The term 'prize in horse racing' can be summarized by the word 'PURSE', which is a five-letter word. A PURSE is a monetary award given to the winner of a horse race. It is usually funded by the racetrack, sponsors, or other sources. The amount of the PURSE varies depending on the type of race and the level of competition. The PURSE is typically divided among the top finishers, with the winner receiving the largest portion.