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.