Horse racing is one of the oldest sports on earth and has evolved from a primitive contest of speed and stamina into a major entertainment business with immense prize money. But the basic concept hasn’t changed much over the centuries, and it still centers on a human guiding a horse through a course of turns, over jumps (if present) and across a finish line. The horse that crosses the line first is declared the winner.

Today, however, the sport struggles to find a new identity and audience, in the face of declining betting revenue. At the same time, it is dealing with an industry-wide problem involving the treatment of racehorses.

The deaths of Eight Belles and Medina Spirit sparked a reckoning about the morality and integrity of the sport. But in reality, the problems with equine welfare are deeper than anyone imagined. In fact, they’re baked into the very fabric of the horse-racing business model and the way that people run their operations.

There are a number of different types of people in the horse-racing business, all with very different perspectives and priorities. At one end of the spectrum are those who consciously, and sometimes illegally, drug and mistreat their horses. At the other end are the dupes who labor under the fantasy that horse racing is broadly fair and honest, despite the fact that they’re often ripped off by crooks. And then there are those in the middle – honorable souls who know that the industry is more crooked than it should be but don’t do all that they can to change it.

COLOR CARD: The jacket and cap worn by riders to designate the owner of a horse, or at some smaller tracks, post positions (yellow for one, blue for two, etc.). A jockey that rides a horse hand-rided (meaning he is not using the whip) is said to be riding in silks.

CONSOLATION PAYOUT: A payout, usually much smaller than the full winning amount in a Pick Six or other multiple-race wager, given to players that do not have a winning ticket but did hit some of the races.

DIFFERENTIAL: The margin by which a horse wins or loses a race, typically expressed in terms of lengths traveled and/or time on the track. Also known as a speed figure or Beyer.

REGULATION: The rules governing the running of a race, including the minimum distance required to be run and the weights that must be carried by each horse.

SPRINT RACE: A race shorter than a mile, usually with only one turn.

DEEP SPRINT: A race where the field contains a large percentage of horses who have not won a stakes race in their career.

SPIRAL FRACTURE: Fracture that spirals around the bone.

POST-TRANSFER: The process of sending a horse from one racetrack to another, either to participate in a larger race or for breeding purposes.

POST-PURSE: The total amount of money to be distributed among the winners of a race, less the cost of nominating and maintaining eligibility, entering and starting fees, and other expenses.

A casino is an establishment for gambling. It can be a standalone building or part of a resort, hotel, or cruise ship. The games played in casinos are primarily based on chance, with some requiring skill or knowledge. The exact origin of gambling is unknown, but it has long been an accepted form of entertainment in many societies. Casinos are licensed and regulated by governments to ensure fair play and honesty. They often include a variety of restaurants, bars, and other entertainment venues. They may also offer a variety of sports betting options.

Most casino games have a built-in mathematical advantage for the house, which can be as low as two percent. This advantage, referred to as the house edge, is a primary source of casino profit. In addition to the advantage gained from each bet placed, casinos take a fee for operating their games, called the vig or rake. This money is used to pay for employees, security, and other expenses.

In the United States, the word casino is most commonly associated with Las Vegas, but there are more than a dozen other casinos spread across the country. Many American Indian reservations have casinos, which are exempt from state antigambling laws. Other casino types include riverboats and those located in suburban areas. Casinos are also found in some European countries and at international airports.

The design of a casino is geared toward keeping patrons happy and making them feel that they’re having a special experience. Decorative elements like lush carpets and richly tiled hallways set the tone, while carefully designed lighting is dimmed to add an air of mystery. A casino is also known for its food offerings, which are often themed and designed to appeal to a wide range of tastes.

Despite the many attractions that draw visitors to casinos, the primary business of a casino is gambling. Slot machines, poker, blackjack, roulette, craps, and keno account for most of the billions in profits that casinos earn every year. In order to attract customers and keep them coming back, casinos spend enormous amounts on dazzling spectacles, high-end restaurants, and elegant living quarters.

In the twenty-first century, casinos are becoming choosier about who they allow to gamble. They focus their investments on high rollers, who make large bets that can run into the tens of thousands of dollars. In return, these customers receive a number of free services and goods, including luxury hotel rooms, meals, tickets to shows, and limo service. For those who play regularly but not at the highest stakes, casinos sometimes offer comps based on how much they bet and how long they play. These inducements help casinos maintain their high level of gross profits. In addition to these inducements, casino security is boosted by cameras and other technological measures. They also require players to wear identification at all times. This helps prevent fraud and theft. In addition to their role in gambling, casinos are classified as financial institutions in the United States and must report any cash transactions that exceed $10,000 to the Financial Crimes Enforcement Network.