Depending on the number of horses run in a race, it’s possible to lay a small wager and cover every possible finish with the key horse winning. If there are seven horses in a particular race, the bettor can ask for a $2 exacta wheel with the winning horse’s number followed by “all,” and $12 would cover every potential outcome. The key horse still must win to collect, and money only is made if the odds are better than 6 to 1 on that winning ticket. If a long shot should come in second, the ticket would be worth quite a bit more than if the second-place horse was among the favorites. So when betting an exacta wheel in such a manner, the bettor wants the key horse to win and a very distant long shot to take second for the ticket to be worth much more than was wagered. If the second-place horse was a favorite, even when the key horse wins, money likely will be lost.
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