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.
Underlay
A horse that is going off at lower odds than it deserves based on performance.
Allowance Race
A race with non-claiming conditions set by the racing secretary. They are meant to be a step down from stakes racing.