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).

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.

Handicap

A race where a handicapper has assigned weights to be carried by all runners on the basis of their past racing efforts.