Exacta Calculator: Master Horse Racing's Most Popular Exotic Bet

The exacta is horse racing's gateway to exotic betting—pick the first two finishers in exact order. Our free calculator shows you bet costs, combinations covered, and helps you build strategic exacta wagers that maximize value.

What Is an Exacta Bet?

An exacta (also called "exactor" or "perfecta") requires selecting horses to finish first and second in exact order. It's more difficult than win/place/show but pays significantly more.

Quick Answer: A straight exacta picks 1st and 2nd in exact order. An exacta box covers both orderings of your selected horses. A 2-horse box costs 2× your base bet ($2 for $1 base), while a 4-horse box costs 12× ($12 for $1 base). Use our calculator to see all combinations.

How to Use Our Free Exacta Calculator

Use the Exacta Calculator →

Enter your selections to see total cost and all covered combinations.

Step-by-Step Instructions

1. Select Bet Type: Straight, box, or key

2. Choose Your Horses: Pick the horses for your exacta

3. Enter Base Bet: Minimum $1 or $2 depending on track

4. View Results: See total cost and all combinations covered

Input Fields Explained

Field	Description	Example
Bet Type	Straight, Box, Key, or Wheel	Box
Horses Selected	Your picks by number	3, 5, 7
Base Amount	Wager per combination	$2

Exacta Bet Types

Straight Exacta

Pick exactly which horses finish 1st and 2nd in order.

Cost: 1 combination × base bet

Example: $2 straight 3-5 costs $2. Only wins if #3 wins and #5 finishes second—in that exact order.

Exacta Box

Cover both orderings of your selected horses.

Formula: n × (n-1) where n = horses selected

Horses	Combinations	Cost ($1 base)
2	2	$2
3	6	$6
4	12	$12
5	20	$20
6	30	$30

Example: $1 box on 3, 5 costs $2 and covers: 3-5 and 5-3.

Key Exacta

One horse must finish in a specific position (usually win), others can fill the remaining spot.

Key to Win Example: $2 exacta key 3 with 5, 7, 9

• Covers: 3-5, 3-7, 3-9
• Cost: 3 combinations × $2 = $6

Key in Top 2 Example: $2 exacta key 3 with 5, 7

• Covers: 3-5, 3-7, 5-3, 7-3
• Cost: 4 combinations × $2 = $8

Exacta Wheel

One horse in a fixed position, all (or selected) horses in the other position.

Part Wheel Example: $1 exacta 3 / 5,7,9 (3 to win with 5, 7, or 9 second)

• Covers: 3-5, 3-7, 3-9
• Cost: 3 × $1 = $3

Exacta Combination Formulas

Box Calculation

Combinations = n × (n-1)
Where n = number of horses boxed

Horses Boxed	Calculation	Combinations
2	2 × 1	2
3	3 × 2	6
4	4 × 3	12
5	5 × 4	20

Part Wheel Calculation

Combinations = (1st position choices) × (2nd position choices)

Example: 2 horses for 1st / 4 horses for 2nd = 2 × 4 = 8 combinations

Subtract any duplicate combinations if the same horse appears in both positions.

Real-World Exacta Examples

Example 1: Conservative 2-Horse Box

Race Analysis: Strong favorite (#3) and a longshot you like (#8).

Bet: $5 exacta box 3-8 Cost: 2 combinations × $5 = $10 Combinations Covered: 3-8 and 8-3

Scenarios:

• If 3-8 finish: You win at straight exacta odds
• If 8-3 finish: You win at straight exacta odds (likely higher payout)

Example 2: 4-Horse Box

Race Analysis: Competitive field, four horses have a shot at top 2.

Bet: $1 exacta box 2-4-6-9 Cost: 12 combinations × $1 = $12 Upside: Covers any order of your four horses Downside: Expensive, may dilute ROI

Example 3: Key Horse Strategy

Race Analysis: Horse 5 is dominant but 2nd place is wide open.

Bet: $2 exacta key 5 with 1, 3, 7, 9 Cost: 4 combinations × $2 = $8 Combinations: 5-1, 5-3, 5-7, 5-9

Advantage: Half the cost of a 5-horse box ($20) with the same coverage if your key horse wins.

Example 4: Wheel for Longshot

Race Analysis: You love a 15-1 longshot (#12) but aren't sure who else.

Bet: $1 exacta 12 / ALL Cost: (Field size - 1) × $1 For 10-horse field: 9 × $1 = $9

Upside: If your longshot wins, you catch any second-place finisher for a big payout.

Exacta Strategy Tips

When to Box

• Competitive races: No clear order between your picks
• Chalk-longshot combos: Either could win
• Small boxes (2-3 horses): Cost-effective coverage

When to Bet Straight

• Strong conviction on order: You believe you know exactly who's 1-2
• Maximize payout: Same investment, bigger return if correct
• Longshot-heavy: Straight bets preserve bankroll for bigger attempts

When to Key

• Dominant favorite: One horse clearly best, others scrambling for 2nd
• Longshot to win: You like a horse to upset but uncertain who places
• Cost efficiency: Keys reduce combinations vs. boxes

Cost vs. Payout Analysis

Typical Exacta Payouts

Finish	Odds Type	Typical Payout Range
Favorite-Favorite	Chalk	$8-$30
Favorite-Midrange	Common	$20-$80
Favorite-Longshot	Value	$50-$300
Longshot-Longshot	Bomb	$200-$5,000+

Breakeven Analysis

Question: Is a 4-horse $1 box ($12) worth it for a $50 expected exacta?

Calculation:

• Investment: $12
• Expected return if hit: $50
• Implied probability needed: $12 / $50 = 24%
• Your 4 horses' combined chance of going 1-2

If you believe your 4 horses have >24% combined chance of finishing 1-2, the bet is +EV.

Common Exacta Mistakes

1. Over-Boxing: A 6-horse box costs $30 for $1 base. Unless the exacta pays $100+, ROI is poor.

2. Ignoring the Favorite: Favorites hit the exacta frequently. Excluding them is often costly.

3. Boxing Long Shots Only: Two 10-1 shots going 1-2 is exciting but rare. Balance value with probability.

4. Not Using Keys: When you have strong conviction on one position, keying saves money vs. boxing.

5. Chasing Big Payouts: Exotic betting should be strategic, not lottery-ticket buying.

Frequently Asked Questions

What's the minimum exacta bet?

Most tracks allow $1 or $2 minimum per combination. A $1 2-horse box costs $2 total.

How is the exacta payout determined?

Payouts come from the exacta pool after the track take (~15-22%). More money bet on the winning combination = lower payout.

What if there's a dead heat?

In a dead heat for first, all combinations with either horse winning pay (at reduced amounts). Dead heat for second similarly affects payouts.

Should I box or use keys?

Key when you're confident about one position. Box when you're unsure of order but confident in your horses.

What's better: exacta or trifecta?

Exactas hit more often (only need 2 horses right) but pay less. Trifectas are harder but offer bigger rewards. Match bet type to your confidence level.

Can I bet exactas online?

Yes, most horse racing betting sites and apps offer exacta betting with the same options as track windows.

Exacta Cost Quick Reference

Box Size	$1 Base	$2 Base	$5 Base
2 horses	$2	$4	$10
3 horses	$6	$12	$30
4 horses	$12	$24	$60
5 horses	$20	$40	$100
6 horses	$30	$60	$150

Pro Tips for Exacta Betting

• Start with 2-3 Horse Boxes: Learn the math before expanding to complex wagers

• Use Keys on Dominant Favorites: If a horse is 3-5, key them to win with longer shots

• Consider Pool Size: Small pools = more payout variance. Big races have more predictable payouts.

• Watch Tote Board: Early exacta pool action can signal smart money combinations

• Bankroll Management: Limit exotic bets to 10-20% of your racing bankroll

Related Horse Racing Calculators

• Trifecta Calculator - Top three finishers
• Superfecta Calculator - Top four finishers
• Quinella Calculator - Top two any order (single price)
• Daily Double Calculator - Winners of two races
• Box Bet Calculator - General box calculations

Conclusion

The exacta offers the perfect balance of difficulty and reward in horse racing. Our free calculator shows exactly what your bets cost and what combinations they cover, helping you make strategic wagers instead of guessing.

Calculate Your Exacta Bet Now →

Whether you're boxing two contenders or keying a standout favorite with the field, understanding the math behind exactas transforms random betting into strategic wagering. Use the calculator, build your tickets wisely, and watch your horse racing results improve.