Today's SE - Hagmyren Horse Racing Picks

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).

Underlay

A horse that is going off at lower odds than it deserves based on performance.

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.