It is one of the most ancient of all sports, as its basic premise – to identify which of two or more horses is the fastest over a set course or distance – has been mostly unchanged since at least classical antiquity.

[11] It also plays an important part of myth and legend, such as in the contest between the steeds of the god Odin and the giant Hrungnir in Norse mythology.

By 648 BCE, both chariot and mounted horse racing events were part of the ancient Greek Olympics,[12] and were important in the other Panhellenic Games.

Fifteen to twenty riderless horses, originally imported from the Barbary Coast of North Africa, were set loose to run the length of the Via del Corso, a long, straight city street.

By 1750, the Jockey Club was formed as a way to control the Newmarket races, set the rules of the game, prevent dishonesty, and create a level field.

[17] While Newmarket and the Jockey Club set the standards, most of the racing took place in landowners' fields and in rising towns for small cash prizes and enormous local prestige.

With real money at stake, the system needed skilled jockeys, trainers, grooms, and experts at breeding, which opened up new careers for working-class rural men.

Light cold blood horses, such as Finnhorses and Scandinavian Coldblood Trotters are also used in harness racing within their respective geographical areas.

[36] The Arabian horse was developed by the Bedouin people of the West Asia specifically for stamina over long distances, so they could outrun their enemies.

Tracing back the history of horse racing in the United States to its earliest inception in 1665, this sport has become an industry contributing approximately $15 billion to the U.S. economy today.

[5] Horse racing has become the second most popular spectator sport in the United States with the establishment of historic tracks like Belmont Park, major events like the Kentucky Derby, and significant institutions such as the American Stud Book.

[50] Simulcast betting exists across state lines with minimal oversight except the companies involved through legalized parimutuel gambling.

Advanced Deposit Wagering is a form of gambling on the outcome of horse races in which the bettor must fund his or her account before being allowed to place bets.

The Canadian International and Woodbine Mile (1981) are Canada's most important Grade I races worth Can$1,000,000 each, and have been won by many renowned horses such as Secretariat and Wise Dan respectively.

[citation needed] Although racing in Hungary is neither as popular nor as prestigious as it is in Western Europe, the country is notable for producing some fine international racehorses.

[citation needed] Historically, Italy has been one of the leading European horse-racing nations, albeit in some respects behind Great Britain, Ireland, and France in size and prestige.

In 2003–2005 the mare Makybe Diva (bred in Great Britain) became the only racehorse to ever win the Melbourne Cup three times, let alone in consecutive years.

More recently, Blacks A Fake has won four Inter Dominion Championships, making him the only horse to complete this feat in Australasia's premier harness race.

The indirect impact of expenditures on racing was estimated to have generated more than $1.4 billion in economic activity in 2004 and created 18,300 full-time equivalent jobs.

The bloodstock industry is important to New Zealand, with the export sale of horses – mainly to Australia and Asia – generating more than $120 million a year.

On 25 June 1812, the Champ de Mars Racecourse was inaugurated by The Mauritius Turf Club which was founded earlier in the same year by Colonel Edward A. Draper.

The Champ de Mars is situated on a prestigious avenue in Port Louis, the capital city and is the oldest racecourse in the southern hemisphere.

Several July winners have gone on to win major international races, such as Colorado King, London News, and Ipi Tombe.

Speed horse racing (速度赛马) was an event in the National Games of China, mainly introduced to cater to minority peoples, such as the Mongols.

[85] The British tradition of horse racing left its mark with the creation of one of the most important entertainment and gambling institutions in Hong Kong.

After the modern Republic Of Turkey was established in 1923 by Mustafa Kemal Atatürk, the number of breeding and racing Arabian and thoroughbred racehorses accelerated rapidly, especially after the beginning of the 1930s.

The most notable Argentine horse of recent decades is Invasor, who won Uruguay's Triple Crown in 2005; won four U.S. Grade I races in 2006, including the Breeders' Cup Classic, on his way to being named that country's Horse of the Year; and ended his racing career in 2007 with two more Grade I/Group One wins, including the Dubai World Cup.

In some countries, such as the UK, Ireland, and Australia, an alternative and more popular facility is provided by bookmakers who effectively make a market in odds.

Parimutuel gambling on races also provides not only purse money to participants but considerable tax revenue, with over $100 billion wagered annually in 53 countries.

It added, "Reasons for horses being destroyed include broken legs, back, neck and pelvis; fatal spinal injuries, exhaustion, heart attack, and burst blood vessels in the lungs.