A type of horse racing bet where you pick the first two horses to finish in the exact order; also called a perfecta.
From Spanish exacta, from Latin exactus 'precise, exact.' The term emerged in horse racing in the mid-20th century as a betting term emphasizing the need for exact prediction.
The exacta is famous in horse racing culture because it's mathematically harder than a simple win or place bet—you're not just picking winners, you're predicting order, which is why the payouts are bigger and the odds longer.
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