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 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.

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

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

Example: In a race with horses 1–10, a bettor selects exacta 4-7. If 4 finishes first and 7 second, the ticket wins; if 7 finishes first and 4 second, it does not. Payout depends on the pool.