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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).
Fractions
The times recorded during the race; with timing starting just past the gate or when the gates open, then parroted for the quarter, half, three-quarters etc. Used as an indication of ability and speed.
Bobble/Stumble
A slip or a duck from a horse trying to leave the starting gates, often caused by the surface giving way under the feet. This can range from a mild misstep to a stumble down to their knees.

