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A reason to play the exacta not emphasized in this thread is having a discrete opinion about the place position. Like an ABC/K type play. This is more obvious yet less intuitive to me than many other exacta strategies.
There's scant wisdom about handicapping for second, just a few allusions to seconditis and running styles that complement the likely winner or work against track bias or race shape. I suspect people generally regard the place position as missing the win rather than getting up for second, and that more focus on the latter might point to fewer underlays.
I'm thinking something like a hard knocking type that runs his race and collects a check but not otherwise determined to win, coupled with a set win-or-fade contenders. If you can find a dark key for second with a few win contenders that aren't the favorite you might find a juicy overlay without spreading much.
The headwind here is indiscriminate overbetting of bombs for second with something logical on top, which is why I'm about the discrete place pick. I also suspect there's a bit less betting pressure on otherwise logical choices for place than for win.
Despite some wisdom to the contrary, many folks probably bet all the win contenders in exacta combos, wasting place slots on non-winners that fade out of the money, and overlooking more likely place contenders. I, too, am seduced by the exacta to get action on multiple horses, to the detriment of my bankroll. I've reduced my spreading but hit rate is low. Sometimes I'll play chalk I like pretty cold but an underlay is still an underlay. I focus on complementary running styles but I suspect faders are killing me.
I also think we tend to bet symmetrically, and I wonder if four exactas AB/CD type play might avoid more underlays than AB/ABC.
I'm a firm believer in dutching, which lends discipline to the play. I'm a small bettor, and sometimes the dutch is too little a fraction of the bet, but I figure if it's too much trouble to dutch, then I'm probably spreading too much with too weak an opinion.
Happy to be proven wrong by evidence, but just wanted to air out some of my exacta thinking. I've always been pretty enamored with the pool but not terribly successful.
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