Horse racing is the second largest spectator sport in Great Britain, and one of the longest established, with a history dating back many centuries. According to a report by the British Horseracing Authority it generates £3.39 billion total direct and indirect expenditure in the British economy, of which £1.05 billion is from core racing industry expenditure, and the major horse racing events such as Royal Ascot and Cheltenham Festival are important dates in the British and international sporting and society calendar.
The sport has taken place in the country since Roman times and many of the sport's traditions and rules originated there. The Jockey Club, established in 1750, codified the Rules of Racing and one of its members, Admiral Rous laid the foundations of the handicapping system for horse racing, including the weight-for-age scale. Britain is also home to racecourses including Newmarket, Ascot and Cheltenham and races including The Derby at Epsom, The Grand National and Cheltenham Gold Cup. Great Britain has also produced some of the greatest jockeys, including Fred Archer, Sir Gordon Richards and Lester Piggott.
