A racetrack bet is a type of WAGER placed on the outcome of a horse race. The most common types of racetrack bets are EXACTA (6 letters), Trifecta (8 letters), WAGER (5 letters), PARLAY (6 letters) and TheDailyDouble (14 letters). An EXACTA bet requires the bettor to pick the first and second place finishers in the correct order, while a Trifecta bet requires the bettor to pick the first, second and third place finishers in the correct order. A WAGER bet is a bet placed on a single horse to win, place or show. A PARLAY bet is a combination of two or more wagers, and TheDailyDouble is a bet placed on the first two races of the day.