Rabbit

Also known as a pacemaker; this is a horse with no expected chance of winning but is used to prompt a quick pace on the front end of the race to the benefit of a stablemate who is a closer.

Claiming Race

A race in which horses are entered for a certain price, or claiming tag, which is also their sales price. An owner can claim any horse entered for the tag before the race begins, and owns them as soon as the gates open.

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).