Horse races are one of the oldest forms of sports worldwide and one that provides riders with a chance to compete to earn as much bettors’ money as possible. While not as widely popular today, these events still provide ample entertainment and excitement for both spectators and participants alike.

The world’s top horse races draw thousands of people each year. Some races are more renowned than others and offer huge purses to attract bettors; it is essential that bettors find one suitable to their purposes – some prefer betting on Kentucky Derby while others might like betting in Dubai World Cup races with larger total purses.

Horse racing’s history can be traced back to ancient times, and has since evolved in sophistication and popularity. Organized races first appeared during the eighteenth century; as it expanded, new rules were instituted, and records began being broken.

Horse races are now held worldwide in nearly every country and utilize multiple breeds of horses – from thoroughbreds to quarter horses and quarter horse/pony hybrids – as competing horses. While thoroughbreds remain the most widely popular racehorse choice, other breeds such as quarter horses, Arabians, and quarter horse/pony hybrids may also compete.

The world’s most renowned races span distances of two to five miles. These so-called flat races challenge both speed and endurance; among the more prominent examples are Prix de l’Arc de Triomphe, Melbourne Cup, Japan Cup and Epsom Derby.

In addition to classifying races by their prize money, the International Federation of Horseracing Authorities (IFHA) ranks them according to their merits. These ratings take into account performance by elite horses over an extended period, as well as competition quality.

Numerous factors contribute to the success or failure of a horse race, including breeding, training, health and rider skills. Most importantly, however, is their rider’s ability to coax optimal performance from his or her mount; that is why horse riders are widely revered as skilled professionals with incredible capabilities.

As horse racing has progressed, more exotic wagers have been introduced, some tailored specifically to older generations while others designed to maximize profits for race organizers.

An early form of horse racing involved match races between owners. Anyone withdrawing from a race would forfeit half the purse; betting was then placed by disinterested third parties known as match book keepers – John Cheny started publishing an Historical List of All Matches Run in 1729 while this work was later revised by James Weatherby into The Racing Calendar published by Weatherby in 1773.