So from what I could see it is basically a virtual horse race. And I guess every horse is 'generated' randomly at the start of the race.
It is little different that real horse racing, because in real life you can see history of each horse and predict some favorites, here it is impossible...
You can predict a favorite by looking at the win odds. Keep in mind that this is only a starting version. I'm sure LuckyBit will come up with great things to improve this game.