The "ma" is written with a modified "horse" kanji with two legs (instead of four IRL) as is the case in the Umamusume universe.

It was amazing!

It sure was another thrilling race this year!

Same two-legged horse as in the title.

The regular four-legged horse kanji of our world. Intriguing...

Erm, Sensei?

You made a mistake there with the kanji for "horse", no? There are too many dots down there.

You're quite the absent-minded professor, Sensei! Hehe (lol).