An exacta bet is a pari-mutuel bet type where you must select runners to finish 1st and 2nd in the correct finishing order.
If they run 1st and 2nd but not in the correct order the exacta bet will not win. The dividend for an exacta bet is determined by the size of the betting pool and the number of winning unitholders. Exactas are most commonly available for horse racing betting.
A quinella bet is similar to an exacta as it requires the bettor to select the first two past the post in a horse race. However, an exacta differs because the finishing order of those first two runners must also be correct, whereas, for a quinella, the order does not matter.
The example shows an exacta bet where the bettor has selected two horses (numbers 4 and 1) to finish in first place, and five horses (4, 1, 5, 6, 7) to finish in second place. The cost of the bet is $8, calculated by multiplying the two first-place selections by the four of the five-second place selections.
An exacta box is where you can select any number of horses to finish 1st or 2nd, and the runners can finish in any order. However, there is a catch; an exacta box costs more than a normal exacta bet. If you select three horses for the exacta bet, the cost is $6 (3 x 2 = 6).
An exacta box is similar to a quinella; however, the cost of betting is different as there are more possible combinations for the exacta bet. A quinella bet with three selections will cost $3 as there are three possible combinations. An exacta box bet with three selections will cost $6, as there are six different combinations in which the selected horses could finish. The betting pools are also different, and so the dividends are likely to vary.