With the huge taxes they imposed and the many industries and companies that the horse racing industry is supporting, I don't think it's even possible especially for third world countries like ours where the unemployment is very high, if they clamped horse racing, the unemployment will rise and revenue will decrease.
Horse racing is much better to maintain than cock fighting or any other sports where the animals involved are fighting each other to the death, the government should just impose strick regulation.
I agree that in this case strict regulation makes more sense than an outright ban, compared to cockfighting running alongside other racehorses is nowhere near as bad, the issue is the care the racehorses receive as without a doubt there has been evidence of the industry treating racehorses in ways which are inhumane, but if this can be reduced significantly through a heavy regulation then I do not see why horse racing would need to be banned.
The game is very old and this is not going to stop. People have strong heart to support and bet on the game.
Many football players die too they run like a horse. However the OP person seems to have a kind heart - he couldn't bear the pain. Be careful and stay away from these games.