The Kentucky Derby has 20 horses. But yeah, it's different from race to race. It's rare that there is more than 20 horses, but it happens. Usually 10-20, but sometimes only 2. But the Grand National has 40 horses.
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Horse racing has often been called the "sport of kings". For as long as people have domesticated horses, it has been a sport. It is enjoyed by those who bet on the races and by the those who do not.
When two or more horses race each other or when the news media comments on the standings of the candidates in a political race (as though it were a horse race).
This could literally be race with only three horses or more likely a race where there are three contenders who are considered the most likely to win.