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Horse Racing Basic Terms

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).

Underlay

A horse that is going off at lower odds than it deserves based on performance.