Betting Option is a term used in the world of horse racing. An EXACTA (6 letters) is a type of bet where the bettor must select the first and second place finishers in a race in the exact order. A Trifecta (8 letters) is a bet where the bettor must select the first, second, and third place finishers in a race in the exact order. An Allor (5 letters) is a bet where the bettor must select the first two finishers in a race in either order.