Exacta calculator: boxed and standout exacta cost and payout

Exacta calculator

Combinations: -
Cost for 100%: -
Your flexi %: -
You would collect: -

Key facts

An exacta pays if you name the 1st and 2nd placegetters in the correct order.
A boxed exacta covers both orders of every pair: combinations = n x (n - 1), so 4 runners is 12 and 5 runners is 20.
Flexi % = outlay / combinations x 100. $15 on a 5 runner box is 75%, so a $48.60 dividend pays you $36.45.
The TAB takes 20% commission from exacta pools, against 17.50% for quinellas (rates published for ONE POOL, which started on 22 September 2026).

How to use the exacta calculator

Pick boxed to cover your runners in every order, then choose how many runners are in the box. Pick standout or custom to type runner numbers for 1st and 2nd yourself. Enter your outlay and, if you have one, the dividend for $1. The calculator counts the combinations, shows the cost of a full 100% unit and your flexi percentage, and works out your collect.

What an exacta bet is

An exacta is a bet on the first two runners across the line, in the right order. The TAB describes it as selecting the runners that will place 1st and 2nd. It is a tote bet, so you share the exacta pool with everyone who picked the same result, and the dividend is only final after the race.

A straight exacta is one combination: 6 to win, 2 to run second. A boxed exacta covers both orders of every pair you choose, so 6 and 2 boxed wins on 6-2 or 2-6.

Boxed exacta calculator table

A boxed exacta has n x (n - 1) combinations, where n is the number of runners in the box. Each runner can fill first, and any of the others can fill second. The costs below match the TAB's own box price table.

Runners boxed	Exacta combinations	Cost at 100%	Same runners as a quinella	$15 outlay gives
2	2	$2	$1	750%
3	6	$6	$3	250%
4	12	$12	$6	125%
5	20	$20	$10	75%
6	30	$30	$15	50%
7	42	$42	$21	35.71%
8	56	$56	$28	26.79%
10	90	$90	$45	16.67%

Anything over 100% simply means you hold more than one unit of every combination.

Worked example: a 5 runner exacta box

You box runners 1, 4, 6, 9 and 12 and spend $15. The box is 5 x 4 = 20 combinations, so a full unit costs $20 and your $15 buys 75%.

Runner 9 wins and runner 4 runs second, which is one of your 20 combinations. The exacta pays $48.60 for $1. You collect $48.60 x 75% = $36.45, a profit of $21.45.

Now the catch: because only one of your 20 combinations can ever win, the dividend has to be more than $20 before this bet makes any profit at all. A favourite running first and second often pays less than that.

Standout and roving banker exactas

A standout exacta locks one runner into a position, which cuts the cost. A roving banker lets your key runner finish either 1st or 2nd; the TAB's rule is that the banker must finish in a placing position for the bet type. Here is how the counts compare with runner 3 as the key pick and 5, 8 and 11 as the others.

Bet	How to enter it	Combinations	Cost at 100%
Straight exacta 3-5	1st: 3, 2nd: 5	1	$1
Standout: 3 to win	1st: 3, 2nd: 5, 8, 11	3	$3
Roving banker: 3 first or second	Two standouts, 3 on top and 3 underneath	6	$6
Box of all four	Boxed, 4 runners	12	$12

The roving banker is half the price of the box because it drops the six pairs that leave runner 3 out, such as 5-8 and 11-5.

Exacta vs quinella

The exacta and the quinella both need your two runners to fill the first two places. The difference is order, and it shows up in cost, commission and dividends.

	Exacta	Quinella
Order matters	Yes, 1st and 2nd exactly	No, either way round
Box formula	n x (n - 1)	n x (n - 1) / 2
4 runner box at 100%	$12	$6
TAB commission on the pool	20%	17.50%
Dividend for the same result	Usually higher	Usually lower

If you think runner 6 wins but cannot split the next three, a standout exacta (3 combinations) costs the same as a 3 runner quinella box, and it pays the exacta dividend. If you have no idea which of two runners wins, the quinella is the cheaper way to cover both. Our quinella calculator prices the quinella side of the comparison.

What the tote keeps from an exacta pool

Since ONE POOL started on 22 September 2026, the TAB uses one set of commission rates and one dividend for every Australian customer on ONE POOL races. The exacta take-out is 20%, so across the whole pool 80 cents of every dollar goes back to winning tickets. Across all exacta punters, that 20% is the average cost of the bet, however they box it.

On the TAB app, flexi is switched on by default for exactas; to bet a fixed unit with flexi off, the TAB says to use its website. Read our flexi betting guide for the minimums and how the percentage is paid.

Pundit tip: before you add a fifth runner to an exacta box, check what it does to the cost. Going from 4 runners to 5 adds 8 combinations, and each one has to be paid for by the same dividend.

Scratchings in an exacta

On the TAB, an exacta of a single combination that includes a scratched runner is refunded. In a box or standout, only the combinations containing the scratched runner are refunded, and the rest stay live. A 4 runner box has 12 combinations; 6 of them include any one runner, so one scratching leaves 6 live combinations, the same as a 3 runner box. Fixed odds bets are handled differently: a late scratching triggers scratching deductions on the remaining runners. A tie for first or second is settled under dead heat rules.

For three placegetters in order, use the boxed trifecta calculator, and for the winners of four races, see the quaddie guide. Exactas on the dogs and the trots are covered in greyhound betting and harness racing betting. New to racing bets? Start with how to bet on horses, or see every tool on our bet calculators page.

Frequently asked questions

What is an exacta bet?

An exacta is a tote bet on the first two finishers in exact order. If you take 6 to win and 2 to run second, you only collect if the result is 6 then 2.

How much does a boxed exacta cost?

At $1 a combination, a 3 runner box costs $6, 4 runners $12, 5 runners $20 and 6 runners $30. With flexi you can spend less and collect the same share of the dividend as your share of the full cost.

Is an exacta or a quinella better?

Neither is better by default. The same runners boxed in an exacta cost twice as much as a quinella, because each pair is covered in both orders, and exacta pools carry a higher TAB commission (20% against 17.50%). An exacta makes sense when you have a strong view on which runner will win.

How is an exacta dividend paid?

The dividend is declared for a $1 unit after the race. You collect the dividend multiplied by your flexi percentage. At 50% on a $36.80 dividend, you collect $18.40.

What happens to my exacta if a horse is scratched?

On the TAB, a single combination exacta that includes a scratched runner is refunded. In a box or standout, only the combinations containing the scratched runner are refunded and the rest of the bet stays live.