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Underlay

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

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

Superfecta

A wager involving choosing the first, second, third, and fourth horses in one race in the exact order. A superfecta box involves paying more to ensure they can finish in any order in the top four spots.