A horse race is a sporting event in which competitors attempt to win money by placing bets on a particular horse or team. A number of races are held around the world every year and have become an important part of the cultural fabric of many countries. Some of the most popular are handicaps, which involve horses of all levels competing against each other on equal terms. Other notable races include the Prix de l’Arc de Triomphe, Melbourne Cup, and Epsom Derby.

In some cases, the winner of a horse race receives a prize amount equal to the total bet placed on the winning entry. This prize amount is referred to as the purse. Other races, such as those involving handicaps or other special conditions, are known as stakes. In a stakes race, the owners of all the competing horses put up money before the event starts. The winner takes all of this money, which is called the prize purse, assuming he or she has the best chance to win.

The sport of horse racing is regulated by state and local laws. Most states have a horse racing commission, which oversees the integrity of horse racing and ensures that all bettors are treated fairly. The Commission also investigates allegations of illegal gambling activity and helps horse breeders maintain their legal standing in the industry. The Commission has also worked to improve the safety of horses and has set minimum age requirements for a horse to compete in a race.

A horse’s chances of winning a race depend on both its speed and stamina. A horse that is too slow can not catch up to the leading group and may lose the race. Stamina is a more difficult trait to enhance, but improvements in training and medication have increased a horse’s ability to endure longer distances. The oldest and most prestigious flat races are run at a distance of about four miles or more.

Whether in a handicap or a stakes race, horses must be in peak physical condition to have a chance of winning. This is not an easy task, and injuries are common. After a serious injury, a horse must undergo thorough physical and veterinary exams to determine its prognosis for recovery. If the odds of recovery are poor, the horse is usually euthanized.

Despite these efforts, horse racing is losing its share of the market to other spectator sports. A 2011 report commissioned by the Jockey Club revealed that the industry was losing fans, revenue, race days, and entries at an alarming rate. Some would-be horse racing fans are turned off by the sport’s scandals regarding animal cruelty and drug use. Others are disgusted by the way that young, healthy horses are often sold for slaughter. PETA has made significant progress in highlighting abusive training practices for young horses, the transport of American horses to foreign slaughterhouses, and other issues that have raised ethical concerns.