Caution: Translations of Quran and Ḥadīth may lead to possible misapplications and misinterpretations. This site is intended for students of sacred knowledge that are proficient in comprehending classical Arabic and have a strong foundation in Islamic sciences. Also note that religious injunctions rely on several aspects beyond what one may glean through reading individual aḥādīth.
bayhaqi:19773Abū al-Ḥasan al-Raffāʾ > ʿUthmān b. Muḥammad b. Bishr > Ismāʿīl al-Qāḍī > Ibn Abū Ūways > Ibn Abū al-Zinād from his father

[Machine] Regarding the scholars who follow the opinion of the people of Madinah, they used to say that gambling on horses is permissible if it contains equal conditions. If one takes precedence, they will receive compensation, and if they are overtaken, they will not be fined. It is necessary for the compensator to be similar to the horse in terms of speed and strength.  

البيهقي:١٩٧٧٣أَخْبَرَنَا أَبُو الْحَسَنِ الرَّفَّاءُ أنبأ عُثْمَانُ بْنُ مُحَمَّدِ بْنِ بِشْرٍ ثنا إِسْمَاعِيلُ الْقَاضِي ثنا ابْنُ أَبِي أُوَيْسٍ ثنا ابْنُ أَبِي الزِّنَادِ عَنْ أَبِيهِ

عَنِ الْفُقَهَاءِ الَّذِينَ يُنْتَهَى إِلَى قَوْلِهِمْ مِنْ أَهْلِ الْمَدِينَةِ كَانُوا يَقُولُونَ الرِّهَانُ فِي الْخَيْلِ جَائِزٌ إِذَا أُدْخِلَ فِيهَا مُحَلِّلٌ إِنْ سَبَقَ أَخَذَ وَإِنْ سُبِقَ لَمْ يَغْرَمْ شَيْئًا وَيَنْبَغِي أَنْ يَكُونَ الْمُحَلِّلُ شَبِيهًا بِالْخَيْلِ فِي النَّجَاءِ وَالْجَوْدَةِ