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Handicap
A race where a handicapper has assigned weights to be carried by all runners on the basis of their past racing efforts.
Fractions
The times recorded during the race; with timing starting just past the gate or when the gates open, then parroted for the quarter, half, three-quarters etc. Used as an indication of ability and speed.
Stakes Race
Stakes Races are known as better class races, with higher purses and often accompanies by trophies.