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Exacta
A bet selecting the first and second horses in a race in the correct order. An exacta box refers to paying a little more to ensure they can finish in either order.
Trifecta
A wager picking the first, second and third horses in the exact order. A trifecta box means paying more to ensure the horses can finish in any order in the top three spots.
Overlay
A horse going off at higher odds than his recent efforts show that he deserves.