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Exacta Betting

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  • Exacta Betting

    When did it begin in North America?

    I ask because I was skimming an article in a 1959 edition of SI, entitled Railbirds in Japan. This quote caught my eye:

    Only 20% of the bets are made on win, place and show, the rest being placed on a chancy proposition called forecast, which means picking the first and second horses in a race in that order—oh, brother!
    **********
    Starts with an 'S,' ends with a 'T.' You figure it out.

    **********
    "Houston, Tranquility Base here, picking up where we left off ..."

  • #2
    I'd assume the exacta was introduced the same time as pari-mutual wagering did. Hawthorne Racing Course (IL) offered it in 1924 where as in California is wasn't until 1933 that it was legalized. When I was in Barbados for this past year's Boxing Day racing the exacta is still called a forecast. Image - note the F/C

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    • Original Poster

      #3
      Originally posted by Glimmerglass View Post
      I'd assume the exacta was introduced the same time as pari-mutual wagering did. Hawthorne Racing Course (IL) offered it in 1924 where as in California is wasn't until 1933 that it was legalized. When I was in Barbados for this past year's Boxing Day racing the exacta is still called a forecast. Image - note the F/C
      Thanks.

      Rather curious of SI to print that in 1959 if exacta betting was already established in the U.S. for a generation.
      **********
      Starts with an 'S,' ends with a 'T.' You figure it out.

      **********
      "Houston, Tranquility Base here, picking up where we left off ..."

      Comment


      • #4
        In this country I am pretty sure Exacta betting, also called Perfecta at some American race tracks was not offered until the early 60s maybe the late 50s. I doubt very much, though I am guessing, it was offered when the pari-mutual also known as the Tote system, short for totalisator was first brought to this country in 1927 according to Wikipedia. Anything from Wikipedia can be a bit suspect. Without spending a lot time on researching I would guess that the technology was not available at the time to do the massive calculations required in addition to “win, place, show calculations. Though I am pretty sure the “daily double” was in use at or near the beginning of the Tote system. The daily double is a bet made by picking the winners of 2 different designated races.

        For those not familiar with horse wagering terms; an Exacta/Perfecta bet is when one picks the first 2 horses to cross the finish line in the order bet. An Exacta Box is the same bet but does not matter in which order. It cost twice as much as a “straight’ Exacta. The same as placing 2 Exacta bets, for example, you bet $2 for a 1-2 ticket, then bet $2 for a 2-1 ticket. Instead of getting 2 tickets you get the same bet on 1 ticket for $4.
        A Trifecta, aka Tri is the first 3 finishers. A pick 3, 4, 6 is when you pick the winners of 3-4-6 different races on 1 card. These and others are all referred to as Exotic wagers. Because of government oversight and regulators all exotics have to be approved before a racetrack can offer them. So, the Tote system may have been able to offer them but they were not allowed.

        Comment


        • #5
          Originally posted by gumtree View Post
          In this country I am pretty sure Exacta betting, also called Perfecta at some American race tracks was not offered until the early 60s maybe the late 50s. I doubt very much, though I am guessing, it was offered when the pari-mutual also known as the Tote system ....
          You easily could be right as I likewise indicated my reply was purely assumptive with what could be offered. Parlor bets have been around for ever so I would've thought that a form of exacts/forecast bets had been around before mid-century. It would be interesting to know the true date.

          Comment

          • Original Poster

            #6
            Originally posted by gumtree View Post
            For those not familiar with horse wagering terms; an Exacta/Perfecta bet is when one picks the first 2 horses to cross the finish line in the order bet. An Exacta Box is the same bet but does not matter in which order. It cost twice as much as a “straight’ Exacta. The same as placing 2 Exacta bets, for example, you bet $2 for a 1-2 ticket, then bet $2 for a 2-1 ticket. Instead of getting 2 tickets you get the same bet on 1 ticket for $4.
            That's news to me. I've been only to Laurel, Pimlico and the three NYRA tracks but, IIRC, at those tracks Exacta betting was what you're calling Exacta/Perfecta: 1-2 in just that order. However, sometimes they took a 1-2 bet in either order; this was called "Quinella." It cost only $2 and paid the lower odds of either.
            **********
            Starts with an 'S,' ends with a 'T.' You figure it out.

            **********
            "Houston, Tranquility Base here, picking up where we left off ..."

            Comment


            • #7
              WC, I think you are both correct. Perhaps Gumtree's explanation is a little confusing. An exacta box is basically two tickets, for example the 2-1 and 1-2 exactas. So if 1 won and 2 was 2nd, you would have one winning ticket and one losing ticket. The quinella, as you said, is a different pool (and one I've rarely played).

              Comment


              • #8
                Originally posted by WhiteCamry View Post
                That's news to me. I've been only to Laurel, Pimlico and the three NYRA tracks but, IIRC, at those tracks Exacta betting was what you're calling Exacta/Perfecta: 1-2 in just that order. However, sometimes they took a 1-2 bet in either order; this was called "Quinella." It cost only $2 and paid the lower odds of either.
                This is true. I didn’t want to digress too much which can be a habit of mine just a few explanations of betting terminology for the unfamiliar. A Quinella is the same as an Exacta Box but it cost half as much. Thus the “payout” what you win is half of what a straight Exacta would pay. In years past the minimum bet that could be made at US racetracks was $2. So they decided to of offer this “gimmick” bet to make it feel like one was getting better value. Now a days a lot of tracks allow $1 bets so a $1 Exacta box would be the same as a Quinella. All lot of tracks now allow 10 cent, 50 cent bets on exotics, Pick 6, etc.

                Comment


                • #9
                  Originally posted by kcmel View Post
                  WC, I think you are both correct. Perhaps Gumtree's explanation is a little confusing. An exacta box is basically two tickets, for example the 2-1 and 1-2 exactas. So if 1 won and 2 was 2nd, you would have one winning ticket and one losing ticket. The quinella, as you said, is a different pool (and one I've rarely played).
                  I don’t believe it is a different pool. When I have cashed a Quinella it always seems to be exactly half of what the exacta pays. Which would make sense. Again for those unfamiliar the “pool” is the total sum of money people have wagered on any given horse. The track does not set the odds the punters do. As more money flows to a particular horse the odds drop. In the case of Exacta/ Quinella bets the more that is bet on a particular combination, the total sum not the amount of individual bets the odds drop.

                  Comment


                  • #10
                    http://horseracebetting.org/quinella-versus-exacta

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