A horse race is a contest of speed among horses that are ridden by jockeys or pulled by sulkies and driven by drivers. It is a sport that originated in ancient Greece, where it was first contested at the Olympic Games from 700 to 40 B.C. Horse racing has since spread to many parts of the world, and its popularity is reflected in a wide range of gambling opportunities.

In the United States, horse races are popular at casinos and tracks, but they have also been banned in a number of places due to environmental concerns. In addition to the obvious dangers of running a race, horses used for racing are subjected to a variety of abuses and cruelty, including drug use and illegal electric shock devices. Injuries are common, and horses often suffer from a debilitating condition known as exercise-induced pulmonary hemorrhage. In the wild, horses run fast to escape predators; they are not designed for long-distance endurance racing.

Despite these problems, horse racing continues to grow in popularity and generate substantial revenue. The reason is that bettors are drawn to competitive sports, and they prefer races with bigger fields of competing horses. The way to increase the size of a field is by offering large purses, which encourages more horse owners to enter their horses in a race. As the size of the field increases, the skill and judgment of the rider becomes more important, allowing bettors to place larger wagers.

This approach to election coverage — which emphasizes who is ahead or behind in polls and ignores policy issues and third-party candidates — is known as “horse race journalism.” It has been associated with reduced voter turnout, and a growing body of research shows that it can be harmful to the health of a democracy.

Proponents of the horse race method of choosing a CEO argue that it can help companies identify strong executives and motivate them to compete for the top job. They point to the success of such a system at companies such as General Electric, Procter & Gamble and GlaxoSmithKline. They also point to the fact that overt competition for the CEO role provides a useful check on executive performance and keeps the board focused on company results.

Critics of the horse race approach point to its negative effects on the economy and society, and warn that it can create a culture in which people become more partisan and less tolerant of differences. They also note that over time, a succession horse race can reduce the effectiveness of a company and lead to ineffective leadership. The best solution, they say, is to develop a comprehensive corporate leadership development process that involves identifying future leaders early and grooming them through a series of critical roles that give them the competencies and seasoning to rise to the top of an organization. This process can include formal mentoring and training programs as well as a robust rotational program that allows employees to experience diverse responsibilities.