Racing Victoria constitutional objectives of Racing Victoria include: Racing Victoria Racing Victoria Limited, as the governing principal racing authority, has responsibilities to develop, encourage, promote and manage the conduct of Thoroughbred horseracing in the State of Victoria, Australia. It assumed this responsibility, from the Victoria Racing Club, on 19 December 2001. It was established with the support of Country Racing Victoria, Melbourne Racing Club, Moonee Valley Racing Club, Victoria Racing Club, other racing industry bodies, and the Victorian State Government. Racing Victoria represents the Victorian Thoroughbred industry in dealings with bodies such as the Australian Racing Board, and is responsible for the
Horse racing wasn't until the 1920s that modern horse racing involving betting developed. The nation's first authorised club, the Chosun Racing Club, was established in 1922 and a year later, the pari-mutuel betting system was officially adopted for the first time. The Korean War disrupted the development of horse racing in the country, but after the Seoul Olympics in 1988, the Olympic Equestrian Park was converted into racing facilities named Seoul Race Park, which helped the sport to develop again. The big race in the UAE is the Dubai World Cup, a race with a purse of US$10 million, which was the