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