Pacesetter
The horse that is running in front (on the lead).  

Paddock
Area where horses are saddled and paraded before being taken onto the track.  

Paddock Judge
Official in charge of paddock and saddling routine.  

Panel
A slang term for a furlong.  

Parimutuel
A form of wagering originated in 1865 by Frenchman Pierre Oller in which all money bet is divided up among those who have winning tickets, after taxes, takeout and other deductions are made. Oller called his system "parier mutuel" meaning "mutual stake" or "betting among ourselves." As this wagering method was adopted in England it became known as "Paris mutuals," and soon after "parimutuels."  

Parlay
A multi-race bet in which all winnings are subsequently wagered on each succeeding race.  

Part Wheel
Using a key horse or horses in different, but not all possible, exotic wagering combinations. 

Past Performances
A horse's racing record, earnings, bloodlines and other data, presented in composite form.  

Patrol Judge
Official who observes the progress of a race from various vantage points around the track.  

Photo Finish
A result so close it is necessary to use the finish line camera to determine the order of finish.  

Pick (3,4,5,6)
A type of multi-race wager in which the winners of all the included races must be selected.  

Pill
Small numbered ball used in a blind draw to decide post positions.  

Pinched Back
A horse forced back due to racing in close quarters.  

Pipe Opener
Exercise at a brisk speed.  

Place
Second position at the finish.

Place Bet
Wager on a horse to finish first or second.  

Placing Judge
Official who posts the order of finish in a race.  

Plate
1) A prize for a winner. Usually less valuable than a cup. 2) Generic term for lightweight (usually) aluminum horseshoe used during a race.  

Point of Call
A horse's position at various locations on the racetrack where its running position is noted on a chart. The locations vary with the distance of the race.  

Pole
1) Markers at measured distances around the track designating the distance from the finish. The quarter pole, for instance, is a quarter of a mile from the finish, not from the start. 2) The top of the head, between the ears. 

Pony
Any horse or pony that leads the parade of the field from paddock to starting gate. Also, a horse or pony which accompanies a starter to the starting gate. Also can be used as a verb. He was ponied to the gate. Also known as a "lead pony."  

Post
1) Starting point for a race. 2) An abbreviated version of post position - He drew post four. 3) As a verb, to record a win - He's posted 10 wins in 14 starts.  

Post Parade
Horses going from paddock to starting gate past the stands.  

Post Position
Position of stall in starting gate from which a horse starts. 

Post Time
Designated time for a race to start.  

Preferred List
Horses with prior rights to starting, usually because they have previously been entered in races that have not filled with the minimum number of starters.  

Prep (race)
A workout (or race) used to prepare a horse for a future engagement.  

Prop
When a horse suddenly stops moving by digging its front feet into the ground.  

Pull Up
To stop or slow a horse during or after a race or workout.  

Purse
The total monetary amount distributed after a race to the owners of the entrants who have finished in the (usually) top four or five positions.