Exacta vs Trifecta: Boxes, Keys and What They Cost
An exacta box covers your horses finishing first and second in any order. A trifecta box covers first, second and third in any order. A box costs more than a straight ticket because it is several bets in one: a three-horse trifecta box is six combinations.
What is an exacta box?
An exacta asks for the first two finishers in exact order. Boxing the bet covers every order of the horses you pick. With two horses that is two combinations, so a $1 exacta box costs $2.
| Horses boxed | Combinations | Cost at $1 | Cost at $2 |
|---|---|---|---|
| 2 | 2 | $2 | $4 |
| 3 | 6 | $6 | $12 |
| 4 | 12 | $12 | $24 |
| 5 | 20 | $20 | $40 |
What is a trifecta box?
A trifecta asks for the first three finishers in exact order. A box covers every order of your horses in those three spots. Most tracks take 50-cent trifectas, which keeps boxes affordable.
| Horses boxed | Combinations | Cost at 50 cents | Cost at $1 |
|---|---|---|---|
| 3 | 6 | $3 | $6 |
| 4 | 24 | $12 | $24 |
| 5 | 60 | $30 | $60 |
| 6 | 120 | $60 | $120 |
The payout is figured on your base bet. A trifecta that pays $200 for $1 pays $100 on a 50-cent ticket. Tracks often quote payouts on a $1 or $2 base, so check which one you are reading.
Exacta vs trifecta: which should you play?
An exacta is easier to hit and pays less. A trifecta is harder, pays more and usually has higher takeout. Keeneland takes 19.5% from exacta pools and 22% from trifecta pools.
Play the exacta when you like two horses and the race has a small field. Play the trifecta when you have a strong opinion on the winner and think a longshot can finish third, because that longshot is what makes the payout large.
What is a key bet?
A key puts one horse in a fixed position and uses other horses around it. It costs less than a box because you are not paying for results where your key horse finishes somewhere else.
| Ticket | Combinations | Cost |
|---|---|---|
| $1 exacta key: 1 horse over 3 others | 3 | $3 |
| 50-cent trifecta key: 1 horse over 3 others | 6 | $3 |
| 50-cent trifecta key: 1 horse over 4 others | 12 | $6 |
| 50-cent trifecta box: the same 5 horses | 60 | $30 |
The last two rows show the trade. Keying one horse on top of four others costs $6. Boxing all five costs $30. The box pays the same if your key horse wins, so the extra $24 only buys the results where it does not.
Superfecta boxes and the 10-cent base
A superfecta needs the first four in exact order. Keeneland and Lone Star Park both offer a 10-cent base bet. A four-horse box is 24 combinations for $2.40, a five-horse box is 120 for $12, and a six-horse box is 360 for $36.
For every other wager, from win bets to the Pick 6, see our full list of horse racing bet types. New to the track? Start with how to bet on horses.