What Is An Exacta In Horse Betting
If you are ready to win and win big, it might be time to calculate the perfect Exacta Bet. Exacta horse racing betting is popular, but not always easy. It’s more straightforward than most of the other exotic wagers, and it’s one of the simplest bets. Sure, it’s harder than a straight bet, but when you get it right, it can be a lucrative win with remarkable margins.
What Is An Exacta Bet?
An Exacta Bet, also referred to as an Exactor or Perfecta, is one where the bettor picks both the first and second place winners in exact order. In order to win an Exacta Bet, both horses must finish in the chosen order. If either prediction is wrong, the bet is off.
For example, in an Exacta Bet you choose horse #2 to place first and horse #5 to place second. If that happens, you win. But if horse #5 places first and horse #2 places second, you lose.
It’s an all or nothing gamble, which makes it difficult to accomplish but it’s easier than some of the other bets (such as Trifectas and Superfectas). This makes Exacta Betting extremely popular among horse racing enthusiasts. When you master it, the rewards can be great.
Different Types of Exacta Bets
There are two different types of Exacta Bets. A straight Exacta Bet or an exacta box bet. A straight Exacta Bet is exactly as described above, two horses chosen for first and second place. An exacta box allows you to choose more horse combinations in a single bet, but makes that bet significantly more expensive. Here’s a breakdown of how they each work:
- Boxing horses just means you are playing every possible exacta combination of the horses you choose, so a $2 exacta box of Horses A and B would cost $4 total, because you are actually placing two separate bets: a $2 exacta with A in first and B in second, and a $2 exacta with B in first and A in second.
- Exacta Bet An exacta bet, also sometimes known as a perfecta or “straight forecast”, is a wager on two horses to finish in first and second place in that exact order. The bet may also be referred to as an “exactor” in some places, but exacta is the most common term today.
- Exacta betting in racing is a type of bet where runners must finish in 1st and 2nd in correct order. Both horses must finish in the chosen order for the bet to be a winner. An Exacta bet is also known as Exactor or Perfecta bets. The main two types of exactas are Straight Exactas and Box Exactas.
Straight Exacta Horse Racing Betting
A bet on two horses to finish in first and second (Win and Place) in precise order. Minimum bet is $2. An Exacta Betting slip would show $2 Exacta (2-7). This means you have placed a $2 Exacta Bet on horse #2 to finish in first place (Win) and horse #7 to finish in second (Place).
Exacta Box Horse Racing Betting
With an Exacta Box you will win your bet if the horses you pick finish in first and second place in either order with as many horses as you wish. The minimum amount that can be wagered is $1 per combination. So a 2 horse exacta box at $1 will cost a minimum of $2.
An Exacta Box bet is more versatile, allowing multiple bets on a single slip. For example, you can bet on horse #2 and #7 and you win whether it’s a #2 Win – #7 Place, or #7 Win – #2 Place. This is actually multiple Exacta Bets and so the cost increases with each additional horse. If you want to add to your Exacta “Box” you can also add in a third horse. Each additional horse increases the cost of the bet. You can actually put as many horses as you like on the Exacta Box, but be aware that the price will continue to rise with each horse added.
Exacta Bet Calculator
Playing an Exacta increases your chances of winning, while also increasing your cost of playing. To calculate the cost of an Exacta Bet, multiply the number of horses used on top, or the win position, of the exacta with the number of horses used in the second position (less one if the same number is used on top in the exacta).
$2 Exacta Costs
- Basic Exacta 2 & 6: $2 (one combination)
$2 Exacta Wheel and Part Wheel: Choose one or two horses in first position, and cover multiple other horses in second position. It’s more efficient than the Exacta Box, and cheaper.
- Exacta Wheel 1 with all (ten horses in race): $18.00 (nine combinations)
- Exacta Part Wheel 2 with 3,4,5,6: $8.00 (four combinations)
- Exacta Part Wheel 2 with 3,4,5,6: $8.00 (four combinations)
- Exacta Part Wheel 3,4,5,6 with 2: $8.00 (four combinations)
- Exacta Part Wheel 2,3,4,5,6 with 2,3,4: $24.00 (12 combinations)
$2 Exacta Box: Any two of your horses must finish first and second. To figure the cost: Multiply the number of horses used by the number of horses used less one times $2 wager.
- Exacta Box 1,2: $4 (two combinations)
- Exacta Box 1,2: $4 (two combinations)
- Exacta Box 1,2,3,4: $24 (12 combinations)
- Exacta Box 1,2,3,4,5: $40 (20 combinations)
The more horses you add to an Exacta Bet, the more likely you are to lose money in the end. If you bet on 8 horses, you have more chances of winning, but you would be lucky to make $30, resulting in a loss of nearly $650. For this reason, Exacta Box horse racing betting is generally best left to experienced handicappers, or those who employ the services of a veteran handicapper.
What is the Minimum Stake on an Exacta Bet?
For most horse racing tracks, the minimum wager for an Exacta Bet is $2. There are some tracks that offer a $1 exacta wager.
How To Calculate the Payout for An Exacta Bet
Payouts for these wagers are calculated using the pari-mutuel system. This means you’re betting into a pool and there are no fixed odds involved. All of the money for Exacta Bets goes into one pool, that pool of money is distributed among the winning tickets. This means that if there is an upset in the race, you can win big – whereas if lots of people bet on the winners, the winning prize may be much smaller.
Let’s look at an easy example…
- A total of 3,000 $2 Exacta tickets are bought for a race.
- The proceeds from those tickets form the prize pool.
- 3,000 x $2 = $6,000, so the prize pool has $6,000 in it.
- 50 of the tickets sold have the correct finishing order of the first two horses.
- Each winning ticket receives an equal share of the prize pool.
- $6,000 / 50 = $120, so each winning ticket returns $120.
Exacta In Horse Betting
Of course, the track will take out its portion before the prize pool is calculated so the payout wouldn’t be exactly $120. But still, a $100 return on a $2 bet is amazing odds.
Whether it’s a huge race or an unexpected win, an Exacta payout usually gives a decent return, which is why it’s one of the most popular bets.
And They’re Off!
Well there you have it – an Exacta Bet!
The beginning of a horse race is so exciting because it’s anyone’s game. There’s no way to know which two horses are going to win. There’s always the possibility for a surprise win or a major upset. Whether you’re placing your first bet or you’re an old pro, at AmWager we want every bettor to be successful! That’s why we made our online betting platform so easy to learn and use. Even first time bettors will have no trouble navigating our platform. Sign up today to place your next winning bet.
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:
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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