Horse Racing Exacta Calculator: Master Exotic Wagering

Exacta betting predicts the first two finishers in exact order—high risk, high reward. Our calculator computes costs for straight, boxed, and wheeled exactas, helping you structure bets efficiently.

What Is an Exacta Bet?

An exacta (also called "perfecta") requires picking the first and second place finishers in the correct order. It's a popular exotic wager with potentially large payouts.

Quick Answer: A $2 straight exacta picks two horses in exact order. A $2 boxed exacta with 2 horses costs $4 (covers both orders). More horses in a box exponentially increases cost but dramatically improves win probability. Payouts vary wildly—from $10 to $1,000+ depending on odds.

How to Use Our Free Exacta Calculator

Use the Horse Racing Exacta Calculator →

Enter your selections to see total cost and potential payouts.

Step-by-Step Instructions

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

2. Choose Horses: Pick your selections

3. Set Base Wager: $1 or $2 minimum

4. View Total Cost: See what you'll pay

5. Estimate Returns: Based on morning line odds

Input Fields Explained

Field	Description	Example
Bet Type	Straight/Box/Wheel	Box
Horses	Your selections	#3, #7, #9
Base Bet	Minimum wager	$2
Total Cost	What you pay	$12
Estimated Payout	If you win	~$85

Exacta Bet Types

Straight Exacta

Pick two horses in exact order:

• Cost: Base bet × 1
• Example: $2 straight exacta on #5 over #3
• Wins if: #5 finishes first AND #3 finishes second

Boxed Exacta

Cover all order combinations:

Horses	Combinations	Cost Formula
2 horses	2	Base × 2
3 horses	6	Base × 6
4 horses	12	Base × 12
5 horses	20	Base × 20
6 horses	30	Base × 30

Formula: n × (n-1) where n = number of horses

Exacta Wheel

One horse in a fixed position, others in remaining position:

Part Wheel (Key Horse):

• Key horse on top with multiple horses underneath
• OR multiple horses on top with key horse underneath

Example: #3 with #1, #5, #7

• Cost: Base × 3 combinations
• Wins if: #3 first with any of #1, #5, or #7 second

Full Wheel

Key horse with ALL other horses:

• "#3 with ALL" = #3 first with any other horse second
• Cost: Base × (field size - 1)

Exacta Cost Calculator

Box Cost Table

Horses	$1 Base	$2 Base
2	$2	$4
3	$6	$12
4	$12	$24
5	$20	$40
6	$30	$60
7	$42	$84
8	$56	$112

Part Wheel Cost

Key Horse	With X Horses	$2 Cost
1	2	$4
1	3	$6
1	4	$8
1	5	$10
2	3	$12
2	4	$16

Real-World Exacta Examples

Example 1: Two-Horse Box

Selections: #3 and #7 Bet: $2 exacta box

Combinations covered:

1. #3 first, #7 second
2. #7 first, #3 second

Total cost: $4 If #3-#7 pays $45: You win $45

Example 2: Three-Horse Box

Selections: #2, #5, #8 Bet: $2 exacta box

Combinations covered:

1. #2 first, #5 second
2. #2 first, #8 second
3. #5 first, #2 second
4. #5 first, #8 second
5. #8 first, #2 second
6. #8 first, #5 second

Total cost: $12 If #5-#8 pays $78: You win $78

Example 3: Key Horse Wheel

Key horse: #4 (your strongest pick) With: #1, #6, #9 Bet: $2 #4 on top with #1, #6, #9

Combinations:

1. #4 first, #1 second
2. #4 first, #6 second
3. #4 first, #9 second

Total cost: $6 Advantage: Cheaper than 4-horse box ($24), strong opinion on winner

Example 4: Full Wheel

Race: 10-horse field Key horse: #7 Bet: $2 #7 with ALL

Combinations: 9 (one with each other horse) Total cost: $18

When to use: Very confident #7 wins but unsure about second

Exacta Strategy

When to Use Straight Exactas

• Strong opinion on exact order
• Large price difference between first and second pick
• Lower-priced plays with higher conviction

When to Box

• Multiple contenders, uncertain order
• Chalky race (favorites likely to fill exacta)
• Building exotic tickets with coverage

When to Wheel

• One standout, uncertain supporting cast
• Key horse at value odds
• Reducing cost while maintaining key selection

Value Considerations

Compare payouts to costs:

Bet Type	Scenario	Value Assessment
$4 box	Pays $25	6.25:1 ROI - Good
$12 box	Pays $25	2.08:1 ROI - Marginal
$24 box	Pays $25	1.04:1 ROI - Poor

Rule: Expected payout should exceed cost by 3× or more for value.

Estimating Exacta Payouts

Morning Line Method

Multiply approximate win odds:

Rough Exacta = (Horse 1 Win Odds) × (Horse 2 Place Odds) × Base

Example:

• #3 is 5-1 to win
• #7 is 3-1 to place
• Rough exacta: $2 × 5 × 3 = ~$30

Actual Payouts

Exacta payouts depend on:

• Tote pool size
• How much bet on that combination
• Track takeout (usually 20-25%)

Reality: Chalk exactas pay $10-30; longshot exactas pay $100-1,000+.

Common Exacta Mistakes

1. Over-Boxing

Mistake: Boxing 6+ horses routinely Problem: Cost ($60+) often exceeds payout Fix: Use part wheels or smaller boxes

2. Ignoring Cost-to-Payout

Mistake: $24 box for $35 payout Problem: Risk doesn't justify reward Fix: Calculate ROI before betting

3. No Key Horse Opinion

Mistake: Boxing without conviction Problem: Spreading action too thin Fix: Develop key horse, then structure bet

4. Chasing Longshots Only

Mistake: Only playing bomb exactas Problem: Very low hit rate Fix: Mix realistic exactas with longshot plays

Frequently Asked Questions

What's the minimum exacta bet?

Usually $1 or $2, depending on the track.

Can I bet exactas online?

Yes, through ADW (Advance Deposit Wagering) sites like TVG, TwinSpires, or FanDuel Racing.

What's the difference between exacta and quinella?

Quinella pays if your horses finish 1-2 in either order. Exacta requires exact order. Quinella pays less but is easier to hit.

How do I know if my exacta is a good bet?

Compare expected payout to cost. If 4-horse box costs $24 and chalk exacta pays $20, it's poor value.

Should I box or straight bet?

Box when uncertain about order. Straight bet when you have strong conviction about first place specifically.

What's a keyed exacta?

Using one horse in a fixed position (first or second) with multiple horses in the other position.

Advanced Exacta Concepts

Partial Wheels

Structure bets with multiple keys:

#1, #4 with #2, #6, #8:

• #1 first with #2, #6, or #8 second
• #4 first with #2, #6, or #8 second
• Cost: 2 × 3 = 6 combinations × base

Exacta Box vs. Two Straight Exactas

Method	Cost	Coverage
$2 box (2 horses)	$4	Both orders equally
$3 straight + $1 straight	$4	Weight toward opinion

Weighted approach: Bet more on the order you prefer.

Carryover Pools

Some tracks have exacta carryovers (unpaid pools from previous races). These can create overlays—bet values where payout exceeds true probability.

Pro Tips for Exacta Betting

• Start with win opinion: Who wins? Then build exacta around it

• Use part wheels: More efficient than large boxes

• Check morning line: Estimate payout before betting

• Track your ROI: Know if your exacta plays are profitable

• Specialize: Certain track/distance combinations suit your handicapping

Related Horse Racing Calculators

• Horse Racing Trifecta Calculator - First three finishers
• Horse Racing Superfecta Calculator - First four finishers
• Horse Racing Win Calculator - Simple win bets
• Horse Racing Daily Double Calculator - Multi-race bets
• Horse Racing Payout Calculator - General payouts

Conclusion

Exacta betting combines skill and value potential—pick the top two finishers and win big. Our calculator helps you structure straight, boxed, and wheeled exactas efficiently. Understand your costs, estimate payouts, and bet smart.

Calculate Your Exacta Bets Now →

Master exacta betting and you'll unlock one of racing's most rewarding wagers. Start with strong win opinions, structure your bets efficiently, and always know your cost-to-payout ratio before betting.