quinella

Quinella is a type of pari-mutuel betting used in horse racing in many jurisdictions. In a quinella, a bettor selects two horses that are expected to finish first and second in the race, in any order. If those two horses occupy the top two positions, regardless of which one wins, the wager pays out. If other horses finish first or second, the bet loses.

Payouts in a quinella are determined by the total staking pool for the race and the number of winning combinations rather than fixed odds. The amount returned to bettors depends on how many people correctly predicted the two finishers and how much money was wagered. Because the payout is pool-based and non-fixed, sums can vary significantly from race to race.

A common way to increase the chance of a return is to “box” the quinella. A box covers all two-horse combinations from a set of chosen horses; for n horses, the number of combinations is n choose 2. For example, a box with three horses covers three combinations, costing three times the base stake. Boxes raise the upfront cost but ensure a payout if the top two finishers are among the selected group. Bettors may also place quinella bets across multiple races or alongside other wagering options.

Quinella differs from an exacta, which requires the two finishers to be in a specific order. The term is widely used in North America, Europe, and Australasia, though local rules and naming conventions can vary.