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All of the horses in the race are three years old.
All horses are considered to have a "birthday" on January 1st, regardless of what was the actual date of birth of each horse. This can be a serious matter in the Kentucky Derby, where only "three year old" horses are eligible to run. If a horse was born on Dec. 31st, it is considered one year older than a horse born on Jan. 1st, and would therefore only be eligible to race in the Derby when it was chronologically less than two and a half years old.
Horses have to be 3 years old to run in the Derby. The Derby is a race for Three-Year-Olds, the time when the horse is in its prime: just fully matured and fully muscled, track-broken but still spirited.
I assume you are speaking of the Kentucky Derby. The Derby is a race is for 3-year-old thoroughbreds only. It is open to colts, geldings and fillies.