It must finish first in the race. You may also bet on a horse to place. You will then collect when the horse finishes first or second. If you make a show wager, the horse must finish first, second or third. Likewise, a place bet will return less than a win wager.
Most tracks offer at least four different types of exotic wagering.
But be forewarned, not all races offer all forms of exotics. In fact, sometimes the track will not accept exotic bets of any kind on a given race. This usually happens when there is a small field of entrants, but be sure to check your daily program prior to each race. It's the oldest of the exotic wagers and one of the most popular. To win the Daily Double, you must select the winners of two consecutive races.