Horse racing is the sport of running horses at speed with a rider astride or in a vehicle driven by a driver. It has a long history and is practiced throughout the world, both as a spectator sport and as a gambling activity. In the latter, bettors place wagers on the outcome of a race and receive payouts depending on how they placed their bet. There are many different types of horse races. Some are prestigious and carry substantial prize money, while others are run for purely sporting purposes and have less prize money. The prestigious races are often called stakes, and their winners are considered the best in the discipline.
The Kentucky Derby is one of the most prestigious horse races in the United States, and it also has the biggest prize money of any race in the world. With a purse of more than $10 million, the race attracts the highest profile international horses and is often contested by fillies and mares. The race also receives significant sponsorship from luxury brands.
Historically, horse races were match events between two or three horses, and they were run in heats with a requirement that a horse must win two of the heats to be judged the winner. By the mid-18th century, larger fields of runners and single-race “dash” events became commonplace. The sport of horse racing has been popular in civilizations worldwide for thousands of years. It is featured in many myths and legends, including the contest between the god Odin’s steeds and the giant Hrungnir in Norse mythology.
While some governance observers are uncomfortable with the horse race approach, in which overt competition for a leadership position takes place among several candidates within an established timeframe, others see it as an effective way to choose a highly-qualified CEO. The process can have a number of drawbacks, however, including the possibility that the organization may lose strong leaders who align themselves with an unsuccessful candidate. To minimize such impacts, a board considering using a horse race to select its next leader should first consider whether the company’s culture and organizational structure are compatible with this type of contest. Then, it should adopt strategies that can help minimize the risk of a disruption in the company’s ability to execute its strategic vision.
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