While these bets are harder to hit, they're where bettors can start to make big money on smaller investments.
An Exacta is a bet on two horses to come in first and second in the race in exact order. If you're confident in two horses racing, but aren't as sure on the order they'll come in, you can place an Exacta Box, which is essentially placing two bets — one exacta with one of your horses finishing first and the other second, and a second bet with their order reversed. Because both of these bets have multiple horses in play, they'll net you much more, but are also tougher to hit.
Taking this thinking to another level, gamblers can bet a Trifecta, picking three horses to finish first, second, and third (Win, Place, and Show) in order. These can deliver huge payouts to bettors, especially if a longshot that you have on your ticket sneaks into the top three — at the 2017 Kentucky Derby, a $2 winning trifecta bet on Always Dreaming, Looking at Lee, and Battle of Midway won bettors a whopping $8,207.20.
Since these bets are tough to hit, and worth so much money that you as a gambler would be extremely disappointed to have picked the correct top three horses in the incorrect order, many gamblers choose to bet a Trifecta Box. Like the exacta box, you're betting three horses as a trifecta in every possible order, technically resulting in six different bets. Thus, a $2 box trifecta will cost you $12 at the betting window.
And for the truly brave of heart, there is the Superfecta, which follows the same logic as the trifecta, but with the top four horses to finish. These feel all but impossible to hit, but if you have a vision on race-day morning, there's plenty of profit to be made.