Paddock

The area where horses gather before the race to be saddled and paraded for the public.

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.

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).