A horse race is a competitive event in which horses are pulled by jockeys to the finish line in a track or arena. During the course of the race, a betting market develops with bettors attempting to predict which horse will win. In some races, bettors also place bets on individual horses in the form of handicapping, which involves analyzing the past performances of a horse and estimating its likelihood to win.

One of the oldest sports in the world, horse racing developed from primitive contests of speed or stamina to a spectacular spectacle with enormous fields and sophisticated electronic monitoring equipment, but its basic principle has remained unchanged throughout the centuries: The horse that crosses the finish line first is declared the winner.

Although horse racing has evolved into a sport with a global audience, there are a number of key differences between national rules and regulations. For example, the United States has rules governing how frequently a jockey can use his or her whip, while other countries allow far more permissive use of the whip.

The use of a whip is controversial and has prompted many to question the sport’s safety. For example, People for the Ethical Treatment of Animals has criticized the handling of horses and claimed that the sport is based on cruelty. Some critics have also questioned the rules’ effectiveness.

However, the majority of national horse-racing organisations have very similar rulebooks. For instance, the British Horseracing Authority’s original rulebook served as a model for many other nations’ rules.

A large percentage of bettors, whether hardcore daily bettors or casual visitors, cheer a particular horse, such as Seabiscuit, rather than a particular rider or trainer. These fans may cheer a horse by its number, or they might call out its name. In some cases, a horse can have such a strong fan base that it becomes the face of an entire industry.

Horse racing’s long and distinguished history has been influenced by social changes, technological advancements, and the economic conditions of different times and places. For example, in the 1930s impoverished state governments, looking for ways to increase revenues, turned to the potential honey pot of horse racing. By imposing steep taxes on racing’s profits, these states essentially subsidized the sport and boosted attendance. In turn, the increased attendance helped boost television viewership, which in turn led to more sponsorship and greater profitability for the tracks. The increased profits benefited both the racehorses and their owners. It is not uncommon for a single horse to earn millions of dollars in a career, which can lead to a high-profile retirement and a windfall for its owners. These profits are also attractive to speculators who seek to make a fortune by buying a winning horse and then selling it at a profit. Despite these benefits, horse racing is still considered a sport with high stakes and risks for both the horses and their owners. The sport remains popular in the United States and worldwide.