Horse racing is a sport that involves competing horses in various races. It has been practiced in civilizations across the world since ancient times. Archaeological records show that horse racing occurred in Ancient Greece, Babylon, Syria, and Arabia. It also has been an important part of myth and legend, such as the contest between Odin’s steeds and Hrungnir in Norse mythology. In modern times, the most prestigious events are sponsored by commercial firms and offer purses in the millions of dollars. The earliest races were match races between two or at most three horses, with their owners providing the purses and a simple wager being placed on which horse would win. This system remained in place until the mid-18th Century when demand for open events produced standardized rules and eligibility requirements.

These included age, sex, birthplace, and previous performance. In addition, many races were limited to specific racetracks or were restricted geographically. The earliest match races were winner-take-all but as the popularity of horse racing increased, second and third prizes came to be offered. These prize purses were later supplemented by a system of bonus payments based on the performance of individual horses in the event.

The newest racetracks, with their state-of-the-art facilities and large crowds, have brought an increase in betting and popularity to the sport. Many people enjoy watching the horses run, but others prefer to place a bet. While some people choose to wager with their own money, most people use a system known as parimutuel. This system divides the total amount wagered by the number of winners, subtracts a small percentage from each winning bet, and pays out the remainder to the players.

In recent years, the industry has taken some commendable steps to make horse racing safer for the horses. However, despite these efforts, horses are still dying from the extreme physical stress of racing. This has prompted an existential crisis for the sport, which must decide whether it can continue to survive on a system that routinely kills its athletes.

Before a race starts, the horses are positioned in starting stalls or behind a starting gate. A jockey is then seated on the horse to guide it along the track and over any hurdles or fences that are present. A steward or starter will decide which horse is first to begin the race and, in exceptional or emergency circumstances, a horse may be started with a flag instead of the starting gates or stalls. When the race begins, a bell is rung to signal the start of the race and competitors begin to compete in a series of sprints or slaloms depending on the type of race.