P

Pace
This is the speed at which races are run at different stages. ‘Up with the pace’ means close to the leaders and ‘off the pace’ means some way behind the leaders. Form for a race is often linked to the pace at which it was run, particularly relevant in the early stages.

Paddock
This is the part of the racecourse incorporating the pre-parade ring (where horses are paraded prior to the race) and winner’s enclosure.

Parlay
US term for an accumulator bet.

Permutations
If you have three or more selections in a bet, it is possible to ‘perm’ selections. This means that, rather than placing an accumulator where all your selections need to win, you can combine selections in ‘doubles’, ‘trebles’, etc.

Photo finish
This is a method of determining the result where there is a close finish using photographic evidence.

Picks
These are the selections chosen by an expert to bet on (also known as ‘tips’).

Pitch
This is the position where a bookmaker conducts his business on a racecourse.

Place terms
In non pari-mutuel betting, the returns for place bets are calculated as a proportion of the win odds. This varies between events and sports. the place terms should be clearly advertised when the bet is struck.

Point spread
This is the start that the favourite gives the underdog. Also known as the ‘line’ or ‘handicap’.

Pony
Slang for £25.

Press
This is to bet a larger amount than usual or to have a further bet on the same selection. Also known as ‘doubling up’.

Punter
The UK term for someone who has a bet.

Push
US term for the tie in a game where the score lands exactly on the spread (handicap) and all wagers are returned.