A horse race is a contest between two or more horses to determine a winner. The first horse to cross the finish line wins. Bettors may wager on the horse to win (finish first), place (finish first or second) or show (finish in any position, including third). Other popular wagers include the daily double and the exacta. The total amount of money paid out to the first, second and third-place finishers is called the purse.

The horse race is one of the oldest sports in the world, dating back to the 12th century. English knights returning from the Crusades brought back swift Arab horses that could be bred to English mares to produce runners with speed and endurance. The nobility wagered privately on match races between the fastest of these horses.

As racing developed, rules and regulations governing the sport were established. The first organized flat horse race in the United States took place in 1664 in New Amsterdam, now part of modern-day New York City. In order to compete in a horse race, the horse must be a purebred of a particular breed. This is determined by the horse’s pedigree, which includes a horse’s sire (father) and dam (mother).

In addition to establishing rules, racing officials and participants in a horse race must ensure that the horses are fit for competition. To this end, horses are examined by veterinarians to ensure that the animal is healthy and has no medical or physical problems. The veterinarians also review the horses’ health histories to ensure that the animals have not been exposed to any substances that may cause injury or illness.

After a thorough examination, the veterinarians issue a fitness certificate to the owner, stating that the horse is ready to participate in the race. The owner then must submit a race entry form to the appropriate racing jurisdiction.

If the horse is accepted into the race, it will be assigned a starting number by a steward or race secretary. After a certain number of races, the stewards and race secretaries will announce the final standings of the horses. The top three finishers receive their share of the prize money, and the winning horse is awarded a trophy or a silver cup.

Many companies use a horse race approach to select their next chief executive officer. The classic succession “horse race” pits several recognized candidates against each other in an open, overt competition for the top job with the aim of identifying the most capable candidate. Some board members and governance observers are uncomfortable with the horse race model, citing concerns that it can damage corporate culture and slow a company’s business momentum.

A horse race can also refer to a political contest between two or more candidates for office, such as the presidential nomination battle between Bernie Sanders and Hillary Clinton. The tendency to focus on two candidates chasing each other in the polls has been criticized as a form of “horse race journalism” that detracts from substantive discussions of national issues and hurts primary contenders and third-party candidates.