Horse Racing terms in a book I'm reading. Can anyone explain to me in simpler terms?

I am currently reading my first Bukowski book (Pulp), and I went in knowing that Bukowski was a notorious gambler, but wasn’t expecting that I would be hit with any lingo I couldn’t sort out. But it ended up being the contrary. At the end of page 47, his neighbour says

“Loco Mike. Ran the other day. Speed like a lepers tongue on a virgin tit – ran the first quarter in 21.0. Came blazing into the stretch with a 5 length lead, 20 thousand a dollar claimers, only got beat by a length and a half. Bit he’s dropping down against 15 thousand claimers. Rabbit like that, at 6 furlongs. All they’ll see is his asshole. The Racing Form has him listed at 15 to 1! A steal! I’m cutting you in on the action, good buddy!”

(Bold area is what I don’t understand.)

What does that mean? I’m the kind of person where I can’t continue reading until I understand what a sentence or phrase means. Anyone know?

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