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The prestige of a single competition is recalculated every time it runs. It will come closer to the value of the editions.
The prestige of a single edition is based on the required skills of the participating horses compared to the best horses with that skill. (For example, only Jumping, Dressage and Speed will count if it's a show jumping competition).
The competition prestige of the EC is the average of all 5 competitions (they count as 0 if they don't exist), lowered by a factor that is unknown to players.