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.