Definition of Straight Exacta

What does the term "straight exacta" mean in the world of horse racing? What is meant by the term "straight exacta"?

In the world of horse racing, a "straight exacta" is a more exotic type of bet where you need to correctly guess:

1) The first place finisher of the race

AND

2) The second place finisher of the race

While this bet is more difficult to predict, the upside is that your potential payout is significantly higher than if you just picked the winner of a race.

For instance, let's say that you want to wager on Levin Classic. You believe that Harlech and Riodini are head and shoulders above the other horses in the race, and you believe that they will finish 1-2.

In addition, you also believe that Harlech is the superior horse with a superior team, so you believe that he will end up winning the race.

Instead of just betting Harlech to win at 4.00, you decide to bet a straight exacta, which will entail:

1) Harlech finishing in first
2) Riodini finishing in second

If these two things occur, you will be in line for a significant payout.

If Harlech wins the race and another horse finishes in second place, you will lose your wager.

If Harlech finishes in 3rd but Riodini finishes in second, you will also lose your wager.

If Riodini wins the race and Harlech finishes in second, you will lose your wager, as you didn't get the order correct.