Gambling terms, explained straight

Racing & Pari-Mutuel

Exacta horse racing

An exacta is a horse-race bet in which you must pick the horses that finish first and second in the exact order.

Also called
Straight forecast (UK), perfecta, exactor (Canada)16
Selections
2 horses / 2 finish positions in exact order41
Minimum runners
3 or more2

Key points

  • In parimutuel betting, the payout is determined by the pool and takeout, not fixed odds.45
  • A reverse exacta covers the two horses in either finishing order, but is a different bet type.23
  • Exacta is an exotic wager within the broader category of horse racing betting.78

Where this term is used

Not the same as

  • Horse racing betting — the broader activity of wagering on horse races, whereas an exacta is one specific exotic wager within it
Racing Exacta horse Explains the term 'exacta horse' and how it relates to the exacta bet. Racing Handicap horse racing Covers how handicap weights are assigned to equalise chances in a race. Racing Going horse racing Describes the track surface condition and its effect on race outcomes. Racing Form horse racing Explains how past performance data is used to assess a horse's chances. Racing Furlong horse racing Defines the furlong as a unit of distance in horse racing. Racing Overround horse racing Shows how bookmakers build a profit margin into the odds.

Sources

  1. Glossary | Racing Explained thejockeyclub.co.uk Defines exacta and lists alternative names from a UK regulator.
  2. Grand National Tote Betting | Aintree Racecourse - The Jockey Club thejockeyclub.co.uk States the minimum runner requirement for exacta bets on UK tote.
  3. Betting with the Tote thejockeyclub.co.uk Distinguishes reverse exacta as a separate bet type.
  4. Parimutuel betting en.wikipedia.org Provides the core definition and parimutuel context for exacta.
  5. Tote betting - Wikipedia en.wikipedia.org Explains that tote payouts are pool-based, not fixed odds.
  6. Glossary of bets offered by UK bookmakers - Wikipedia en.wikipedia.org Lists alternative names such as straight forecast and perfecta.
  7. Betting on horse racing en.wikipedia.org Establishes horse racing betting as the broader category.
  8. Horse racing - Wikipedia en.wikipedia.org Supports the distinction between general betting and exacta as a specific wager.

Sources are drawn from regulators, universities and published research, and each one is labelled with what it actually is — a preprint is not called a paper. Bookmaker and affiliate pages are never cited here, because a page that sells betting is not a neutral authority on it.

Written and maintained by Ellis Warrender, writer and maintainer.

Last updated 28 July 2026. Spotted an error? Tell me and it gets fixed and logged on the corrections page.