Horse is called "Harurara"
Part of the attraction is the darn thing keeps trying - and getting beat.
My wife said since the economy is in a bad way, people like to see things 'gambaru' or keep at it no matter what. I said I thought it would be nice if the hourse one once... get all that gambaru-ing to pay off.
On a side not, betting stubs for this horse are kept as charms against things like traffic accidents. In Japanese, if you win in a gambling situation, winning is called to 'ataru' - or 'hit.' As in "hit the jackpot." 'Ataru' also is used in the normal way to hit or to strike. Since the horse can never 'ataru'/hit, people with the losing betting stubs also will not be hit in more literal situations - like when driving a car.
Interesting how a losing horse can translate into a charm against traffic accidents