As EVEN the most casual observer of the sports world must admit, the racing of Thoroughbred horses under saddle has undergone a most tremendous expansion in the United States in the past ten or fifteen years. Racing and betting on the races have been made legal and have been instituted in many states that never hoped to see a horse under silks; new tracks have been opened and have enjoyed heavy patronage and most conspicuous success; there are now many more days of racing in a year than formerly; and the total amount of money wagered on the runners, both on-course and off-course, has reached staggering and almost astronomical proportions. You may like it or you may lament it, but you cannot deny the bare fact that racing has become an important factor in the public finances of many states as well as the most conspicuous single phenomenon of the world of sports.