Combine the mayonnaise and ketchup in a medium bowl.
Stir well until the two ingredients are thoroughly mixed.
Add the grated horseradish to the mixture for a boost of flavor.
Stir until it's evenly distributed.
Sprinkle in the paprika, salt, oregano, ground black pepper, and cayenne pepper.
Each of these spices adds its unique flair to the sauce.
Mix all ingredients thoroughly until you achieve a smooth and consistent texture.
Ensure all spices are well incorporated.
Cover the bowl and refrigerate the sauce for about 30 minutes.
This chilling time allows the flavors to meld beautifully.