
second,
the
ticket
wins;
if
7
finishes
first
and
4
second,
it
does
not.
Payout
depends
on
the
pool.