A horse race is a contest of speed among horses that are either ridden by jockeys or pulled by sulkies and their drivers. The term is also applied to a leadership contest that pits several senior executives against each other to see who will become the next chief executive officer of a company. Proponents of the horse race approach to succession say that it demonstrates a board’s confidence in its management, its leadership development processes and its people. It also encourages employees to aim higher and strive for more challenging assignments. However, critics contend that the horse race can lead to destructive conflict and damage a company’s reputation.

A company’s board of directors should consider whether the culture and organizational structure are conducive to an overt horse race for the top role, and how a potential successor will fit into the company. The board should also be aware of the risks associated with this method and decide if it is worth the effort and expense.

An executive with strong leadership and communication skills and a history of success in a particular function could be considered the best candidate for the CEO position. Those qualities are especially important when the company needs to change direction or execute on an ambitious growth plan, experts agree. A company’s board and current CEO should also consider the capabilities of the other candidates in the horse race, and determine if any of them would be better suited for the role.

In the past, horse racing was dominated by long distance races, which demanded both speed and endurance. But British soldiers returning from the desert battlefields of the Middle East brought back stories of their enemies’ horses running over sand dunes at astonishing speeds, and this inspired breeders to try to develop leaner, faster equines. By the 1700s, wealthy landowners were shipping their prized horses across the Atlantic to England to be bred to these new, fast Thoroughbreds.

The greatest Flat races in the world are known as the classics, and their distances vary from a mile to four or more miles. The most prestigious are the Prix de l’Arc de Triomphe, the Melbourne Cup, the Japan Cup and the Kentucky Derby and Preakness Stakes in the United States. Only 13 horses have won the Triple Crown by finishing first in all three of these races.

In a classic horse race, the competitors run at a blistering pace from the start, and only those with the utmost speed, agility and endurance can win. One of the most memorable examples of this was Secretariat’s 31-length Belmont Stakes victory to clinch the US Triple Crown in 1973. Race commentator Brough Scott called it “the hardest, most implacable, most moving Flat race I have ever seen,” and it was soon dubbed the Race of the Century.

Newsrooms may rely on horse race reporting in an attempt to attract more viewers and readers, especially in key swing states. But such coverage can be harmful to voters, third-party candidates and the news industry itself, according to a growing body of research.

Lottery is a type of gambling in which prizes are assigned by chance. These may be cash or goods, but the primary requirement is that the odds of winning are low. The game of lotteries has a long history and continues to be popular worldwide. While there are some risks involved, many people enjoy playing and the potential for winning a large prize can make it a fun activity for family and friends. However, it is important to remember that the game is based on chance and that no one can guarantee that they will win anything. If you plan to play the lottery, be sure to budget accordingly and never spend more than you can afford to lose.

The first recorded lotteries in Europe were held by the towns of the Low Countries in the 15th century to raise funds for town fortifications and poor relief. They used a system of selling tickets with numbers printed on them, with the winners selected by drawing lots. The word “lottery” is probably derived from Middle Dutch loterie, a calque of Middle French loterie.

In the modern sense, a lottery is a process of randomly assigning something of value, such as a position in an order, an opportunity to participate in a school or college admissions procedure, or a vaccine against a fast-moving disease. The most common examples of a lottery are those that dish out cash prizes to paying participants. There are two types of lotteries: financial and sports. The NBA draft is a lottery in which 14 teams compete to acquire the first-round pick.

A lottery can also be a means of raising public funds for a particular purpose, such as the repair of roads or buildings. George Washington and Thomas Jefferson both used the lottery to fund a variety of public projects, including military and educational needs.

Today, state governments are increasingly using lotteries to raise funds for a variety of purposes. They are a source of revenue without raising taxes, which can be politically difficult. In addition, they provide a way to fund programs that would otherwise be unfunded, or at least underfunded, in the face of rising deficits and strained budgets.

Another benefit of the lottery is that it is a way to promote public awareness about a particular cause or issue. For example, the National Multiple Sclerosis Society’s annual lotto has raised more than $350 million for MS research and services. This is a much greater amount than the organization could have raised through traditional fundraising methods, such as donations.

Lottery proceeds have been a crucial source of funding for several charitable causes, including the construction of many bridges and other projects. In addition, the money has helped to alleviate poverty in many states by allowing families to save on food, fuel and utilities. It has even boosted the economy in areas that have been hit hard by recession. This is especially true for communities with a high percentage of elderly residents.