Horse racing is a complex sport with many different levels, or classes, at which horses compete. These differing levels even out competition and allow for better wagering opportunities. This is a basic look at the levels of horse racing.
The Levels of Horse Racing are as follows:
Maiden
Claiming
Starter
Allowance
Stakes (non-listed, listed, handicap, and graded)
Maiden
Maiden races are the beginning level of horse racing. These races are restricted to horses who have yet to win a race. A horse winning their first race is often referred to as "breaking their maiden".
Claiming
A claiming race is an event in which all of the entries are for sale for a predetermined amount. Interested buyers must purchase, or claim, the horse they want before the start of the race. A claimed horse will transfer ownership regardless of whether they win or lose the race.
Optional Claiming
Optional Claiming races are races in which a horse can compete in an Allowance or Starter race for a claiming price if they do not meet the Allowance or Starter race's conditions.
Starter
Starter races are Allowance or Handicap races that are restricted only to horses who have previously run at the Claiming level. An example of conditions for Starter races is "for three-year-olds and upward which have started for a claiming price of $5,000 or less in one of their last five starts".
Allowance
Allowance races are a step above claiming races and a step below stakes races. The horses competing in these races carry weight that is predetermined by a race's conditions. Conditions are a method of leveling the competition between the race's entrants and can include things like age and races won (or not won). Below is an example of the conditions of an Allowance race at Horseshoe Indianapolis.
Stakes
Stakes are the highest level of competition in horse racing. There are levels within this level: non-listed stakes, listed stakes, handicaps, and graded stakes (Grade 3, Grade 2, and Grade 1).
Non-Listed & Listed Stakes
Non-listed stakes must carry a minimum purse of $50,000. Listed Stakes must carry a minimum purse of $75,000.
Handicap
Handicaps are stakes races in which every individual competitor is assigned a weight based on their accomplishments by a racing secretary or track handicapper. Handicaps are not as common as they were before the introduction of graded stakes. Many of the great horses in racing history are known for their ability to win while carrying weights that were much higher than the weight their competitors were carrying.
Graded Stakes
Graded stakes races are the highest level of competition in horse racing. These races offer high purses and attract the best horses. There are three levels within this level: Grade 3 races, such as the Holy Bull Stakes or Shames Stakes; Grade 2 races, such as the Rebel Stakes or Fountain of Youth Stakes; and Grade 1 races, such as the Kentucky Derby and Breeders' Cup Classic.
Grade 1 races are the most valuable races in the entire sport.
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