An exacta bet is a type of wager in horse racing where the bettor predicts the first and second place finishers in a race in the exact order they will finish. It is also known as a Perfecta, Exactor or Forecast. Bettors can make a wager on a single race event or combine multiple exacta bets into a single wager, known as a multi-race exacta.
How to Place an Exacta Bet
Placing an exacta bet is fairly straightforward. When making the wager, the bettor must specify the race number, the amount of the bet and the horses chosen for the first and second places. When the race is over, if the two horses chosen by the bettor finish in the exact order specified, the bettor will win the bet.
How Does an Exacta Bet Pay?
When an exacta bet wins, the payout is determined by the odds of the horses chosen. If a bettor selects the two favorites in a race, the payout will be lower than if the bettor selects two long shots. The payout is also based on the amount of money bet on the race. The more money bet on the race, the higher the payout for a winning exacta bet.
Payout Formula for an Exacta Bet
The exacta bet payout formula is:
Payout = (Total Pool / Number of Winning Combinations) x (Odds of the Horses Chosen)
- Total Pool: The combined amount of money bet on the race.
- Number of Winning Combinations: The number of exacta combinations that could have won the race.
- Odds of the Horses Chosen: The odds of the horses chosen by the bettor.
Calculating the Payout
To calculate the exacta bet payout, the bettor must first determine the total amount of money bet on the race. This can be done by contacting the track’s racing secretary or checking the track’s website for the information.
Next, the bettor must determine the number of exacta combinations that could have won the race. This is done by multiplying the number of horses in the race by the number of horses in the second place position. For example, if there are eight horses in a race, the number of combinations would be 8×7, or 56.
Finally, the bettor must determine the odds of the horses chosen. This can be found on the track’s tote board or website.
Once all of this information is gathered, the bettor can use the formula above to calculate the exacta bet payout.
Payout Example
For example, if a bettor selects the second and fourth place finishers in a race with a total pool of $1,000 and odds of 3/1 and 4/1 respectively, the payout would be calculated as follows:
Payout = ($1,000 / 56) x (3/1 x 4/1) = $35.71
Minimum Payout for an Exacta Bet
Most racetracks have a minimum exacta payout of $2.00, regardless of the odds of the horses chosen or the amount of money bet on the race.
Maximum Payout for an Exacta Bet
The maximum exacta payout varies from track to track, but is usually between $50,000 and $100,000.
Advantages of an Exacta Bet
Exacta bets offer many advantages to horse racing bettors. The most obvious advantage is that they offer the chance to win bigger payouts than a single bet. The odds of winning an exacta bet are also higher than a single bet, so the potential for profit is greater.
Disadvantages of an Exacta Bet
The main disadvantage of an exacta bet is that it is more difficult to win than a single bet. The bettor must correctly predict the first and second place finishers in the exact order. This makes exacta bets harder to win than a single bet, but the potential for larger payouts makes them an attractive option for many bettors.