Horse racing is a worldwide sport that has evolved from a primitive contest of speed and stamina into a sophisticated spectacle involving large fields of runners, state-of-the-art electronic monitoring equipment, and immense sums of money. It has also maintained a culture of time-honored traditions that continue to captivate fans and spectators alike, whether they attend races in person or watch them from home.

The rules, regulations, and traditions of horse racing vary widely from nation to nation. Most nations have regulatory agencies responsible for long-term policy, and most have a racing commission that oversees day-to-day operations. The sport is governed by a mix of private and public entities, including the Jockey Club in England and race tracks and horse breeders in the United States.

Flat races are usually run over distances between 440 yards and four miles (6.4 km). Shorter races, referred to as sprints in the United States and routes in Europe, are seen as tests of speed, while longer races, known as staying races, test a horse’s endurance. A fast acceleration is required to win either type of race.

In addition to betting, the main economic source of revenue in horse racing is the purses, or the total amount of prize money awarded to winners and placers. A portion of the total purse is paid out in winning bets, and the remainder is distributed to the owners of horses that finish first, second, or third in each race. The winnings are typically based on the horse’s finishing position, with the highest-placed horses receiving larger amounts of money than those that finished farther back.

A jockey is a professional rider who mounts the horses for races. The jockey’s job is to steer the horse in the correct direction during the race and assist him or her in overcoming obstacles. Normally, a jockey is paid a commission for each bet placed on a particular runner.

A horse that is entered in a race but will only run if the number of other horses scratched from the race drops below a specified level. A runner is sometimes denoted with an asterisk in the program.