The Singapore Turf Club was founded in 1842 as the Singapore Sporting Club to operate the Serangoon Road Race Course at Farrer Park Field. It is today the only horse-racing club in Singapore and is part of the Malayan Racing Association (MRA), which also regulates the three Turf Clubs in Malaysia, the Selangor Turf Club, Penang Turf Club and Perak Turf Club. The Singapore Turf Club is the only authorised operator of horse racing, and totalisator (horse betting) services in Singapore. It is the agent and proprietary club of the Tote Board, Singapore, who manages and directs its donation of surplus funds for charitable purposes. The first race was held on 23 February 1843 when prize money on offer was only $150. In 1924, the Club changed its name to the Singapore Turf Club.