Several studies over recent decades have reported a lack of contemporary improvement in thoroughbred racehorse speed, despite apparent additive genetic variance and putatively strong selection. More recently, it has been shown that some phenotypic improvement is ongoing, but rates are low in general and particularly so over longer distances. Here we used pedigree-based analysis of 692,534 records from 76,960 animals to determine whether these phenotypic trends are underpinned by genetic selection responses, and to evaluate the potential for more rapid improvement. We show that thoroughbred speed in Great Britain is only weakly heritable across sprint (h2= 0.124), middle-distance (h2= 0.122) and long-distance races (h2= 0.074), but that mean predicted breeding values are nonetheless increasing across cohorts born between 1995 and 2012 (and racing from 1997 to 2014). For all three race distance categories, estimated rates of genetic improvement are statistically significant and also greater than can be explained by drift. Taken together our results show genetic improvement for thoroughbred speed is ongoing but slow, likely due to a combination of long generation times and low heritabilities. Additionally, estimates of realised selection intensities raises the possibility that the contemporary selection emerging from the collective actions of horse breeders is weaker than previously assumed, particularly over long distances. We suggest that unmodelled common environment effects may have upwardly biased estimates of heritability, and thus expected selection response, previously.