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Exacta betting is a solid wager when betting on horse racing. This guide has everything you need to know about exacta betting, from beginner tips to expert strategies.
Keep reading to find out what an exacta bet is, learn about exciting combinations, see how to use the exacta box, how to place an exacta bet. We’ll help you master this horse racing bet!
An exacta bet requires you to pick the first two finishers in a race, in the correct order. It effectively combines a win bet with a place bet. Your two horse selections must finish in the exact order for you to win.
Example: You bet on the Kentucky Derby with “Catching Freedom” to win, and “Forever Young” to place. You stake $10 on the exacta and you’ll win a greater share of the pari-mutuel pool if Catching Freedom beats Forever Young into second place.
This straight exacta bet is ideal for horse betting beginners.
Types Of Exacta Bets & Combinations
Exacta bets focus on the first two finishers in a race but, within that option, are various combinations that you can use to craft your ideal wager. You can keep things simple with a straight exacta, or you may find greater value in a more intricate structure.
Here are the types of exactas you can place:
A straight exacta requires you to select two horses, A and B, to win and place. You back Horse A to win and Horse B to place. If this outcome happens, you win your bet.
A boxed exacta allows you to back two horses to win and place, in either order. You make two bets: 1) Horse A to win and Horse B to place 2) Horse B to win and Horse A to place.
Your stake doubles to cover both bets. If you wager $1 on a straight exacta, then a boxed exacta will cost you $2.
Many horse racing betting experts create exactas where their main horse (Horse A, for example) wins and any other horse will place. A five-horse race would look like this: A+B, A+C, A+D, A+E. A $1 stake here would cost you $4. The exacta wheel saves time by letting you bet A+ALL and placing four wagers at once.
You can choose more than two horses in an exacta. This is known as a combo, where you create multiple outcomes. If you can’t decide between three horses which ones will win and place, then you can make six bets in a combo: A+B, A+C, B+A, B+C, C+A, C+B, and multiply your single stake by six.
If you want to push more money on one horse, then you can weight your exacta.
Example: Instead of placing $5 each on Horse A and Horse B, you could split $2 to Horse A to win and $8 on Horse B to place.
How To Use The Exacta Box
All top sports betting sites that offer exactas will feature an exacta box within the racebook. The exacta box is where you can create various combinations beyond a straight exacta, and pick more than two horses. An exacta box lets you switch the order of your horses and bet on multiple selections to create your ideal wager.
Exacta Box With A Key
When you key an exacta box, you pick a horse to finish either first or second. All your other selections will then compete for the other position on your bet.Example: You box four horses (Party With Smarty, Bolt D’plata, Well Schooled, and Sequential) in an exacta ahead of a six-horse race at Churchill Downs. You choose to ‘key’ No.3 Well Schooled to win. Your other combinations are therefore 3+1, 3+2, and 3+4.
You will win your bet if Well Schooled wins and either Party With Smarty, Bolt D’plata, or Sequential comes second.
Exacta Box Without Key
Placing an exacta box without key bet means you are backing every possible combination of horses. You will win something as long as two of your picks finish first and second. Of course, you can also make more than two selections.
For example, you bet on Market Alert, Bronx Bomber, and Big Engine in an exacta box without key at Churchill Downs. You’ll win as long as two of these horses finish in first and second. There are six wagers here (A+B, A+C, B+A, B+C, C+A, C+B) which means that a $1 single stake expands to $6.
How To Calculate Exacta Payouts
In order to calculate an exacta payout you need to know:
The total money staked in the pool
The number of bettors with the winning combination
You want to know this information because most horse racing betting sites operate pari-mutuel wagering systems, instead of fixed odds betting. In pari-mutuel betting pools, all the money staked on a race goes into one place. The sportsbook then takes its cut, and the rest is split between all winning bets.
Example: You bet on Horse A to win and Horse D to place in a straight $2 exacta. There is $2000 in the overall pool, but just $20 wagered on that combination. Horse A wins and Horse D places, so you win your bet. The odds of the A-D exacta is 100 to 1, since 2,000 divided by 20 is 100. Your $2 bet on this exacta returns $200.
Calculating Exacta Odds
There is no guarantee that your TV network or sportsbook will show you the live odds but, if they do, then you can quickly determine your exacta odds.
At some point before a race, you might see a screen that looks something like this:
1
2
3
4
5
6
7
8
1 and
x
25
10
99
40
8
5
30
2 and
35
x
25
70
60
12
10
45
3 and
12
8
x
55
65
5
15
35
4 and
20
10
15
X
99
30
35
60
5 and
50
60
70
99
x
35
25
60
6 and
15
30
25
75
80
x
20
50
7 and
12
15
8
50
65
20
x
45
8 and
40
20
35
60
80
25
30
x
The data above represents the likelihood of each combination. By combining both axes you can get a rough understanding of your exacta odds. This is not an exact science as the prices will change depending on any bets placed between now and the race. However, it’s a good starting point.
Example: You place a straight exacta on Horse 6 to win and Horse 8 to place. Find where both horses meet in the table and your odds are 50/1 (+5000). This is only an estimation, as your true exacta odds will be revealed in the pari-mutuel pool when all bets are collected at the start of the race.
This table gives you a better understanding of the likelihood of your exacta winning. The smaller the number, the greater the chance of a win, but the smaller your profit. In this example, Horse 1 and Horse 7 is the most popular exacta combination.
Exacta Betting Tips For Beginners
Newcomers to horse racing will benefit from these exacta betting tips when shaping your upcoming bets. These tips are designed to introduce you to the basics of exacta wagering, so you can bet with more confidence.
Use The Winner Odds As A Baseline
The winner odds will show you which horses the public think are favorites and outsiders. You can use these odds to shape your exacta and estimate your returns.
Pick Horses, Not Positions
Bettors can sometimes get weighed down in worrying about what positions to allocate to their horses. In doing so, they forget the initial step of choosing the right horses. We recommend taking your time looking through your chosen racebook and examine the form and conditions of each horse before making your selection.
Decide On Positions
Only after choosing your horses should you think about the positions. If you’re confident with your picks then you might want a straight exacta. Or, a box exacta may be more suitable if you can’t decide which selection will win and which will place.
Watch Your Stake
Remember that your stake will rise with every selection you make. If you choose a box exacta with four selections, then your $1 bet will expand to $8 in total.
Alongside these exacta tips, we recommend reading our horse racing betting tips guide to get the latest advice ahead of the next big race.
Common Exacta Betting Strategies
Exacta betting strategies will change depending on your priorities, but the important thing to remember is not to shift from your tactics.
If you pick a strategy that factors in losses as part of an overall plan to target profit margins, then you have to accept that you won’t win every race.
Here are tried and true exacta strategies, recommended by horse racing betting experts:
Start With A Key
Pro: Best next step from single betting
Con: Requires large bankroll to cover multiple combinations
Exacta betting is more complicated than simply backing a winner with a single bet. However, if you’re new to exactas, then the exacta key is a great bet option that falls between a single and a full exacta.
When you key an exacta, you back one horse to definitely win or place, and then choose a range of other horses to take the other spot. This strategy will let you maintain your normal horse racing strategy of picking winners and tacking on extra selections for the Place part of your exacta.
Over time, you can reduce the number of additional horses backed for the Place, until you’re comfortable placing straight exactas every time.
Example: If you’re confident Horse C will win its race at Belmont Park, but you can’t work out whether Horse A, B, or F will place. You key your exacta as follows:
A-B
A-C
A-F
This would be a $6 wager since there are three different exacta bets at play.
Box Exactas To Cover Risk
Pro: Enhances your chances of winning a bet
Con: Double stake required
If you want to keep risk to a minimum, then boxing your exacta is a good start. When you box, you bet on both combinations of Win and Place to occur. You double your chances of winning, while also doubling your stake.
The boxed exacta is ideal for bettors who have a good idea of which horses will contest those top two spots, but can’t decide the correct order. It’s also perfect for low-risk bettors who are willing to stake more money to heighten the chances of a winning bet.
Example: You’re confident Horse C and Horse G will compete for the top two spots in the Arkansas Derby. You box them to create two bets:
C+G
G+C
Your stake is $2 per bet, so $4 total. You’ll now secure profit if either combination happens.
Weight 80/20
Pro: Best for chasing bigger profits
Con: Not every sportsbook offers weighted exactas
If your sportsbook permits weighted exactas, then you can use the 80/20 strategy that many pro horse racing bettors rely on. The 80/20 is a method where you split your stake in two, with 80% going on a short-odds favorite at 20% on a long-odds outsider.
The idea is that you win profit as long as either horse wins. Doing this can squeeze more profit from the exacta.
Example: You know Horse J is the clear favorite in a race at Santa Anita Park and suspect outsider Horse C will challenge for the place. You weight your bet:
80% on Horse J to win
20% on Horse C to place
You might also choose to weight your stake in the opposite direction and throw 80% of your bet on the outsider to place. This way you can nail even more profit, because Horse C is less likely to come good:
Placing an exacta horse racing bet is an exciting next step from wagering on single horses to win. They are perfect for newcomers who want to develop their betting skills. Equally, experts use exacta betting to create intricate and profitable combinations that meet their return on investment expectations.
Exacta bets are considered a smart choice for horse racing bettors of all experience levels. No bet ever guarantees profit, but exactas can help you reduce your risk. We recommend starting your exacta betting at Bovada, where you’ll be sure to find a match.
About the Author
Joe Short
Content Writer
Joe is a UK-based journalist working primarily in sports. He splits his time between Belfast and Liverpool, and has a passion for horse racing. He is also an experienced gaming writer and always has one eye on his favorite baseball team, Baltimore Orioles. His dream is to attend the Kentucky Derby one year and pick a winner at Churchill Downs.
