A horse race is a competitive event in which a number of horses are run against each other. It is a popular sport that attracts millions of fans and spectators across the globe, from major events like the Kentucky Derby to smaller local meetings. While the sport has retained many of its storied traditions, from the ceremonial pageantry of high-profile races to the love for the animals themselves, it has also been impacted by technological advances and new rules governing animal welfare.

One of the most common reasons for attending a horse race is to place bets. The sport offers a variety of bet types, including straight bets on which horse will win, exactas (betting on two or more horses with the same result), and accumulator bets. Depending on the level of betting and the amount of money involved, winning can be lucrative, although some bettors find it more fun to simply watch the race.

The history of horse racing dates back to ancient times. While it was initially a sport for the wealthy, in the 18th century it became more popular with the general public and rules were put in place to protect the safety of the animals. For example, a rider must be licensed in order to participate in a race and a jockey must wear a helmet to prevent head injuries. The sport is now regulated by various international bodies and the safety of the horses has become a top priority.

Although equine veterinarians and scientists have made some progress in improving the health of horse racehorses, there is still much to be done. One of the most serious issues is a recurring problem known as bleeding from the lungs. This can be caused by stress or exercise, exacerbated by hot or cold weather, and may be prevented by medication such as Lasix. Another issue involves the fact that bred for the sport, horses are forced to sprint at speeds that can cause severe injuries, especially to their skeletal systems. It is estimated that 3 thoroughbreds die each day as a result of catastrophic injuries at the track.

For spectators, horse racing is a glamorous and exciting sport to watch, particularly at high-profile events such as the Kentucky Derby or Royal Ascot. People enjoy sipping mint juleps, wearing fancy hats, and enjoying the pomp and ceremony of these events. Despite the romanticized image, behind this spectacle is a world of drug abuse and gruesome injuries. Moreover, the horses are often pushed to the limit of their capacity and confined for 23 hours a day in 12 by 12-foot stalls.

When a company decides to conduct a horse race to choose its next CEO, the board should first consider whether or not the culture and organizational structure are compatible with such an approach. If it is, the board should be clear on the criteria that will be used to select the winner and ensure that the process is managed efficiently.