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.
When determining Eclipse Award winners, racing journalists will consider the number and grade of a horse's stakes wins during the year.
[4] Fasig-Tipto began including grading information in 1975, Keeneland Association in 1976, and Daily Racing Form in 1978.
This was in response to studies by Susan Stover showing that such toe grabs substantially increase the risk of catastrophic racing injuries.
For example, the inaugural running of the Pegasus World Cup in January 2017 was Grade I, inheriting the status of the discontinued Donn Handicap.
The weight conditions of the races may vary provided they meet the committee's standards to ensure competitiveness.
Finally, some graded stakes are "handicaps", in which an official handicapper assigns weights to each horse in an attempt to equalize the competition.
For example, a racetrack may offer a high purse to attract better fields so the race will be upgraded in future years.