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.