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Allowance Race
A race with non-claiming conditions set by the racing secretary. They are meant to be a step down from stakes racing.
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.
Overlay
A horse going off at higher odds than his recent efforts show that he deserves.