If you are learning how to handicap horse races, one of the most important factors you will learn to look at is Form. Form refers to the physical condition of a horse. If a horse is in good condition, that horse is said to be “In Form.” A horse that is in poor condition is “Off Form,” and not a strong contender. Horses may also round in and out of Form, transitioning up or down (this also tends to result in a transition in Class).