A horse race is a contest in which horses compete to win prize money by running around a course and jumping any hurdles in the way. The first horse to cross the finish line wins. The horses are usually matched in groups called fields, or mutuel fields, and are ridden by jockeys wearing racing silks. These silks can be generic or specific to a rider and/or trainer. The horse races are often broadcast on television and can be wagered on by people at home.
Behind the romanticized facade of horseracing lies a world of injuries, drug abuse, and gruesome breakdowns. The horses are forced to sprint at speeds that frequently cause them to bleed from their lungs, a condition known as exercise-induced pulmonary hemorrhage. Pushed beyond their limits, most are subjected to cocktails of legal and illegal drugs intended to mask their injuries and enhance their performance.
Despite these conditions, the sport remains enormously popular in the United States and abroad. In fact, the industry generates $36.4 billion annually and supports 491,000 jobs in agriculture, tourism, veterinary services, and other industries.
But a close look at horseracing shows that it is at a critical turning point. Insiders have told me that if public opinion turns against the sport, tax revenues and job creation could be lost—and the equine breeding industry would suffer.
To avoid this outcome, the governing bodies for horseracing have enacted revenue-sharing agreements that benefit both the owners and the fans. Referred to by some critics as “handouts” and “subsidies,” these monies are actually necessary for the long-term health of the industry.
These deals are a reflection of the fact that horseracing has changed significantly since its founding as an elite sport for wealthy patrons. Today, horseracing is a global industry that relies heavily on foreign wagers to pay for prize money and other expenses. This increased competition has brought greater emphasis on speed, which requires more and more horses. As a result, the breeders have focused on selecting and breeding faster animals rather than improving their durability.
To maintain an even playing field, horses that are not quite fast enough to compete at higher levels are placed in claiming races. These races are designed to offer a combination of risk and reward: If a horse performs well in a claiming race, it may move up the ranks to higher class, but if it fails to make the grade, it will be claimed by another owner. This system provides a balance between the rewards of success and the risk of failure that is critical for the survival of wagering on horse races.