Handicap (horse racing)
A handicap race in horse racing is a race in which horses carry different weights, allocated by the handicapper. A better horse will carry a heavier weight, to give it a disadvantage when racing against slower horses. The skill in betting on a handicap race lies in predicting which horse can overcome its handicap. Although most handicap races are run for older, less valuable horses, this is not true in all cases; some great races are handicaps, such as the Grand National steeplechase in England and the Melbourne Cup in Australia. In the United States over 30  handicap races are classified as Grade I, the top level of the North American grading system. Handicapping in action. In a horse handicap race (sometimes called just "handicap"), each horse must carry a specified weight called the impost, assigned by the racing secretary or steward based on factors such as past performances, so as to equalize the chances of the competitors. To supplement the combined weight of jockey and saddle, up to the assigned impost, lead weights are carried in saddle pads with pockets, called lead pads. The weight-for-age scale was introduced by Admiral Rous, a steward of  the Jockey Club. In 1855 he was appointed public handicapper. In Britain the horses are assigned weights according to a centralised rating system maintained by the British Horseracing Authority (BHA). Weights may be increased if a horse wins a race between the publication of the weights and the running of the contest. Predicting the outcome of races. Thoroughbred handicapping (in the USA) is the art of predicting horses who have the greatest chance of winning a race, and profiting from these predictions at the horse races. The Daily Racing Form (DRF), a newspaper-style publication, is an important tool of  the handicapper or horseplayer. The DRF details statistical information about each horse entered in a race, including detailed past performance results, lifetime records, amount of money earned, odds for the particular horse in each past race, and myriad other information available for casual or serious study. The handicapping process can be simple or complex but usually includes the following elements prior to the race: “Trip handicapping” takes place during the race and involves watching the horses (usually with binoculars) and noting relevant information about how a horse runs during that race. Handicapping theory is possibly one of the most enigmatic  theories in all of sports. Horseplayers consider the following elements when handicapping a horse race: