Horse race is a term that refers to any type of close form of competition between horses. The practice of horse racing has a very long history, stretching back to ancient Greece and Rome, and is even mentioned in the Bible as part of the contest between the gods and humans for control of heaven and earth. In modern times, the sport continues to be a popular activity for spectators and has also become an important component of the gambling industry. The term has also become a political metaphor and is used to describe any type of close contest between two candidates. This use of the term has helped to blur the distinctions between different types of contests and has led to confusion among some writers.

There are many betting options at horse races, from placing a bet on which horse will win to making accumulator bets in which multiple selections must be correct to win. The type of wager a player makes depends on the odds and the overall strategy employed by the player. Other terms used in the game include overlays, which are bets made on horses with higher odds than their actual chances of winning, and parimutuels, a French system of betting where winners receive all money wagered by bettors, after a deduction by the track.

In addition to betting on the winning horse, horse race fans can also place a bet on which horse will finish second or third. The number of places paid out in a race varies depending on the size of the field and is usually determined by the racing secretary. Betting to show is less common in Europe, but it is still possible for a horse to be placed if it crosses the finish line in any of the first three positions.

Behind the romanticized facade of horse racing lies a world of injuries, drug abuse, and gruesome breakdowns. Horses are pushed beyond their limits in an effort to reach speeds fast enough to compete with other horses, and as a result they often suffer from debilitating injuries and sometimes hemorrhage from their lungs. In addition, horses are often given cocktails of legal and illegal drugs to mask injuries and enhance performance.

Although some executives and governance observers are uncomfortable with the classic succession “horse race” approach, which pits several high-performing senior managers against one another in a bid to become the company’s next chief executive officer, it has nonetheless been successful in producing a series of exceptional leaders for companies including General Electric, Procter & Gamble, and GlaxoSmithKline. However, before a board adopts a horse race as its method of selecting the next CEO, it should carefully consider whether the company’s culture and organizational structure are suited to such an overt leadership contest. Moreover, it should also adopt strategies that can minimize disruptions caused by the process. If the horse race is not handled properly, it can have a negative effect on company momentum and may damage the image of the organization in the eyes of employees and investors.