Pari-Mutuel Wagering Using Exotic Wagering Strategies

Exotic Wagering is basically Betting on more than one Horse or Greyhound in a race. The payoffs are determined by separate Wagering pools set up for each type of Wager. The pools are created as people place Wagers. There is a Win pool which is separate from a Place pool, which is separate from the exotics such as the Exacta, Trifecta, Superfecta and other pools. In Pari-Mutuel Wagering, the track gets a certain percentage of the pools which is determined by a State Commission or some type of oversight body. It does not matter to the track which entry wins. They get paid the same depending upon the amount of the pool.

   

The first Exotic Wager found in Pari-Mutuel Wagering is the Exacta Bet. The Exacta Wager is a minimum $2 Wager which requires you to pick 2 horses or greyhounds. If those two entries come in first and second in exact order, you win. For example, if you want the number 3 to win (first across the finish line), and the number 7 to place (second across the finish line), and they come in exactly 3-7, you have won the Exacta Bet.

The Exacta Box is another Wager you can try also. How it works is you pick the first and second entry like the above example, except that the entries can come in either order as long as they come in the Win and Place positions. Using the same example above, 3 and 7, if they come in 3-7 or 7-3, you win. All Pari-Mutuel Wagering is usually $2 minimum bet, but when Wagering box type bets, you are allowed to box them for $1. When betting an Exacta Box, you can box the two entries for $1 which makes it a two dollar Bet total. Keep in mind, when Betting a $1 box Wager, you only get half of the Exacta total win that will display at the end of the Race. If you want the full amount, then a $2 dollar Exacta Box will cost you $4 total. You can also box more entries, but the cost of the Bet goes up accordingly. 3 entries cost $6 for a $1 Exacta box Wager, and $12 for a $2 Exacta box Wager.

Another strategy with Exacta Wagering is called the Exacta Key Wager. The Exacta Key Bet is the same as a Exacta Box Bet with a little different twist. Here you can add other entries to the Bet, and tie up one entry in a specific position. For example, say you are confident in the number 3 entry, but not too sure on the number 7 entry. You can Key, or tie up, the 3, your winning entry, with the 7 and an additional entry, we'll use the 5. If the 3 wins and either the 7 or the 5 comes in second you win the Bet. An Exacta Key Wager costs $4 to make, some tracks allow you to bet a $1 on an Exacta Key Wager also. In this example, the Wager would cost $2 and you would only get half of the Exacta payoff. You can add additional entries to the Key Bet up to a Wheel (All remaining entries), and the Wager cost gets larger and larger as discussed above. Keep in mind that you can Key the Place position instead of the Win position if you desire.

Trifecta Wagering is very similar to Exacta Wagering except it covers three entries coming in exact order (Win, Place and Show positions). The Wager costs a minimum of $2 just like any Wager and you can Bet $1 and get half the payoff. Trifecta Key Bets and Box Wagers are the same as the Exacta Bet example except the only difference is you are calling all three positions instead of just the first two.

Superfecta Wagering is another exotic Wager where you pick the top 4 entries. Again, $2 minimum Bet, and they have to come in the exact order you called. Superfecta Box and Key strategies can also be used as explained in the Exacta example above, but the Wager costs can get pretty steep as you increase the number of entries in the Wager, but the payoffs can be quite large. I have seen payoffs of over $10,000 for a $2 Bet!