You've watched a horse race and the payoffs are listed and you notice that the exacta bet paid over $50.00, but you don't know what an exacta is, much less how to make an exacta bet in horse racing.

People make a number of different bets on a race. Betting on whether a horse will win, place (come in second), or show (come in third), are called "straight" bets are among the most popular, but there are different bets that require picking a combination of horses. These are called "exotic" bets. The odds against a person picking the correct horses are greater, but the payoffs can be quite handsome and tempting. The $2.00 exacta bet at the 2009 Kentucky Derby on the 8 horse (a long-shot) MineThat Bird winning the race with the 16 horse, Pioneer of the Nile coming in second, paid $2074.80.http://www.thespread.com/sports-betting-top-stories-900/mine-that-bird-upsets-field-2009-kentucky-derby-payout-am.html Not all exacta bets will result in this large of a payout, but having a good strategy towards making your bets can have a positive effect on your wallet.

Many people bet on horses with no information other than the name of the horse and his post position. These bets are usually made from the heart. The horse's name has their name in it, or it has the name of their hometown city, or the name strikes them as a some type of omen. Others bet on the post positions, betting their birthday, their mother's birthday, their anniversary date, any numbers that have a particular meaning. Some people always bet on the long shots, while others always bet on the favorites. Sometimes these hunches are correct, but more often than not, it's a losing ticket.

Exotic bets include quinellas, exactas, trifectas, daily doubles, superfectas, and pick 6 among others. Understanding the bet and how to make it is essential to being successful in your picks. Taking the time to learn how to read a program or the "Racing Form" will assist you in making a more educated guess in your picks. Of course, horse racing is a game of chance and one never knows what could happen to effect the outcome of the race. There could be a late scratch due to a slight injury, inclement weather, or any number of unforeseen events that can influence the race results.

The exacta bet, or at some tracks it is referred to as a "perfecta" bet, requires that you pick the correct order of the horses coming in first and second. This is not the same as a "quinella" bet which is picking the horses coming in first and second in any order. Although they are similar bets, in that both require that you pick the first and second place horses, they are different in that the quinella bet is the first and second place horses in any order whereas the exacta bet is in the exact order (hence the name).

When you're betting on a race, you are not betting against the track, you're betting against other gamblers. The track takes an automatic cut from the amount bet for their costs. The take varies at the different tracks, but for simplification purposes, let's say that the take is 10%

The exacta pool, is determined by how much money is bet on all exacta combinations. The "take" is deducted, each winning ticket automatically gets the original $2.00 bet returned, then the additional money is divided among the number of tickets sold for the winning exacta. For example:

The total amount of money bet on all exacta combinations is $1,000. The track automatically takes 10% ($100.00), leaving $900 in the pool. There were 100 $2.00 tickets sold with that combination. Each ticket receives the $2.00 bet returned (100 x 2.00) for $200.00. That is deducted from the $900.00 in the pool, leaving 700.00 to be distributed to the winners. Each winning ticket would then receive 7.00 ($700/100 tickets) plus the original bet of $2.00 for a payoff of $9.00 per ticket.

Most tracks will display the approximate payouts prior to the race. Keep an eye on the tote board This should help you determine how much you want to wager and how many other wagers with that combination are out there.http://www.predictem.com/horse/exacta.php

• Straight exacta betting is simply making a $2.00 bet on the winning and placing horses.The exacta bet is a $2.00 bet at most tracks.

• Some tracks do allow for a $1.00 exacta box bet. The $1.00 exacta box bet costs $2.00. Your ticket will pay if your two picks come in first and second. On a $1.00 bet you receive half of that exacta payout. The payoff amount is applied to a $2.00 bet. For every $2.00 you bet, you receive the payoff plus your original $2.00. Since you are only making a $1.00 bet your payout will be half of the amount. For example:

You like horses 1 and 2, but not one more than the other. You place a $1.00 exacta box bet on 1 and 2. You actually have a $1.00 bet on the 1 horse coming in first and the 2 horse in second, and a $1.00 bet on the 2 horse coming in first and the 1 horse coming in second.

Your horses come in and the exacta payout is 50.00. Since you have a $1.00 bet, you receive $25.00.

Another thing to keep in mind is If the 1 horse is the favorite and the 2 horse is a longshot, the 1-2 exacta will pay less than the 2-1 exacta.

Any number of horses can be used in an exacta box wager. To determine how much the ticket will cost, for example a 3 horse bet, multiply the number of horses you are using, (3), by the number of horses in the box minus 1, and multiply that number by the $ amount you want to bet on each combination.

• You want to bet $2.00 exacta box horses with horses 1,2, and 3. Your cost will be 3 x (3-1) x $2.00 for a total of $12.00. You will win if any of these combinations come in:
• 1/2
• 1/3
• 2/1
• 2/3
• 3/1
• 3/2

Once you've determined your bet, "calling" the bet is the next most important part of betting if you are going to a betting window with a mutuel clerk as opposed to using an electronic betting machine.

The mutuel clerk enters your bet into the ticket printer in a particular order. The horse's name is meaningless to the clerk. The bets are made according to the number assigned to the horse.

• The proper way to call a straight exacta bet on the next race is:

I'd like a $2.00 exacta 1,2.

• If you're betting on a different race, say that first:

In the 9th race, I want a $2.00 exacta 1,2

If you're boxing the horses for the next race, say:

I'd like a $1.00 exacta box, 1,2,3

Be prepared before you go to the window. Write your bets down. During high betting events, like the Kentucky Derby or the Breeders' Cup, when there are thousands of people making bets, it's important to call your bets quickly and precisely.

Check your tickets before you leave the window. After a specific time period, a ticket cannot be voided. So make sure the tickets are correct.http://www.predictem.com/horse/exacta.php

Wheeling or Keying Bets

Wheeling or Keying a horse in an exacta means that you are picking one horse to come in first, (or second), with all of the other horses in a race. For example, there are 7 horses in the race. You think the 1 horse is going to win for sure, but not sure which horse would place. You would then "wheel" or "key" the 1 with all the horses. The cost of the ticket for a $2.00 wheel would be $12.00 using the formula: 1 x (7-1) x $2.00. You would win if any of these combinations come up:

• 1-2
• 1-3
• 1-4
• 1-5
• 1-6
• 1-7

The same process used if you think a certain horse will come in second, with an "all/1 bet.

When you are calling this bet to the mutuel clerk, say:

"I'd like a $2.00 wheel, 1 over all" or "all over 1"

Partial Wheels or Keys

A partial wheel or key allows you to pick a horse (or horses) that you think is going to win with a combination of other horses to come in second). For example:

• You like the number 1 horse to win. For the place position you think that of the other horses, 2,3, or 4 will probably place. Instead of betting on all of the horses, you've narrowed it down to those three. Your bet is a partial wheel of 1 over or with the 2/3/4. The cost of the ticket is determined by multiplying number of horses in your win position (1) x the number of horses in the place position (3) with the dollar amount ($2.00). The cost of this ticket would be $6.00. If any of the combinations of 1/2, 1/3, or 1/4 comes in, you win.

To properly call this bet, say:

"I'd like a $2.00 bet on the 1 over or with the 2,3,4. Or "I'd like a $2.00 bet on the 2,3,4 over or with the 1.

The words "over" or "with" is an indication to the clerk that you want a partial wheel. Those words are an automatic prompt for the clerk to hit a particular key.http://www.predictem.com/horse/exacta.php