Please specify horse racing data pricing

Hi! As far as I know, horse racing data pricing is 0.5 GBP per UK or Irish meeting. What does 'meeting' mean here? Is it a complete meeting consisting of, say, 8-9 races, with Win and Place markets each (e.g. all races from Newmarket on 1st July)? Or is it just one race with Win and Place markets (e.g.a 13-00 Newmarket race)?
Is a 1 sec refresh PE / IP available?

It covers all the day's markets (win & place) from a single meeting.

Hello!

What rubold said and also in response to your question: 

Is a 1 sec refresh PE / IP available?

Not sure what PE/IP is, but if this is about the data, then the maximum refresh frequency in Time Machine is 1 sec.