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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.
Allowance Race
A race with non-claiming conditions set by the racing secretary. They are meant to be a step down from stakes racing.
Exacta
A bet selecting the first and second horses in a race in the correct order. An exacta box refers to paying a little more to ensure they can finish in either order.