Rag

Rag is a slang term in betting that refers to the biggest outsider or underdog in a race or event. It is commonly used in horse racing but can also apply to other sports.

A rag has the longest odds in the field, meaning it is seen as the least likely to win. However, because of its high odds, a rag can offer huge payouts if it pulls off an upset.

For example, in a 10-horse race, if one horse is priced at 51.00 (50/1) while the favorites are at 3.00 or lower, that horse is considered the rag of the race. Bettors sometimes place small stakes on rags for big potential returns.