The sport of kings, as horse racing is often called, is one of the oldest and most universal spectator sports. It is called the sport of kings because the ownership of horses was traditionally limited to the wealthiest members of the society and royalty and nobility. Modern racing was established in England by king Charles 11, who was an ardent patron of the sport throughout his reign. The earliest written manual on the care, feeding and training of horses dates from about 1500 bc in Asia Minor. here is a full description of a chariot race in Homer’s Iliad, which is dated about 9th or 8th century . Both chariot and bareback (mounted) horse races were held at the olympic Games from 740 to 700 .The type of race called the steeplechase dates back at least to the 5th century.Wagering , or betting, has always played a major role in racing. Today’s wagering takes two forms:bookmaking, and pari-mutuel betting.