What is a Horse Race?
A horse race is a competition in which horses run on a track. The sport has entranced spectators for centuries and has been an important part of culture throughout the world. It is the inspiration for several forms of entertainment, from sports betting to movies and novels.
The first documented horse races were match races, where owners provided a purse and bets were placed against one another. Often, an owner who withdrew would forfeit half the purse or even the entire sum. These agreements were recorded by disinterested third parties, who came to be known as keepers of the match book. One such keeper, at Newmarket in England, began publishing An Historical List of All Horse-Matches Run (1729).
In the mid-19th century, American track operators were looking to increase interest in their industry and introduced pari-mutuel betting. This was where bettors placed a share of the total pool regardless of who won the race. This was a huge improvement over the previous system, where winnings were divided between the horse and jockey or driver (known as a sulky).
This move proved to be an instant success and helped to boost attendance at the tracks. Interest waxed and waned with economic prosperity and depression, war and peace, but the 1970s saw a surge in popularity with great horses like Secretariat, Seattle Slew and Affirmed. In the 1980s, though, interest again started to wane and Thoroughbred racing began to be more closely associated with gambling than it was with cultural celebration.
Behind the romanticized facade of horse racing lies a world of injuries, drug abuse and gruesome breakdowns. Pushed to the limit, the equines are subjected to cocktails of legal and illegal drugs intended to mask pain and artificially enhance their performance. Many of the animals will bleed from their lungs, a condition called exercise-induced pulmonary hemorrhage. To counteract this, they are sometimes given Lasix, a drug that is supposed to reduce bleeding.
While most horse races are held on dirt, a significant percentage of them are run on turf or synthetic surfaces. Turf is the most common surface used for racing in the United States, while synthetic tracks are growing in popularity. The latter offer more consistent results than dirt, and are easier on the horses’ joints and legs.
While the most famous example of a horse race is a contest between two opponents, it can also be applied to business situations such as a leadership race for an organization. It can be risky to have a clear winner in such a situation, but if the company’s culture and organizational structure support this type of contest, it can be an effective way to develop an executive who is ready for the next stage of growth. The key to such a contest, however, is that it must be based on a thorough evaluation of the company’s needs and capabilities. Otherwise, the resulting horse race can quickly derail a company’s success. In addition, the board and current executives should consider whether their cultures are compatible with this kind of contest, which can be akin to throwing a wild-card candidate into a game that is largely about playing the odds.