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What is an Exacta bet?

The purpose of the Exacta is to select two horses in a single race to finish in the first two places in the EXACT ORDER – your first selection must come first, and your second horse must come second.

You can include as many horses as you want in your exacta, but it will cost you R1 per combination.  
The more horses you include the greater your chance of winning, but it will increase the cost of the bet. 
In this bet the customer has four options:
a. Straight Line Exacta
b. Boxed Exacta
c. Banker Exacta
d. Floating Banker Exacta / Roving Banker Exacta
a. Straight Line Exacta
This means that one horse must come 1st and another must come 2nd (in that specific order).
With any straight-line bet you can only place one number per position.
There is therefore only ONE dividend (barring a dead-heat for either first or second place) for each race – first and second.
Given a result of: 1 – 2 – 3 – 4, the winning exacta would be 1&2.
In the event that there is a dead-heat for FIRST place, there are TWO dividends. In an example of a result being 1/2 – 3 – 4, the winning combinations would be 1&2 and 2&1. 
Likewise, in the event that there is a dead-heat for SECOND place, there are TWO dividends. In an example of a result being 1 – 2/3 – 4, the winning combinations would be 1&2 and 1&3. 
Selection of horses 2 and 4; they will have to finish in that exact order (2 and 4 is a winner, 4 and 2 is not).
b. Boxed Exacta
This is a selection of two or more horses to run 1st and 2nd, in any order.
Say the chosen selections are 1, 2, 3 and 4 boxed, the cost would be determined by MULTIPLYING the number of horses selected, in this case 4 by 3 horses:
1&2, 1&3, 1&4, 2&1 2&3, 2&4, 3&1, 3&2, 3&4, 4&1, 4&2, 4&3 = 12 combinations or bets 
[As with swingers, the number of horses selected multiplied by the number of horses selected less one, but in this case there is NO division by 2 as the finishing order is relevant].
Should the result of the race in which the above bet was struck be 4 – 1 – 2 – 8, the winning combination would be: 4&1 = R23.50 dividend.  The ticket would qualify for the R23.50 dividend.
c. Banker Exacta
In this type of exacta you may have any selections for first and any selections for second, provided
that your selection for first must run first and your selection for second must run second.
Selection banker 2 with 3, 4, 7 and 8 (2/3, 4, 7, 8) would be 4 bets (R4) and horse 2 must win and any of the other selections must finish 2nd, i.e., 2&3, 2&4, 2&7, 2&8.  
Should the result of the race be 2 – 3 – 6 – 7, the bet would win on combination 2&3.
d. Floating Banker
This is similar to the boxed exacta where all the selections may run first or second.  
The floating banker differs by having one selection, which must run first or second, with the other selections to fill the open position. (If the roving horse/selection fills first position then one of the remaining selections must run second and vice versa.) Other words for a floating banker are ‘Roving’ or ‘Roaming’.

Selection floating banker 2 with 4, 7 and 8 will be 6 bets and horse 2 must finish either 1st or 2nd with one of the others selections filling the other 1st or 2nd position.
Exacta bets can be taken as a percentage.

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