Graded stakes race

A graded stakes race is a thoroughbred horse race in the United States or Canada that meets the criteria of the American Graded Stakes Committee of the Thoroughbred Owners and Breeders Association (TOBA). A specific grade level (I, II, III or listed) is then assigned to the race, based on statistical analysis of the quality of the field in previous years, provided the race meets the minimum purse criteria for the grade in question.

The grading system was introduced in 1973. The original purpose of grading was to be able to readily identify the quality of races a horse has won for sales and breeding purposes. A high grading can also be used by racetracks to promote the race in question.

In general, "stakes race" refers to the stake, or entry fee, owners must pay, which generally forms part of the prize money offered to the top finishers. Not all stakes races are eligible for grading. Notably, races that are restricted to horses bred in a specific state (e.g., the Tiznow Stakes for California-breds) or country (e.g., the races that make up the Canadian Triple Crown, all restricted to Canadian-breds) are excluded, regardless of the purse or quality of field. Conversely, some races that are not technically stakes races (usually invitational races where entry fees are not required by the racetrack) may be eligible for grading if they meet the quality standards.

To determine if a race is eligible for grading, the American Graded Stakes Committee uses the following criteria:

In 2008, the Committee implemented a rule requiring that toe grabs on the horseshoe, designed to improve traction, be no longer than 2 millimeters. This was in response to studies by Dr. Susan Stover showing that such toe grabs substantially increase the risk of catastrophic racing injuries. They have also discussed a phase out on the race day use of furosemide (Lasix).

A newly established race may inherit the graded status of a discontinued race if it is held at the same facility under essentially identical conditions as the discontinued race. Notably, the inaugural running of the $12 million Pegasus World Cup in January 2017 was Grade I, inheriting the status of the now-discontinued Donn Handicap.

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