An Exacta is a bet type for your selections (minimum two) to finish 1st and 2nd, in exact order. Payouts are calculated based on the Vic Tote dividends (which will be determined after the race has resulted).
In the bet below, #11 must finish first and #12 must finish second for the bet to be a winner. If #12 won the race and #11 came second, the bet will be a loss.
In the example below, #14 finished first and #11 finished second. This resulted in a $21.30 exacta. If you successfully picked the exacta with a flexi of 250%, the payout would be calculated like this: 2.5 x 21.3 = $53.25