Exacta (or Perfecta) Definition

An exacta, or perfecta, is commonly used in horseracing in which the punter must correctly pick the order of those finishing in first and second place exactly.

Example

Taking a horse race for example, “Devil’s Advocate” and “Silver Dollar” are two horses to run in a race. The punter bets on the two horses to beat the rest and for Devil’s Advocate to place first, and Silver Dollar to place second. If this happens the punter wins, but if they order is switched, or if only one horse places then the bet is void.

Exacta (or Perfecta) Pros and Cons
Pros
  • The odds of winning an exacta or perfecta are small which means that any winnings are large in comparison to the stake.
  • Only a small stake is required to potentially win a large sum.
Cons
  • It is very difficult to pick a winning perfecta and many punters lose a lot of money chasing it.