The game can be played with up to four other players, or it can be played with just one. To play, each player bets on one of four different horses that they believe is going to win the race. Each horse is represented by a symbol on the calculator: Pie is represented by π, Moon is represented by ), Beak is represented by >, and Lump is represented by θ. The order players get to choose their horses starts with the first player and ends with the final player available. Players are not allowed to choose horses that have already been chosen, so when played with four players, the fourth player is forced to use the one horse no other player picked.
After the horses have been selected, the race is portrayed with each symbol on a separate "track" and each track is separated with a series of asterisks. With each moment, a single randomly selected horse will move forward by one asterisk. The race will continue until a horse reaches the end of the track, and the player who bet on that horse is the winner.
The main menu.
The instructions menu.
The betting menu.
A horse race in which Moon wins.
In the README file for Horse Racers, the game is misspelled as "Horce Racers".