Quinella wagering is very similar to Exacta wagering, except to cash a ticket you do not need to have the two horses in the exact order, just have both the winner and the runner up on the ticket.
The main difference is while a 1-3 and a 3-1 finish in the Exacta would pay different amounts, in the Quinella pool the payoff would be the same regardless of the order of finish.
For example, say a 12-1 longshot wins the race and the 5-2 favorite runs second. The Exacta might return $65.00. If the 5-2 favorite wins the race with the 10-1 longshot running second, the Exacta would probably pay around $35.00.The Quinella payoff would the same regardless of which of the two horses won the race.
Horseplayers with modest bankrolls might be able to use the Quinella wager more cost effectively. A simple $2.00 Quinella box using three horses costs just $6.00.
Not all tracks offer a Quinella wager. Of those that do, the probable payoffs are often shown on the toteboard or the television monitors, and can also be viewed online. By comparing the pools and probable payoffs, a sharp horseplayer can compare the payoffs in the Exacta and Quinella pools looking for overlays and underlays.
The Quinella has become the dinosaur of all horse racing wagers. However, on occasion the pools can offer a bit more value than what can be found in the Exacta pools, so if your favorite track does offer Quinella bets, do not completely dismiss the wager.