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I have been doing some reading and I see some pages which say that horse racing is frowned upon by halacha (but without sources) as running afoul of tza'ar ba'alei chayim (a comment here, and here, and a statement here).

Other sources look at the gambling aspect of it, or the lack of usefulness of watching it and some discuss rulings against actually holding races.

I am wondering if there is any additional concern regarding owning a race horse - if I don't bet on the race or attend it, can I benefit from the event? And additionally, if the event is on Shabbos, can I benefit from it? Note, I own no animals so this is a theoretical exercise for me regarding the application of halacha.

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