What does the term "handicap" refer to in horse racing?

The term "handicap" in horse racing refers to a specific system designed to create a more level competitive environment by assigning weights to horses based on their abilities and past performances. This is done to ensure that horses with a better track record or proven capabilities are carrying extra weight, while less experienced or successful horses carry less weight. The intention of this system is to equalize the chances of competing horses, making the races more fair and exciting, as it helps prevent runaway victories by the stronger horses.

This method is crucial in horse racing as it helps to maintain viewer interest and encourages betting on races that may otherwise seem predictable. The other concepts listed—such as strategies for enhancing speed or stamina, evaluating lineage and breeding potential, or determining betting odds—do not directly pertain to the specific definition and function of a handicap within the context of racing, making the first choice the most accurate representation of the term in horse racing.