For the people who are new to horse racing here are some commonly used gambling terms.
Account wagering – Betting by internet or phone, in which a bettor must open an account and deposit money with which to bet.
Pari-mutuel – System of wagering where all the money is returned to the bettors after deduction of track and state percentages.
Handle – Amount of money wagered in the pari-mutuel system on a race, full day of races, or entire racing season at a track.
Bounce – An especially poor performance on the heels of an especially good one.
Chalk – Betting favorite in a race.
Chalk player – Gambler who wagers on favorites.
In the money – A horse that finishes first, second or third.
Key horse – A single horse used in multiple combinations in an exotic bet.
Morning line – The starting odds set by the track handicapper.
On the board – Finishing among the first three.
On the nose – Betting a horse to win only.
Parlay – A multi-race bet in which all winnings are subsequently wagered on a succeeding race.
Part wheel – Using a key horse or horses in different, but not all possible, exotic wagering combinations.
Exotic (bet) – Any bet other than win, place, or show that requires multiple combinations. Examples of exotic wagers are trifecta, Pick 6, Pick 4.
Win – A bet on a horse to finish first.
Place bet – A bet on a horse to finish first or second.
Show bet – A bet on a horse to finish in the money; third or better.
Across the board – A bet on a horse to win, place and show. If the horse wins, the player collects three ways; if second, two ways; and if third, one-way, losing the win and place bets. Actually, three bets.
Exacta – A wager in which the first two finishers in a race, in exact order of finish, must be picked.
Quinella – Bet in which the first two finishers must be picked in either order.
Trifecta – A bet in which the first three finishers must be selected in exact order.
Box – A betting term denoting a combination bet whereby all possible numeric combinations are covered horses.
Trifecta box – A trifecta wager in which all possible combinations using a given number of horses are bet upon.
Exacta box – A wager in which all possible combinations using a given number of horses are selected.
Pick (6 or other number) – A type of multi-race bet in which the winners of all the included races must be selected. Pick 3, Pick 4, Pick 5, Pick 6 are commonly used by tracks in the United States.
Daily Double (or Double) – Type of bet calling for the selection of winners of two consecutive races.
Speed Figure or Buyer Figure – A metric that rates a horse’s performance in a race, which is determined by a combination of the horse’s performance and the level of competition he/she competed against.
Underlay – Horse whose odds are more promising than his potential to win.
Overlay – A horse whose odds are greater than its potential to win.
Wheel – Betting all possible combinations in an exotic wager using at least one horse as the key.
Bridge jumper – A person who wagers large amounts of money, usually on short- priced horses to show, hoping to realize a small but almost certain profit. The term comes from the structure those bettors may seek if they lose the bet. We prefer not to use this term literally.