Exacta: Picking two horses to finish first and second in exact order.
Trifecta: Picking three horses to finish first, second, and third in exact order.
Superfecta: Picking four horses to finish first, second, third, and fourth in exact order.
Daily Double: Picking the winners of two races that are designated as Daily Double races. Wagers must be placed before the running of the first of the two races. 


Just like the traditional wagers, exotics have their own difficulty levels:
(Once again, each bet type will be compared to forecasting the weather.)
Exacta: What will the weather be like tomorrow?
Trifecta: Five day forecast
Superfecta: What will the weather be on New Year's eve, 2010?

Because the trifecta and superfecta require more advanced handicapping and good amount of luck to win, they are not recommended for newbies who are just learning the game.

The daily double is an exciting wager to make (since the bet lasts for more than one race). When you become comfortable with wagering to win, give these exotics a try.