Though horse racing holds enduring significance in the United States, it faces challenges related to safety, integrity, and animal welfare. Recent initiatives like the enactment of the Horseracing Integrity and Safety Act (HISA) in 2020 aim to establish uniform regulatory oversight and counteract the problems the industry faces. This thesis explores the horse racing industry, delving into its historical evolution, contemporary landscape, and the regulatory framework that governs it. Through a comprehensive literature review encompassing historical, contemporary, quantitative, and qualitative perspectives, along with insights gathered from conversations with industry insiders and firsthand experiences at a local racetrack, this research addresses key questions regarding the industry's current state, government responsibility for ensuring safety and ethical practices, and the direction in which the industry is headed. It advocates for the humane treatment of racehorses and emphasizes the importance of prioritizing their well-being. By advocating for transparency, accountability, and ethical conduct, the industry can thrive while aligning with societal expectations.