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Stewards
The officials watching every race at a meet to enforce the rules.
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).
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.