What Is a Horse Race?
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A horse race is an overt contest in which several senior executives are pitted against each other for the privilege of becoming the next CEO of a company. Proponents of this approach argue that it is a way to ensure that an organization gets the best possible leadership for its top role. It also can motivate the rest of the organization by showing them that there is a path to moving into more demanding positions. However, it is not without its critics. For example, some executive development experts warn that an overt competition like this can actually have a negative impact on the company’s culture and may not produce the kind of leader that is needed.
Horse racing has long been a popular sport. The horses’ power, beauty and the chance to win a big prize attracts many fans. The sport grew even more popular when a computerized system for counting pari-mutuel bets was implemented in 1984 and television came to the race track. These two developments have boosted attendance and turnover at race tracks.
There are many different levels of races at which horses can compete. The lowest level is called a maiden race, and a horse must win this race before progressing to other levels. There is a progression from maiden races to claiming races, and if a horse wins a claiming race it can be claimed away from its owner for a certain amount of money. The original owner then receives 40% of what the horse won in the claiming race on top of its own winnings.
Other races are restricted by other conditions, such as sex, age and distance. A horse must be at a minimum age to run in a stakes race, and some races are only open to horses sired by a particular stallion. Some races are even “graded” by their category, with Grade 1 being the highest designation.
If you bet on a horse to win and another to finish second, you can place an exacta. To win an exacta, the horses have to finish in exactly the same order as specified. For example, if you bet on a horse to win, and another horse finishes second, you win a $2 exacta.
Some of the horses who win races will never have a second career. Those who do will often be used in equestrian pastimes, or may be slaughtered for their meat. Sadly, some horses simply don’t want to be racehorses and never have the ability to succeed at this challenging sport. The horses who do make it to the end of their careers will rarely have a happy retirement, as they are valued only for their ability to earn money.