What does "handicapping" refer to in horse racing?

Handicapping refers to the process of evaluating a horse's chances of winning a race by considering various factors such as the horse's past performance, the conditions of the race, the competition, and the horse's current physical condition. This assessment is crucial for bettors and trainers alike, as it helps them make informed decisions on which horses to place bets on or how to prepare their horses for a specific race.

The rationale behind handicapping lies in the attempt to predict the outcome of a race based on measurable data and subjective analysis. Factors taken into account may include the horses' speed ratings, jockey experience, trainer performance, track conditions, and distance of the race. Effective handicapping requires both knowledge of the sport and analytical skills to interpret various data points accurately.

While calculating racing odds does play a part in betting strategy, it is a separate function that arises from the outcomes of the handicapping process rather than being the process itself. Choosing race tracks and setting training schedules are also unrelated to the definition of handicapping, as they pertain more to planning and logistics in horse racing rather than evaluating competition specifically.