All non-straight wagers are called “exotic” bets. These are more challenging to win than straight wagers because they involve betting on more than one horse. The wagers are more difficult but the payoffs can be much larger.
Choose the first two finishers in one race in the exact order of finish. The minimum bet on an Exacta is $1.
Choose the first two finishers in one race in any order. The minimum bet on a Quinella is $1.
Choose the first three finishers in one race in their exact order. The minimum bet on a Trifecta is $.50.
Choose the first four finishers in one race in their exact order. The minimum bet on a Superfecta is $.10.
Exactas, Trifectas, and Superfectas can be boxed which means your chosen horses can finish in any order. This type of bet is more expensive but it acts as multiple bet types. For example a Box Exacta constitutes 2 bets and as such is a minimum of $2 bet, a Box Trifecta is 6 bets and has a minimum wager of $3, and a Box Superfecta is 24 bets, and has a minimum wager of $2.40.
WHEEL or KEY
A Wheel bets on one horse with all other horses in the race. For example, an Exacta Wheel picks one horse to win and every other horse to place. The horse you pick to win is your KEY horse. For example in a race with eight horses we wanted to bet the 3 to win and use every other horse to place, we would Key the 3 and Wheel the field.
Pick the winners of two consecutive races.
PICK 3, PICK 4, PICK 5, PICK 6
Also referred to as a Pick N. Pick the winners of three, four, five or six consecutive races. Winners for each race must be chosen at the time the bet is placed.
Determining how much this bet will cost: Multiply the number of horses chosen in each race by the number chosen in the following races. For example, a $1 pick 3 using 4 horses in race 1, 3 in race 2, and 2 in race three would look like this: 4 horses x 3 horses x 2 horses x $1 = $24
This is a popular bet type used by groups of friends that minimizes risk because you should win this wager more often than any other wager in horse racing. Say a group of four decides to invest $10 each in a Show Parlay. After collectively choosing which horse to put $40 to Show on, the horse finishes in the top three and pays $3 to Show. The group now has $60 to invest in the next race’s Show pool. The group will keep re-investing their winnings in larger show bets until they are unsuccessful (where the most everyone loses is their initial $10 investment) or voluntarily choose to stop and cash out making everyone a winner.