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Rabbit
Also known as a pacemaker; this is a horse with no expected chance of winning but is used to prompt a quick pace on the front end of the race to the benefit of a stablemate who is a closer.
Trifecta
A wager picking the first, second and third horses in the exact order. A trifecta box means paying more to ensure the horses can finish in any order in the top three spots.
Underlay
A horse that is going off at lower odds than it deserves based on performance.