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Boxes and single horse keys are easy to calculate. For anything more complicated, you can download Horatio Kemeny's free Exotic Wager Calculator which also calculates costs for exactas, trifectas, Pick-3's, etc.

Examples:

5 horse exacta box = 5 x 4 = 20 combinations
5 horse trifecta box = 5 x 4 x 3 = 60 combinations
5 horse superfecta box = 5 x 4 x 3 x 2 = 120 combinations

$1 Exacta Box costs:

2 horse box = $2
3 horse box = $6
4 horse box = $12
5 horse box = $20
6 horse box = $30
7 horse box = $42

$1 Trifecta Box costs:

3 horse box = $6
4 horse box = $24
5 horse box = $60
6 horse box = $120
7 horse box = $210

$1 Superfecta Box costs:

4 horse box = $24
5 horse box = $120
6 horse box = $360
7 horse box = $840

$1 Superfecta Key costs:

key 1 with 3 horses = $6
key 1 with 4 horses = $24
key 1 with 5 horses = $60
key 1 with 6 horses = $120

In the simplest terms, a Grade 1 race is a race for Grade 1 horses. The goal of assigning a grade is to make the race attractive to horses of similar quality. Owners and trainers want their horses to run where they can win the largest purses and earn the prestige of the highest stakes grades. Assigning grades helps owners and trainers pick the best possible races for their horses.

The best horses usually race fewer than a dozen times per year and have careers that only last a couple of years, at most. It makes little sense for a Grade 1 horse to run in a Grade 3 race - while he should win easily, there's more money and prestige to be earned in a Grade 1 race. Likewise, it makes little sense to run a Grade 3 horse in a Grade 1 race - there's little chance of winning and an opportunity has been missed to win at the appropriate level.

If a race with a lower grade can consistantly attract better horses than its grade level, usually by offering a larger purse, it will eventually earn a higher grade. Conversely, if a graded stakes race fails to attract top horses, it is in danger of having its grade reduced or even eliminated.

Every eligible race in the U.S. is reviewed on an annual basis by the American Graded Stakes Committee of the Thoroughbred Owners and Breeders Association (TOBA) and is assigned a grade based primarily on the quality of the horses that have raced in it.

Graded Stakes Requirements

- Races must meet minimum drug testing, medication and safety requirements.

- Races must be unrestricted, except by age and sex.

- Races must meet minimum purse requirements (2009):

For 2009, the Committee reviewed 746 unrestricted races with a purse of at least $75,000 and assigned grades to 488 of them.

So, it's the grade of the race that determines the quality of the horses that run in it and it's the quality of the horses that run in the race that determines the grade of the race.

For more information: TOBA: Graded Stakes

Avoid cashing your ticket 5 minutes before any race as many people wait until the last few minutes before a race to place their wagers, and cashing your winnings will slow the process.