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Black Type
The term black type in the world of horse racing refers to either a stakes race (usually a graded stakes race) or the bolded print on an advertisement that indicates a horse has won a stakes race. Black type races are the top races in the world and often offer the higher purses (a purse refers to the amount of money offered as a prize). Being the best races, they also attract the best horses.

The race type tier starts with the lower classed races such as claiming races, maiden races, and allowance races. The upper class races start with ungraded stakes, then grade 3, grade 2, and grade 1, and handicap races. In order for a race to be listed as a black type race, it must follow three basic criteria:

1)	 The owner pays a fee to enter the race 2)	The race closes entries 72 hours before the running of the race 3)	The race has a minimum purse value of $75,000 (this is as of 2012) (1)

If a horse wins, places, or shows in a black type race, that will earn him a black type status. Black type races can also be broken down into different types:

1)	Graded stakes races are the top races of the world. They are subdivided into grade 3, grade 2, and grade 1 races (with grade 1 being the very best) and comprise only 3% of all races to be run.  A prime example of a graded stakes race is the grade 1 Kentucky Derby.

2)	Listed races are races that meet the minimum purse requirement but do not have a graded status (ungraded).

3)	Restricted races are races that restrict which horses can and cannot enter said race. While sex and age of the horse often comes to mind, these factors rarely qualify for contemplation for restrictions.  Instead, restricted races usually refers to races designated for state-bred runners, horses who are graduates of certain sales, horses who have never won a stakes race, etc. If there are any races that are labeled as a stakes race, but the purse amount is too little, then that race is said to be a non-qualified race.

Black type statuses become important when the horse is offered at an auction or for breeding services. When a horse is consigned for auction, his ancestry and past performances are shown in a catalog. All of his black type standings are indicated by bolded type (hence the term ‘black type’). The catalog will also indicate his sire’s, first dam’s (his mother), second dam’s (his grandmother), and sometimes third dam’s (his great grandmother), and related horses achievements which also includes black type of their own. This type of information is very important when selling horses because black typed horses often bring the highest prices. This is especially true if they are going to be sold as breeding stock because buyers are more interested in horses who have proven themselves or who have already produced winning progeny.