How to bet a horse racing Exacta

The exacta, sometimes referred to as a “perfecta,” is the simplest to understand in the family of horse racing wagers known as “exotics.” We’ll delve into the finer points of exacta wagering below, from straight bets to boxed, as well as keys and wheels.

The basics of exacta betting

The Exacta requires the bettor to predict the first two finishers of a race, in order.

The payoff range of exactas can vary wildly depending on the circumstances of the race in question. An exacta involving the favorite over the second choice could easily pay less than $10 in a short field. But an exacta involving the two longest shots on the board in a field of 12 could yield over $1,000!

If a bettor uses exactas wisely, he or she can make much more money than with simple win and place wagers.

How to bet an exacta box

An exacta box takes the guesswork out of predicting which horse will come first out of the bettor’s top two selections, while multiplying the cost of the wager.

A two-horse exacta box would cost $2 for every $1 wagered, because the wager covers two possible outcomes (Horse 1 over Horse 2, Horse 2 over Horse 1). A three-horse exacta box costs $6 for every $1 wagered, as six combinations are covered (1 over 2, 1 over 3, 2 over 1, 2 over 3, 3 over 1, 3 over 2).

More horses can be thrown into a box, but at significantly increased cost.

How to key a horse in an exacta wager

Keying a horse in an exacta wager means you’re essentially “locking in” one or more horses to finish either first or second, and using one or more horses in the corresponding spot in the wager. An example of an exacta key looks like this:

$2 exacta key 1/2,3,4

This means you’re “keying” the 1 horse to finish first, and either the 2, 3, or 4 can finish second to complete your winning bet. The total cost of the above wager would be $6. This bet is sometimes described as a “part wheel.” You can “wheel” an exacta like so:

$2 exacta all/1

This means any horse other than the 1 can win the race, and as long as the 1 finishes in second, your bet is a winner. The cost of the wager depends on the size of the field. In an eight-horse field, the above wager would cost $14.

“Key box” exactas are also an option, and can look like this:

$2 exacta key box 1/2,3

This means you have the following combinations covered: 1/2, 1/3, 2/1, 2/3. The total cost for such a bet would be $8.