Horse races are one of the oldest and most enduring forms of close competition. Over the centuries they have morphed from primitive contests of speed or stamina to modern spectacles involving huge fields of runners, sophisticated electronic monitoring equipment, and enormous sums of money. However, the fundamental essence of the sport remains unchanged: the winner is the horse that crosses the finish line first.

In a political context, the term horse race can be used quite loosely, referring to any sort of close form of competition. As a result, it has come to be associated with an election campaign. The mudslinging, name calling and horse-race theatrics of such contests often make it easy to lose sight of the real issues at stake.

The phrase originated in the 16th century, when it was used to describe a wager between two noblemen. Later it came to be applied to the more general contest between rivals in any field. By the 20th century, it was common to use the term to refer to any close form of competition, including political contests.

One of the earliest races was a match race, a contest between just two or three horses. These early races were characterized by the fact that both horses were owned by the same person, who had a claim on them for a set amount of money. Later, as the sport grew in popularity, it became standard for the racing secretary to assign weights to the entrants in order to equalize their chances of winning. This was known as the handicapping system.

Another important development in the history of horse racing was the advent of medications designed for humans. Painkillers, anti-inflammatories, blood doping and growth hormones all entered the scene of racing, causing havoc with testing procedures. The sheer variety of drugs made it difficult for officials to keep up, and penalties for breaking the rules were generally lax.

Horses that appear to be well prepared for a race are often referred to as having the “look of eagles.” A confident appearance and an effortless gait are hallmarks of this look. A horse with the “look of eagles” often finishes in the top four, or “in the money.”

Many people enjoy betting on the outcome of a horse race, and this is also popular in many countries. A major aspect of the game involves the use of betting pools, which are collective groups of bettors who attempt to predict the outcome of a race by placing bets on individual horses or groupings of horses. A bet that is placed on a single horse is called a straight bet, while a bet on a group of horses is known as a parimutuel. The winners of these bets receive a share of the total pool, with losers receiving a consolation payout. This is also a common way to place a wager on the Kentucky Derby, which is a horse race that takes place in Louisville.