General Overview

What is the Equibase Rating for North America?

The Equibase Rating is a standardized rating designed to assess and categorize the performance of racehorses across North America. It provides racing secretaries with a data-driven tool to create competitive race conditions leading to larger field sizes.

Why is the rating being introduced?

The Equibase Rating was developed to improve race competitiveness and align with industry best practices both domestically and abroad. It ensures fairer competition and better classification of horses, ultimately benefiting all stakeholders, including horsemen, racetracks, and bettors.

Who is leading this initiative?

The ratings initiative was spearheaded by Equibase in collaboration with industry stakeholders, including racing secretaries, data analysts, horsemen's associations, and wagering experts.

How do the ratings work?

The rating uses a multi-factor algorithm to assess horses based on performance metrics, race class adjustments, surface and distance factors, track-specific variability, and recent form. These ratings will be updated weekly (currently Tuesday) to align with entry schedules and stabilize the population between race weeks to reflect ongoing race results.

How does a horse get a rating?

Initially, for a horse to be rated they must have at least two races and have published a workout or raced in the last 365 days. Their initial rating will be calibrated based on their performance and race quality in those races.

How does the rating handle different surfaces?

The rating has been calibrated in such a way to show a horse's ability regardless of surface. This gives horsemen and trainers the ability to determine which racing surfaces best suits their horse's running style.

What is the accomplishment-based bar anchor?

The Equibase Rating uses an accomplishment-based par framework that establishes a rating anchor for each class band. The par represents the rating a horse achieves on the day it wins at that level. From that point, the rating moves dynamically based on subsequent performance, improving with continued success at that tier or above and vice versa compared to the standard. The par is not a floor or a ceiling, it is a benchmark that reflects what each class level should correlate to.

A single race does not erase earned accomplishment. Horses that compete at their established level without meaningful wins or losses will stabilize near their par anchor.

How will ratings be displayed and accessed?

Ratings will be integrated into condition books for race planning. Initial access will be provided to racing secretaries, horsemen, and other key industry stakeholders as a starting point and eventually be made available to the public.

Is the Horse Rating the same as the Equibase Speed Figure?

No, the Equibase Speed Figure tells you how fast a horse has been running in its past races with a single number and is based on the horse's actual time in combination with the condition of the track. The Horse Rating includes many other measurable factors as part of its calculation, including strength of the race, trip factors and recent form.

Impact on Racing Participants

How will the ratings affect trainers and owners?

Trainers and owners will have more clarity on race eligibility and horse placement. The Equibase Rating ensures fairer competition and better opportunities for horses to compete at appropriate levels. The Equibase Horse Rating was developed with the goal of adding more starts per horse as well as providing owners and trainers with the opportunity to keep horses in their programs for longer periods of time.

What impact will this have on bettors?

Bettors will benefit from increased transparency with more competitive and larger fields, leading to improved wagering options and engagement.

Will the Equibase Rating replace current race classifications?

No, the ratings will complement existing race classifications by offering an additional tool to structure competitive races. Traditional race classifications like Allowance, Claiming, and Stakes will still exist.

Stakeholder Involvement and Feedback

How are industry stakeholders involved in the development?

Working committees composed of racing secretaries, handicappers, data analysts, and strategic advisors were formed to help formulate the rating. The committees were organized into Conditions + Competition, Industry Alignment, Handicapping + Wagering, and Algorithm Development.

Technical and Governance Considerations

What data sources are being used for the ratings?

Equibase utilizes race records, performance analytics, and historical data from North American racetracks to calculate ratings.

Will ratings be mandatory for all tracks?

No, participation will be voluntary, but we believe tracks that adopt the system will benefit from improved race structuring and competitiveness.

How does the Equibase Rating align with international rating models?

The rating incorporates best practices from international jurisdictions such as Hong Kong, Dubai, and the UK, but was adapted to the unique structure of North American racing.

What measures are in place to ensure accuracy and fairness?

A dedicated oversight committee will monitor the system's effectiveness, regularly update the algorithm, and address any discrepancies to maintain integrity and transparency.

What are the components of the Equibase Rating?

The Equibase Rating is a single, performance-based number that summarizes a horse’s ability relative to the quality of competition and race conditions. It is designed to be transparent, unbiased, and easy to compare across distances, surfaces, and tracks.

Rating = Performance Score + Race Strength Adj. + Track & Distance Adj.

Where:

Performance Score (Core Rating)

Performance Score = RS−(BL×BLF)−L+G

 RS = Raw Speed (Time-Based, normalized by track distance average)

 BL = Beaten Lengths

 BLF = Beaten Length Factor (Scaling for sprint vs. route distances)

 L = Layoff Adjustment (Exponential decay penalty)

 G = Ground Gained or Lost (GPS-based adjustment)

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Race Strength Adjustments (Competition Context)

Race Strength = (RCF)+(FSF)+(ΔSFNext Race)

 RCF = Race Class Factor (Claiming, Allowance, Stakes Scaling)

 FSF = Field Strength Factor (Average Speed Figure of Top 3 Finishers)

 Delta SF_NextRace = Average Speed Figure Change of Horses in Subsequent Starts

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Track & Distance Adjustments (Contextual Fairness)

Track & Distance = TV+TB+PP+RU

 DTV = Track Variant for the Day (Run-up included in this metric)

 TB = Inter-Track Variant

 PP = Track Bias Adjustment

 RU = Post Position Adjustment

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Final Rating Formula in Full (Before Weighted Adjustments, etc)

Final Rating = (RS−(BL×BLF)−L+G)+(RCF+FSF+ΔSFNext Race)+(TV+TB+PP+RU)

Where can stakeholders find more information?

Additional details, updates, and documentation will be available through direct communications with Equibase. For further inquiries, please contact Chance Moquett, senior manager of strategic projects for Equibase, at cmoquett@equibase.com.

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This FAQ document will be regularly updated to reflect new developments and stakeholder feedback.