Types of Horse Bets: Exotic Wagers Explained

By Andrea Caudill for the Quarter Racing Journal

The simplest horse racing wagers one can make are the basic win, place and show bets. These ask you to pick the finish of a single horse (for example, the horse you think will win on a win wager.) Exotic wagers challenge you to pick the proper finish of multiple horses. 

There are a number of different exotic wagers: 

• Exacta: Pair the top two finishers in a single given race, often pays $10-50 on a $1 or $2 wager.
• Trifecta: Pick the top three finishers in a single given race, often pays $100-500.
• Superfecta: Pick the top four finishers in a single given race, often pays $1,000 and up.
• Double: Pick the winner in a set of two races (your program will indicate which races are included in the wager). 
• Pick 4: Pick the winners in a set of four races (your program will indicate which races are included in the wager). 
• Pick 6: Pick the winners in a set of six races (your program will indicate which races are included in the wager). 

There are also different ways of selecting horses in the exotic wagers: 

• A straight wager is one in which there is only one combination. For example, you place a $2 trifecta bet on the horses 1-2-3; this would cost $2. If the horses cross the line in that order, you win. 
• If you took the same trifecta and boxed it, you would win if the 1, 2 and 3 horses finished in any order. Because this is six combinations, that $2 wager would cost $12.
• If you key a horse, you are taking that horse on top, then making multiple selections below it. For example, on the aforementioned trifecta wager, if you key the 1 horse, and add the 2, 3, 4 and 5 horses, you make a $24 wager. If the 1 horse wins, and the remaining selections finish second and third in any order, you win.
• A wheel wager will take the entire field. For example, an exact wager of 1/All would select the 1 horse as the winner, and any other horse in the field as the second-place finisher. This wager is more common in trifecta or superfecta wagers. The cost of this wager is compounded based on the number of horses in the field.

The best time to consider an exotic wager is when your favorite horse is offering low odds to win. Pair that runner with some exotic teammates and you might be on your way to a much bigger return.