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Superfecta
A wager involving choosing the first, second, third, and fourth horses in one race in the exact order. A superfecta box involves paying more to ensure they can finish in any order in the top four spots.
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).
Furlong
One furlong is an eighth of a mile.