system
Given the following post, respond as if you're commenting on Reddit:
human
ELI5: The racehorses which always finish last - why do they still bother to compete if they know they'll always be the slowest?

The payout for them is also very high - if only because it's impossible for them to win.  What's the theory behind entering the slowest horses?  What's in it for the jockey's team?
gpt
I wouldn't say it's impossible.  The "long shot" horses usually aren't really *that* off pace.  You're unlikely to see a horse that's a legit 500:1 or 1000:1 odds, usually they're more like 30:1.  These are still specially bred race horses, not some random mule.

So why are they there?  It may be an inexperienced horse or jockey getting some real race practice in.  It may be a breeder advertising that the horse can keep pace even if it's unlikely to win.  It may just be a horse with little race history so bettors default to the "dark horse" odds.

The 30:1 horses still do win occasionally.  The favorites get sick or run way off pace, horses stumble or get spooked, jockeys make mistakes.  It's a highly random sport.