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Underlay
A horse that is going off at lower odds than it deserves based on performance.
Also Eligible
A horse that is entered but does not draw into the body of the field due to too many entries, and thus is not permitted to start unless there are enough scratches to shrink the field size.
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.