The pursuit sees competitors towed at 20-30mph and "crash after crash".
Horseboarding is the brainchild of "extreme horse-rider" Daniel Fowler-Prime, and has rapidly grown in popularity over the past 10 years.
The event is taking place at Thoresby Country Show in Nottinghamshire over the weekend.
The sport involves standing on a mountainboard - which is similar to a skateboard - and holding on to a handle which is attached to a horse's saddle with a small harness.  It has more than 40 registered teams across the UK.
Mr Fowler-Prime, from Ravenshead, Nottinghamshire, said the sport was rooted in one impulsive act which took place in 2004.
After training some horses for a friend, Mr Fowler-Prime watched his friend tie a rope to the back of a car, climb on to a mountain board and race around a field.
That had Mr Fowler-Prime "turning ideas over in his mind", and, with the help of his brother Tom Kilroy, horseboarding was created.
"It's great entertainment because there's a high possibility the board rider will fall and everybody likes to see that," Mr Fowler-Prime said.
"It's just crash after crash after crash.
"If the board rider completes four out of six runs, that's good going."
Mr Fowler-Prime, whose background is in stunts for film and television, previously organised a combined horseboarding and horse-surfing competition in Skegness in 2008, but decided to concentrate on horseboarding as it is more accessible.
He said there has been a lot of interest from people in other countries who have heard about the sport online. He is due to go to Spain later this year to set up a training centre there.
"Worldwide there's a massive amount of interest in what we are doing," he said.
Riders are saddling up to compete in a sport that combines horse-riding and skateboarding in the National Horseboarding Championships.