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A listed race is just below group level in the European Pattern, which lists the major flat races in Europe. The highest levels are Group 3, Group 2 and Group 1 levels, and listed races are next in the hierarchy. These races are prestigious and offer decent prize money but not as important as group races.
Horses can graduate from listed class to group class but they must be the best in the division to justify racing against the best horses. Like group races only, thoroughbred horses can run in a listed race. There are generally ratings restrictions for listed races, some of which are handicaps.
Listed races are part of the hierarchy of British racing, which features three levels: the Classics, Class 1 races and Class 2 to 7 races. Class 1 racing is made up of the three levels of group races and then the listed races. The other six classes are not conditions races but are the handicaps in the structure.
Horses are given an official rating which translates into weight in handicaps. Races of this not nature are not defined as listed. The lowest grade number include the fewest horses and these are the most prestigious races. Specific conditions apply to listed races and these can include weight allowances for conditional and apprentice jockeys, horses aged three and fillies and mares. In a listed race the older male horses will carry most weight.
The best horse will not always win a listed race and it is the best handicapped horse that has the best chance. Listed races are just below Group class and horses proven at this level can graduate to group races, but there are more listed races than group races in Britain.