Race wager types

Win - a bet the the runner will place first
​Place - a bet that the runner will place first, second or third. This bet is only offered if there are five or more runners.
​Each-way - a combination of Win and Place. A $5 bet Each-way is a $5.00 bet to Win and a $5.00 bet to Place, for a total bet of $10.
​Exotic - A multiple bet such as a Quinella, Exacta, Trifecta, First four & Quaddie.
​Exacta - a bet on which runner will finish first, and which will finish second, in the correct order.
​Quinella - a bet on which two runners will finish first and second, in either order.
​Trifecta - a bet on who will finish first, second and third, in the correct order.
​First4 - a bet on who will finish first, second, third, and fourth in the correct order.
​Duet - a bet on two horses to finish first, second or third, in any order.
​Running Double - a bet on the winners of two consecutive races at the same track.
​Daily Double - a bet on the winners of two nominated races at the same track.Treble – a bet on the winners of three nominated races at the same track.
​Quaddie - a bet on the winners of four nominated races at the same track.
​Box/Boxed: Two or more runners to finish in any order in a multiple bet such as a Quinella, Exacta, Trifecta.
​Roving Banker - that selection must place in the exotic bet you have struck (a good way to reduce combinations if you are confident on 2-3 horses)
​Fixed Price - bet is fixed at those odds when the bet is struckTote Derived Prices – price is based on the relevant tote price and will likely change

Other betting terms

Collect (dividend) - the dollar return from a winning bet. For a winning $10 bet at 6.00 odds the collect is $60.
​Dead heat - a race result where two or more horses finish equal for a position
​Field - can refer to all of the individual competitors in an event. Sometimes, non listed contendors (outsiders) are collectively called the field.
​Furlong - a unit of distance equal to 1/8 of a mile, or around 200 metres
In the money - an expression that applies to a runner that finishes 1st, 2nd or 3rd.
​Placegetter - a runner that places first, second or third in a race.
​Runner - a participant in a race
​Scratch - a runner that initially entered, but has since withdrawn from the race before it has started. All wagers on this horse are refunded.
​Sulky - a lightweight cart having two wheels and a seat for the driver. It is pulled by horses and is used for harness racing
​Plunge - In the bookmakers ring, a sudden rush of money for a particular horse.
​Protest - An objection lodged by the jockey, connections or the stewards regarding the outcome of a race.
​Parlay - A cumulative series of bets in which winnings accruing from each transaction are used as a stake for a further bet.