The cost tables
An exacta asks you to pick the first two finishers in exact order. Boxing covers both orders for every pair of horses on the ticket. These are the standard costs at the two most common base amounts.
| Horses in the box | Combinations | $1 base | $2 base |
|---|---|---|---|
| 2 horses | 2 | $2 | $4 |
| 3 horses | 6 | $6 | $12 |
| 4 horses | 12 | $12 | $24 |
| 5 horses | 20 | $20 | $40 |
| 6 horses | 30 | $30 | $60 |
How the math works
The formula is the number of horses multiplied by one fewer: N x (N-1). Five horses can finish first and second in 5 x 4 = 20 different ordered pairs, and the box buys all of them at your base amount each.
When a box beats two straight bets
A two-horse $1 exacta box is identical to two $1 straight exactas, one in each order. The cost and coverage are the same, so with two horses the box is just convenient shorthand.
The decision gets interesting when your opinion is not symmetrical. If you think the 4 beats the 7 more often than the reverse, weighting the ticket makes more sense than boxing: for the same $4 you could put $3 on 4-7 and $1 on 7-4. The box quietly assumes both orders are equally likely, and the pools rarely agree with that.
Boxes with three or more horses carry the same assumption across every pair. That is fine when the race genuinely looks that open. It is expensive when it is a substitute for deciding.
Minimums vary by track and pool
A $1 exacta is common (Del Mar's official menu lists one, and TwinSpires' wagering FAQ notes some tracks use a $1 base while others stay at $2). Minimums are set per track and pool, and the minimum changes what the smallest sensible ticket looks like, so check the menu for the race you're playing.
Common questions
What does a 3-horse exacta box cost at $2?
Twelve dollars. Three horses create six ordered pairs (3 x 2), and each pair costs the $2 base amount.
Is an exacta box better than a quinella?
They cover similar ground: a quinella pays if your two horses finish first and second in either order, at a single combination price. Where both are offered, compare the likely payouts, because the pools are separate and one is often better value than the other for the same opinion.
Does boxing more horses raise my chance of winning?
Yes, and it raises the cost faster than most people expect while capping the payout at a single winning combination. Wider coverage with a weaker opinion usually means a worse deal against the takeout, not a better one.
Further reading