Definition
Exacta
Also known as Perfecta, Straight Forecast, Exactor
By Abhinav VasudevanReviewed Editorial policy
In short
An exacta is a bet on the first two finishers in the exact order. It is harder than picking a winner and pays considerably more, but carries a much higher takeout in pool betting.
An exacta requires the first two horses in correct order. Pick them the other way round and the bet loses.
It is called a straight forecast in British bookmaking and an exacta in pool betting and American racing.
Variations
- Straight exacta: one combination, in order
- Reverse (or combination) exacta: both orders, costing two units
- Exacta box: several horses, covering every ordered pair between them. A three-horse box is six combinations
- Exacta wheel: one horse fixed in first, combined with several for second
- Part wheel: a subset of the field in each position
Cost scales quickly. A four-horse box is twelve combinations, so a £2 unit stake costs £24.
The takeout problem
Exacta pools typically carry 18% to 22% takeout, against 15% to 18% on win pools and around 5% margin on a fixed-odds bookmaker win market.
That is the central issue with exotic bets. The payouts are large because the bets are hard, not because the value is good, and the operator’s cut is higher precisely where bettors are least able to judge whether a price is fair.
Where they make sense
Exactas are most defensible when you have a genuine opinion on the shape of a race rather than just the winner. A horse likely to lead and hold on, with a clear second-best behind it.
They are least defensible as a way to make a small stake interesting, which is how most are bet. If the reason for the bet is that £2 could return £80, the takeout is doing the work, not the analysis.
In British bookmaking, straight forecast dividends are computed by formula rather than pool, and the effective margin is usually worse still.
Common questions
How much does an exacta box cost?
One unit per combination. A three-horse box covers six ordered pairs, so a £2 unit costs £12. A four-horse box is twelve combinations at £24, and the cost rises quickly from there.
Why is exacta takeout so high?
Because exotic pools typically deduct 18% to 22% against 15% to 18% on win pools. Payouts look large because the bets are hard, not because the value is good, and the operator's cut is highest where bettors can least judge a fair price.