What is the ruling on betting on horse races?

It is permissible for horses to race, and for money to be wagered on them, whether the money comes from one of the contestants, from both of them, or from an external party, based on the Prophet’s (peace be upon him) saying: "There is no prize except in archery, or hoof (horses/camels), or paw (predator)." As for betting on the winner in races, it is forbidden gambling that falls under Al-Maysir (gambling), which Allah has forbidden due to the great harms that result from it. It is not permissible to work in any fund that collects money from this forbidden betting.