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).
Bute
Shortened word for phenylbutazone, the common non-steroidal medication legal at most racetrack.
Bobble/Stumble
A slip or a duck from a horse trying to leave the starting gates, often caused by the surface giving way under the feet. This can range from a mild misstep to a stumble down to their knees.