Factors associated with mortality in standardbred racehorses were assessed through a retrospective annualized cohort study of all-cause mortality from 2003–2015 (n = 978) (identified in the Ontario Racehorse Death Registry). Race and qualifying data for official work-events were also gathered (1,778,330 work-events, 125,200 horse years). Multivariable logistic regression analysis revealed sex, age, and indices of workload and intensity and their interactions to be strongly associated with mortality. Track class, race versus qualifying performance, and work-event outcome (finish position, scratched, or failed to finish) also influenced mortality odds, which increased as performance slowed. Intense competition at higher performance levels and qualifying races at lower levels carried particularly high odds. Though occurring frequently, musculoskeletal injury was less frequent than all other presenting problems combined. Industry structure contributes to mortality through interaction between horse characteristics and the competition environment. This substrate may be amenable to management to minimize liability, but incident-specific triggers may represent chance factors and be relatively difficult to identify or control. Differentiating between substrate and trigger when studying specific clinical problems may provide greater clarity and yield in identifying underlying causes. Mortality may reflect a continuum of circumstances, cumulative impacts of which might be identified before a fatal event occurs.