Horse racing is one of the oldest of all sports, and its basic concept has undergone virtually no change over the centuries. It developed from a primitive contest of speed or stamina between two horses into a spectacle involving large fields of runners, sophisticated electronic monitoring equipment, and immense sums of money, but its essential feature has always been the same: the horse that finishes first is the winner. In the modern era, horse racing developed from a diversion of the leisure class into a huge public-entertainment business.
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