See https://www.britishhorseracing.com/about/handicapping/ "Around 60% of all of the races run in Britain each year are handicaps. These are races where the Handicappers try to give each horse an equal chance of winning by allocating them different weights.
The highest rated (or ‘best’) horse in the race is given the highest weight to carry; and then inferior horses will carry lower weights.
For most owners, handicaps offer their best chance of winning a race. Without them, the top horses would almost always win and there would be no point in owning anything other than a top horse."