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Your competitions need to run frequently with high skilled participants to reach 75%+ prestige. Set them for horses with more than 20 wins, then there are 2 options:
1. Set the difficulty level so your 2 best horses can enter and enter them every time it opens gradually increasing the difficulty as you get better horses. You will get small increases in prestige more frequently assuming you continue to gain higher skilled horses.
2. Set the difficulty at about 80% and wait, the competition will not run often until it gets a rosette but you will get a bigger jump in prestige each time it does run.