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Stakes Race
Stakes Races are known as better class races, with higher purses and often accompanies by trophies.
Exacta
A bet selecting the first and second horses in a race in the correct order. An exacta box refers to paying a little more to ensure they can finish in either order.
Pari-Mutuel
A pool style wagering system, where all money input through betting is divided among those with winning tickets (save for various deductions by the track operators).