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Richie,
William T. Ziemba has written some excellent books on this subject. They're out of print and may be hard to find though. He is currently a math professor at M.I.T.; so be forewarned, his material is technical and not for the feint of heart.
Barry Meadow still sells Money Secrets At The Racetrack and that explains the mathematics of exotic betting reasonably well.
Dick Mitchell also wrote about the subject, but I'm not sure how easily you can obtain his books. He also has a video on money management which is excellent. It's fun to see him hopping around getting excited about numbers.
In a nutshell exotic wagering comes down to exploiting market inefficiencies. You want to make the exotic wager when it's paying more than it "should" pay. You must have an edge. No edge, no bet.
All three of the above mentioned authors do a good job of explaining the process of how to determine that.
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