What’s a Exacta Bet?
Exacta gambling requires you to select the first two finishers in a race in exact order — hence the name exacta. Also known at some tracks as the exactor or even perfecta, exactas are appealing betting propositions to a lot of gamers due to the prospect of big payoffs. Exacta wagering also provides an opportunity to make a good profit on race where a heavy favourite makes win gambling a poor value proposition.
Whereas a horse might just pay $5 to win to get a $2 wager, an exacta mixing that winner with a longshot may pay more. Some players like to bet exactas not only due to the potential for large payoffs, but also because the tote board at most racetracks will show the likely exacta payoffs before a race runs. Being able to find out what you could win in front of a race runs is a really appealing option to many bettors. Furthermore, exacta boxes of a couple of horses are an alternative used by many bettors when their handicapping can not separate the winner from their top contenders.
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There are basically three distinct exacta wagering options, some more effective than others.
Straight Exacta Betting
The first exacta wagering alternative is that the right exacta bet, generally extended in minimum denominations of $2. A $2 straight exacta wager 3-4 would require that horse win the horse and race 4 finish second in order for one to cash a winning ticket.
Exacta Boxes
The next and hottest exacta wagering strategy is the exacta box combining two or more horses to finish first or second in order. Generally offered in a minimum denomination of $1, an exacta box of horses 3-4 would represent 2 possible combinations — 3-4 and 4-3, in a cost of $2. The expense of a $1 exacta box descends directly to the amount of horses and possible combinations in the box.
By way of example, a $1 exacta box of 3 horses (2-3-4) signifies 6 possible $1 winning mixtures that include 2-3, 2-4, 3-4, 3-2, 4-2 and 4-3. While any of these combinations would permit you to cash a ticket, remember your payout will be half of the actual $2 directly exacta payout, because you played with a $1 box.
A box can be performed in any denomination of $1 or more, but the greater the denomination played, the higher the cost. A $2 exacta box of the same three horses (2-3-4) could cost $12, twice as much as a $1 exacta box, but would also offer the total $2 exacta payout as shown on the tote board.
To determine the price of a $1 exacta box take the number of horses you want to box and multiply that number by the amount of horses in the box minus 1. A $1 exacta box of four horses would be computed as 4 (4-1) * $1 = $12, which equates to 12 $1 exacta bets.
Below are some additional exacta box calculations with prices:
$1 exacta box of 3 horses = 3 * (3-1) = 6 mixtures * $1= $6. $1 exacta box of 4 horses = 4 * (4-1) = 12 combinations * $1 = $12
$1 exacta box of 5 horses = 5 * (5-1) = 20 combinations * $1 = $20
$1 exacta box of 6 horses = 6 * (6-1) = 30 mixes * $1 = $30
$1 exacta box of 7 horses = 7 * (7-1) = 42 mixtures * $1 = $42
$1 exacta box of 8 horses = 8 * (8-1) = 56 mixes * $1 = $56
You can box as many horses as you like in an exacta, however this is not generally a wise gambling strategy simply because each one the horses in the box don’t have exactly the same prospect of finishing first or second.
Generally, but not all cases, exacta boxes represent poor value, but because they are comparatively easy to comprehend, mentally easier to play (you don’t need to pick the horses in exact order) and also offer the greatest likelihood of cashing a ticket (even at a loss), they’re the most popular method of playing exactas.
Since exacta boxes speed each mix from the box as using the exact same probability of winning (that is never the case) they produce inefficiencies from the exacta betting pools. It’s those inefficiencies that clever bettors search for and try to take advantage of.
Exacta Wheels and Exacta Part-Wheels
The next method of playing exactas would be to wheel a single horse (or more than 1 horse) in 1 place with almost any number of horses at the other position. By way of instance, if you were to play with a $1 exacta wheel 3-with-All within an eight-horse field (3 with 1,2,4,5,6,7,8 — seven $1 combinations) it might cost you $1. The three horse would have to win and some of 1,2,4,5,6,7,8 would need to complete second in order for you to cash a ticket. Or, if you think that the three horse has a better prospect of finishing second, you might play with a $1 exacta wheel All-with-3 (1,2,4,5,6,7,8 with 3 — again seven $1 mixtures ) at a cost of $7. In this event any horse in the race could win and the 3 horse would have to finish second to allow you to cash a ticket.
Exactas can also be played as part-wheels, which differs from a full wheel so that you do not use ALL the horses in one part of the wheel. For instance, within an eight-horse field, you might play with a $1 exacta part-wheel 3 with 2, 4, 5 (three possible winning combinations of 3-2, 3-4, 3-5) in a price of $3. Or maybe you play with the part-wheel the other way, 4, 2, 5 (also three possible winning combinations of 2-3, 4-3, 5-3) at a cost of $3. Even though exacta wheels and part-wheels aren’t quite as inefficient as boxes, they still leave room for improvement, which brings us into our favored exacta gambling strategy.
Preferred Exacta Betting Strategies Let us say you like horses 5, 7 and 6 to finish first or second in a race. Your handicapping tells you that horse 5 has a 50 percent chance of winning the race, horse 6 has a 20 percent probability of winning and horse 7 has a 10 percent probability of winning. Most bettors in this scenario would play with an exactor box of 5-6-7 — six possible combinations. Other bettors may play with an exactor part-wheel wheel of 5-with 7, 6 and an additional part-wheel of 6, 7 with 5 — four possible combinations. The exactor box prices each potential combination as having the exact same probability of winning, which according to a handicapping is not correct. The part-wheel in this case is more efficient, leaving out the less probable mixtures of 6-7 and 7-6, but nevertheless rating both the 7 and 6 horses as with the exact same probability of winning or finishing moment.
Considering that you have $60 to spend and that you have rated the Odds of each horse winning as follows: 5% — 50%, 6-20%, 7-10 percent, below are some potential betting options:
Exacta Box — Least Efficient
$10 exacta box 5-6-7 = 6 possible combinations wager in equal proportion = $60
Resulting Exacta Tickets
$10 exacta 5-6 = 10 $10 exacta 5-7 = 10 $10 exacta 6-5 = $10 $10 exacta 6-7 = $10 $10 exacta 7-5 = $10 $10 exacta 7-6 = $10 Exacta Part-Wheels — Slightly More Efficient
$15 exacta part wheel 5 with 6, 6 and 7, 7 with 5 = 4 possible combinations = $60
Resulting Exacta Tickets
$15 exacta 5-6 = 15 $15 exacta 5-7 = $15 $15 exacta 6-5 = 15 $15 exacta 7-5 = $15 Exacta Part-Wheels Correlated to Winning Probabilities as according to Your Handicapping — Highly Efficient
$30 exacta 5-6
$20 exacta 5-7
$6 exacta 6-5
$4 exacta 7-5
Results and Exacta Payoffs
The race ran exactly as your handicapping stated it would — the 5 horse won and the 6 horse ran next. The $2 exacta 5-6 paid $20. Lucky you! Based on how you bet.
In the Event That You had bet the first option, the exacta box:
Price: $60 Yield: $10 exacta 5-6 = $100 – $60 = 40 Profit If you had bet the next option, the exacta part-wheels:
Cost: $60 Return: $15 exacta 5-6 = $150 – $60 = $90 Gain If you had bet the third alternative — exacta part-wheels correlated to winning probabilities as identified with your handicapping:
Cost: $60 Yield: $30 exacta 5-6 = $300 – $60 = 240 Profit The concluding exacta wagering strategy, which places more income on the higher probability mixes as identified by your handicapping, generates the largest profit — which is the key to creating a positive return on investment over the long term. While you might money more tickets using the ineffective exacta box procedure, it’s not likely that this low-profit approach will sustain itself over the long haul.
Keeping in mind that combinations of favorites in exactas generally produce lower payoffs than they need to, as do blends of longshots, it’s possible to further increase you chances of achieving a favorable return on investment by focusing your play on races where your handicapping points to the high probability of 2 medium-priced horses completing the exacta. The latter situation often results in payoffs which are larger than they ought to be due to inefficiencies in the exacta betting pools.
In conclusion, using solid handicapping fundamentals to determine your own pair of probabilities, then focusing your main exacta mixes on the most probable outcomes, instead of on wheels and boxes, is the real key to creating a lasting gain from exacta betting.
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