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Underlay
A horse that is going off at lower odds than it deserves based on performance.
Also Eligible
A horse that is entered but does not draw into the body of the field due to too many entries, and thus is not permitted to start unless there are enough scratches to shrink the field size.
Across the Board
Refers to betting on a horse to finish first, second, and third to cover any of those scenarios happening during a race