A horse race is a sporting event in which horses are ridden by jockeys and guided over a prescribed course, jumping hurdles if present. At the end of the race, prizes are awarded to those who finish first through third in various amounts depending on the event. The sport of horse racing is popular in many countries around the world.

In the early days of horse racing, only wealthy people could afford to own and care for a racehorse, so races were closed events in which only those with a certain amount of money could compete. By the mid-18th century, public demand for open races prompted the development of rules and regulations that allowed more horses to participate in a given race. Eligibility rules based on age, sex, birthplace, and previous performance began to be established. In addition, handicapped races requiring that horses have won a specified number of races were introduced. In Australia, this included the famous Melbourne Cup, or “race that stops a nation.”

At the starting gate, Mongolian Groom balked. His coat looked bright in the walking ring, rippling with sweat and muscled excitement. The gate staff was patient, but the horse’s owner, Ganbaatar Dagvadorj, a Mongolian tycoon who made his first fortune in post-Communist supermarkets, looked impatient.

As the horses started running, they moved with huge strides and hypnotic smoothness under the pinkish light. War of Will hugged the inside, McKinzie on the outside. At the far turn, Vino Rosso moved past them.

The track’s surface is dirt or turf, and the distance of a race varies as well. Each race also has a particular set of conditions that are specified by the conditions board, and these are what determine how a horse will perform in a given race. For example, a wet track will be faster for a horse than a dry one.

Bettors place wagers on a horse to win, to place, or to show. A winning bet is one that lands in the top three. A winning “show” bet is one that finishes in the top four, and a horse’s chance of showing up to win is also determined by how many other horses are entered in the race as well. A wager on a horse to show pays out the winner of a race with less than eight runners, but only the first two finishers in a race with eight or more are considered winners by most bookmakers. This is why betting to show is rarer in Europe, where only the first two places are paid.