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State-Bred
A horse bred in a particular state and thus eligible to race in restricted state-bred races. These can be anything from maiden races to stakes events.
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.
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).