The flat racing season starts next week and final preparations are underway on the gallops in Newmarket.
The industry generates more than £200 million every year for the local economy.
But why is Newmarket the centre of racing and how is 2014 shaping up?
Click below to watch a report from ITV News Anglia's Tanya Mercer
Newmarket has been long been known as the home of British horse racing but until now no-one has ever really put an accurate price on how much the industry brings to the area.
A new report commissioned to discover the economic impact of the town says more than 8,000 people are employed in the racing business in Newmarket and it brings £200 million to the town and surrounding area of Suffolk and Cambridgeshire.
The horse racing world has been centred on Newmarket for 400 years and at the peak of the season up to 3,000 horses are training in the area.
Click below to watch a report by ITV News Anglia's Kate Prout
The economic impact that the horse racing has on the region will be revealed in a new report due to be published this morning.
Newmarket is known as the home of British racing with thundreds of horses being trained at stables around the town.
The report has been commissioned by Forest Heath District Council and a trade organisation representing trainers, owners, jockeys and stable staff.
Newmarket racehorse trainer Gerard Butler has been banned from the sport until 2018 after admitting giving some of his horses an anabolic steroid.
Butler told a disciplinary hearing that he had treated some of his horses with a substance that contained the steroid under the advice of his vet.
But he later admitted seven charges and has been disqualified by the British Horse Racing Authority.
Racing fans at Northamptonshire's Towcester racecourse expressed their delight at witnessing the moment that Tony McCoy made racing history to claim the 4,000th winner of his career.
The champion jockey rode Mountain Tunes to victory in the 15.10 to seal his place in the record books.
Champion jockey Tony McCoy has claimed the 4,000th winner of his career with victory in the Weatherbys Novices' Hurdle at Northamptonshire's Towcester racecourse.
The 39-year-old rode the Jonjo O'Neill-trained Mountain Tunes to victory in the 15:10.
McCoy failed to reach the milestone earlier in the day when the 3/1 favourite Church Field fell just short in the Agetur UK Handicap Hurdle.
The racing world is mourning the loss of one of its-all time greats, the trainer Sir Henry Cecil, who's died of cancer at the age of 70.
His career at Newmarket spanned more than 40 years; his list of achievements is remarkable. He trained 25 classic winners and coached the legendary Frankel to 14 straight wins.
But to those who knew him he was far more than a list of achievements, he's been described as one of the most loved people in the sport.
Click below to watch a report from ITV News Anglia's Sport Correspondent Donovan Blake in Newmarket:
Sir Henry Cecil, who's died at the age of 70, was one of the most popular and greatest racehorse trainers of this, or any other, era.Read the full story ›
The Newmarket trainer Sir Henry Cecil has died at the age of 70.
Sir Henry Cecil was a 10-time champion racehorse trainer.
He was one of British racing’s most famous personalities as well as one of the industry's most respected trainers.
He won 25 British Classics, including the Derby on four occasions and had no fewer than 73 Royal Ascot victories to his name.
Newmarket trainer Mahmood Al Zarooni has withdrawn his appeal against an eight-year disqualification from training, said the British Horseracing Authority.
Al Zarooni, 37, was found guilty of administering anabolic steroids to 15 horses in his care at a BHA hearing on April 25.
The former Godolphin handler was officially charged with rule breaches related to prohibited substances, duty to keep medication records, and conduct prejudicial to racing.
Al Zarooni stated on May 7 he will contest the severity of the suspension, but the BHA said it received notice from his solicitors that he will no longer be appealing.