hope this helps
I only play pick 3/4 I don't play 1 & 2 which in my opinion a waste of money but here is an example using today's midday 8674
your 3 & 4 options would have been to play 8674 betting first 3 any order, last 3 any, or all 4 any for as low as 50 cents or as much as $2. so let's say you played 8764 you would have hit all 3 ways but had the number came 8476 you would only have had last 3 any and all 4 any. The point in first 3 and last 3 is kind of the same as a pick 3.
Now for the exact... you can play the same # first 3 exact, last 3 exact , all 4 exact for 25 cents each or up to $2 each. To win you have to have the numbers in exact order, so even though the number came 8674 if you played 4674 and played first 3 last 3 and all 4 exact, then you would have hit the last 3 #'s exact. Most people that play pick 4 will play a number "across the board for 50 cents" which would cost 3$ total.
Payout is based on 1$ bet for each spot i.e all 4 ex, first 3ex, last 3 ex etc each have their own payout amount
the payout for today's midday 8674 paid $6,177 for all 4 exact so you would get 1/2 of the pay out for all 4 exact had you played 8674.
but had you played 8764 across the board then you would win half of the payout for first 3, last 3 and all 4 any Payouts were: first 3 or last 3 any : $144 and all 4 any $257 so that $3 bet across the board would have got you $272.50
typically doubles pay a higher amount and if there happens to be triples ex:5585 all 4 any, pays much higher usually between $800 & $1,000
I hope this helps. ALSO IF ANYONE HAS ANY PICK 4 FORMULAS FOR MASSACHUSETTS PLEASE LET ME KNOW, I'VE TRIED A LOT OF THE FORMULAS I'VE SEEN HERE AND I JUST ENDED UP SPENDING WAY MORE $$ WITH NO HITS.