A horse race is a competition where horses and riders are pitted against each other over distances on a track. The first horse to cross the finish line wins the race and the corresponding wagers. Unlike many sports, horse racing does not use a point system to determine winners. Rather, a judge called a steward is responsible for making a determination of the winning horse. If the judges are unable to decide on the winner, the result is declared a dead heat and the money paid out to bettors is split equally.

The oldest form of racing was match races between two or three horses, with owners providing the purse. These were often won by long shots, and bettors paid a small amount to back these outsiders. Later, a larger purse was established and bettors placed a bet to win or lose against the odds, or to place in one of the top three positions (win, place, and show). Bets were originally private but eventually moved from individual owner’s accounts to bookmaking. Then, in the 19th century, betting was consolidated worldwide into the pari-mutuel system that pays out winners a share of the total amount wagered minus a percentage for management.

As the sport became more standardized, the eligibility rules for races developed to include age, sex, birthplace, and performance history of the horses. The richest races, which are known as stakes races, offer the largest purses and have restrictions on the number of entries, age of horses, sex, trainers’ previous record, and the number of times a horse has won in the past year.

During the early days of horse racing, the majority of contestants were wealthy nobles and other members of the upper class who paid to have their own horses trained and competed. But as more and more people began to bet on horse races, the sport developed into a commercial enterprise that relied on public money for its success. State governments took advantage of this potential revenue stream and exacted steep taxes on betting revenues.

Modern horse racing is also under scrutiny for animal welfare issues. Critics of the sport claim that overbreeding and drugs are causing injuries, breakdowns, and even death among the animals. Some organizations, such as People for the Ethical Treatment of Animals, conduct investigations that expose abusive training practices and drug abuse by horse trainers.

Regardless of the criticisms, most horse racing fans feel that the sport provides an exciting and enjoyable experience for bettors. They enjoy the spectacle of the horses and jockeys vying for victory, and they often root for specific horses by name. For example, Seabiscuit was a beloved favorite of countless bettors, and his victories at Churchill Downs inspired a nation. Other popular horses include Secretariat, Man o’ War, and Affirmed.