Racing & Pari-Mutuel
Exacta
A bet that requires picking which two runners will finish first and second, and the order they cross the line must be exactly right.
- Also called
- perfecta, exactor; straight forecast (UK); forecast21
- Applies to
- Horse racing, greyhound racing, and any parimutuel event with ranked finishers2
- Selection
- Two runners: one for first place, one for second place
- Order required
- Exact — the bet wins only if the chosen horses finish first and second in that order1
- Payout type
- Parimutuel — return depends on the total pool and number of winning tickets3
Key points
- An exacta requires picking the first- and second-place finishers in the correct order; a wrong order loses the bet.1
- An exacta box covers all possible orderings of the selected horses, increasing the number of combinations and the cost of the bet.
- An exacta wheel uses one or more key horses in combination with others, covering multiple permutations while reducing the total stake compared to a full box.
- Exacta bets are settled from the parimutuel pool, so the final dividend is not known until betting closes.3
- The term exacta is also used in greyhound racing and other sports where finishers are ranked.4
Exacta bet types
| Type | Description | Cost example (10 horses) |
|---|---|---|
| Straight exacta | Pick one horse for first and one for second in exact order | 1 combination |
| Exacta box | Pick two or more horses; all order combinations are covered | For 3 horses: 6 combos |
| Exacta wheel | Key one horse with multiple others in first and second slots | 1 key + 9 others: 9 combos (key first) or 18 combos (key first or second) |
How exacta payouts work
Exacta bets are parimutuel, meaning all wagers on a race go into a pool. After the race, the house takes its cut, and the remaining pool is divided among winning tickets.3 The exact dividend depends on how many bettors picked the winning combination, so it can vary widely from race to race.
Common questions
What is the exacta in horse racing?
In horse racing, an exacta is a bet that requires you to pick the first two horses to finish, in the correct order. It is a parimutuel wager, meaning the payout depends on the total pool and the number of winning tickets.1
What is exacta box?
An exacta box is a variation that covers every possible order of the horses you select. For example, boxing horses 1, 2 and 3 costs for six combinations (1-2, 1-3, 2-1, 2-3, 3-1, 3-2). It increases your chance of winning but also raises the stake.
What is an exacta bet?
An exacta bet is a wager on which two runners will finish first and second, in that exact order. It is one of the simplest exotic bets and is offered in horse racing, greyhound racing and other parimutuel sports.2
What is an exacta wheel?
An exacta wheel uses one or more key horses that must finish either first or second, combined with a group of other horses. For instance, wheeling horse 1 with horses 2, 3 and 4 covers 1-2, 1-3, 1-4 (if keyed first) or also 2-1, 3-1, 4-1 (if keyed first or second).
Where this term is used
Related terms
Sources
- Glossary | Racing Explained thejockeyclub.co.uk Defines exacta and lists alternative names from a UK racing regulator.
- Parimutuel betting - Wikipedia en.wikipedia.org Provides the core definition and parimutuel context for exacta bets.
- Tote betting - Wikipedia en.wikipedia.org Explains the parimutuel payout mechanism for exacta bets.
- Off-track betting - Wikipedia en.wikipedia.org Confirms exacta is used in greyhound racing and off-track betting.
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.