Exotic Horse Racing Betting Learn About Exotic Bets Today
Exotic bets are a group of popular horse racing wagers that bettors use to generate bigger profits. They range from backing two horses in a single race, to grouping multiple runners together across more than one racetrack. The point of exotic bets is to generate higher potential payouts, by making more detailed selections.
This guide takes you through how to place exotic bets, different variations, and which online sportsbooks are best to place these bets.
In This Exotic Betting Guide:
What Are Exotic Horse Racing Bets?
Exotic bets in horse racing involve wagering on multiple horses and can span one or more races, distinguishing them from simpler single bets. Single bets, sometimes called straight bets, occur in a single race and include popular types such as win, place, and show, where you pick a horse to finish first, second, or third, respectively.
Exotic betting allows for more complex wagers. Some of these bets (exacta, trifecta, superfecta) take place within a single race. Others (Daily Double, Pick 3, Pick 4) cover several races, usually on the same program at a single race track. Although exotic bets often pay more than straight bets, they are generally harder to win. Here are a couple of simple examples for you to compare the two types of wagers:
Straight Bet Example: Win Bet
You bet on a horse you believe will finish first in the race. For example, you place a $10 win bet on Horse #5. If Horse #5 wins the race, you collect your winnings based on the odds given for that horse.
Exotic Bet Example: Exacta Bet
This involves picking the first two horses to finish the race in the exact order. For instance, you place an exacta bet on Horse #3 to finish first and Horse #7 to finish second. Both horses must finish in that specific order for you to win the bet.
Types Of Exotic Bets
Let’s break down the main types of exotics horse racing fans can access at racetracks and online:
Exactas
An exacta bet requires you to pick the first two horses to finish a race in the exact order. As an example, if you wager on a 2-4 exacta, you’ll win with the following result:
Horse #2 finishes first, horse #4 finishes second
Exactas are ideal exotics for first-time bettors. They’re easy to understand and you’ll have a better chance, percentage-wise, of winning than of hitting any of the other real money exotic horse racing wagers. The downside is that it is the most modest-paying of all the exotic bets.
Trifectas
You’ll sometimes see a trifecta bet referred to as a “triple” or a “big triple”, but the concept of this exotic wager is the same, no matter the name. To win a trifecta, you have to pick the first three horses in the correct order in a single race. As an example, a 3-2-1 would be a winner if:
#3 finishes first, #2 finishes second, and #1 finishes third.
Winning trifecta bets is not easy and even experienced bettors rely on luck here. However, you’ll likely earn an excellent payback if you get lucky, with many trifecta bets paying hundreds of times your stake.
Superfectas
Superfecta bets are even more detailed. You have to predict the first four horses to finish a race in the correct order. Superfectas are naturally difficult, but also lucrative if you can pull one off.
As an example, you would win a 7-2-4-5 superfecta if the following takes place:
#7 finishes first, #2 finishes second, #4 finishes third, #5 finishes fourth.
Tip:
Keep in mind that for the exacta, trifecta, or superfecta, you must have the horses in the exact right order. That will change when we talk about boxing these bets below.
Daily Double and Pick 3, Pick 4, and Beyond
The Daily Double is an exotic bet that requires you to pick the winners of two races in a row.
Daily Double
For example, if you bet an 8-3 Daily Double on the first two races at Churchill Downs, you’ll win the wager if the following occurs:
#8 wins the first race and #3 wins the second race
The Daily Double often pays a little bit more than exacta betting, even though they both require picking two horses. That’s because, with the Daily Double, you have two races full of horses from which to choose, which gives you more possibilities than an exacta.
Many tracks feature Daily Doubles at the start (Early Double) and end (Late Double) of their racing programs.
Pick 3s & Pick 4s
The concept behind Pick 3s, Pick 4s, and so on, is pretty simple. Whatever the number in the bet, that’s how many winners you have to pick in a row.
Let’s say you bet a 5-7-2 Pick 3 on the first three races at Santa Antia Racetrack. You would win if the following occurs:
#5 wins the first race, #7 wins the second race, and #2 wins the third race.
You can push this concept as far as you want to go. Many horse racing betting sites, such as BetOnline, offer Pick 5s and Pick 6s as well. You can use BetOnline’s simple platform to make your choices in seconds. The more races you include, the harder it is to win these exotic wagers, and the more they will pay back on average.
The Odds And Payback For Exotic Wagers In Horse Racing
Most horse racing bets are subject to a style of betting known as pari-mutuel wagering. This is a system where your odds are always changing, even after you make the bet. Exotic betting odds aren’t final until all bets are in and the race gets underway.
Let’s use a simple exotic bet to make this concept easier to understand.
Imagine you bet on a 4-5 exacta in an eight-horse race and are wondering how odds are determined. Well, the track in question begins by pooling all of the money from a particular bet together.
It then takes out a certain percentage based on predetermined rates of takeout. After that, each individual combination of two horses is split up based on the money bet on it.
Example:
Let’s say the 4-5 exacta that you bet has $50 in its individual pool. And the total exacta betting pool sits at $10,000.
$10,000 divided by $50 equals 200, meaning the odds for the 4-5 exacta are 200 to 1.
This pari-mutuel system is in place for every one of the exotic bets that we listed above. Each bet type has its own pool. That’s why the bets that include more horses will generally pay back the most of all the exotic betting possibilities.
How To Make Your Exotic Wagers
Placing an exotic bet online is easy. All you need to do is head to the racebook section of your sportsbook and click on the track and race number you want to bet on. From here, you can select your type of exotic bet (exacta, trifecta, etc) before checking the boxes of your chosen horses.
It’s important to understand each component of an exotic wager so you can make a bet at horse racing tracks or off-track wagering facilities. Even if you plan to make all your bets online, it’s still a good idea to have a grasp of the elements of the wager. Below are the core elements of what you’ll see when placing exotics, with examples from the Bovada racebook.
Race Track
We recommend researching the track you’re betting on. Some horses are better suited to certain racetracks than others. If you’re betting on US racing, then sprinters are likely to perform better on dry, short tracks. Stayers are more likely to impress on muddy ground over longer distances. You can usually see the list of racetracks available on the left-hand siderail of your chosen racebook.
Race Number
Tracks feature a number of races per program, which are listed in number form. Be sure to identify your race’s number, so you don’t end up betting on the wrong one. You can see here this is Race #3 of a 10-race day at Parx Racing in Pennsylvania.
Amount Of Bet
Most horse betting sites require a minimum $2 wager. You can go above that amount, which would amplify your payout if you do manage to win. There are some sites and tracks that go below that minimum, which would, in turn, lower your payout should go that route. As you can see here, Bovada allows you to place $1 wagers.
Type Of Bet
We listed all the exotic bets above. You can make more than one type of bet if you choose to spread things out a bit. Your options are displayed above the racecard for each race. For example, here are the bet options available to you at Bovada for a standard day at Churchill Downs:
Exotic Betting Strategy
There are many different ways that you can change up the basic structure of exotic bets. By doing this, you can narrow down your possibilities and give yourself a better chance to win by still keeping the size of your bet manageable.
Read our sports betting bankroll management guide for more info!
Exotic Boxes
Boxing your wager comes into play with exactas, trifectas, and superfectas. It allows you to win the bet if the horses you’ve included come in any order.
For example, a boxed 1-3-5 trifecta would win if any of the following results occurred:
- 1-3-5
- 1-5-3
- 3-1-5
- 3-5-1
- 5-1-3
- 5-3-1
You can box more than the required number of horses to win the bet as well. For example, you might want to play an exacta with four horses. If those four horses were the #1, #3, #6 and #8, any of the following results would make you a winner:
- 1-3
- 3-1
- 1-6
- 6-1
- 1-8
- 8-1
- 3-6
- 6-3
- 3-8
- 8-3
- 6-8
- 8-6
A box is actually many bets, not just one. As a result, you’re responsible for covering all those bets. For example, if the four-horse exacta box above costs $2 per bet, it will cost you $24 overall.
Partial Exotics
Traditionally, a partial exotic was any bet that went below the $2 minimum stake usually required at racetracks. Examples of partial exotic bets include a $1 exacta, a 50 cent trifecta, or a 10 cent superfecta. You still had to make up $2 overall, so you were required to throw a few exotics together to build a partial exotic.
Most online racebooks allow you to stake below the $2 minimum, which is good news for bettors on tight budgets. It also means you can be as flexible as you like with partial exotics.
Creating your own combinations at bet levels that suit you means you’re more in control of your risk. For example, with a 10-cent superfecta exotic bet, you can play 20 different combinations and still bet just $2 overall.
Wheels and Keys
Wheels and key betting allow you to take full control of your exotics and shape them as you wish. The idea is to bet on multiple horses to achieve the same outcome and, in doing so, spread your risk.
Key bets are a smaller version of wheel bets, so let’s begin with the big selections first.
Wheels Example
A wheel bet is where you cover as many selections as possible on one part of your exotic. Say you place a Daily Double at Keeneland Racetrack, so you need to pick the winner of Race A and Race B. Both races feature just five horses. You’re confident #1 will win Race A, but can’t decide about Race B.
So, you wheel the bet. You place a Daily Double on the following options:
- 1-1
- 1-2
- 1-3
- 1-4
- 1-5
So long as #1 wins Race A, then you’ll win the wheel because one of your five selections has to come good in Race B.
I’m not sure what this means, please can we make a little clearer? So far as someone with no horse racing experience I’ve understood every section, here I am a little lost.
Keys Example
Key bets are partial wheel bets, which also allow you to pick one horse in one part of a bet and then multiple horses in another part. The difference, though, is you don’t “complete the wheel” in the second part of your bet but instead select a smaller number of horses.
Let’s use the same example from Keeneland above. You plan to back #1 in the first race but not all five horses in the second. Instead, you key the second and back just #2, #3, and #5. Here are your possible winning combinations:
- 1-2
- 1-3
- 1-5
If #1 wins the first race but #1 or #4 win the second then you’ll lose your wager. Key bets therefore carry more natural risk than wheel bets because fewer selections are covered.
Advantages And Disadvantages Of Exotic Betting
Pros:
- Greater chance of winning big on a single wager
- Many different ways of narrowing or expanding your choices to get the bet just right
- Higher excitement if you hit one
Cons:
- Can be a more expensive wager if you try to cover a lot of combinations
- More difficult to predict than straight wagers
- Takes very good predictive skills or a lot of luck to win
Exotic Betting: Key Takeaways
Exotic betting is the natural next step from placing single wagers and there are a lot of options out there. We recommend new bettors take a cautious approach to exotics at first, and start with simple exactas and Daily Doubles. From there, you can expand your horizons with more intricate bets to find the structure that works for you every time.
If you’re new to horse racing betting and want to go big right away then sites like Bovada and BetOnline.ag offer their own guides to exotic bets. You can also read our horse racing strategies guide here!
