noun
local horse racing; municipally operated horse racing
Refers to horse racing operated by local governments or municipalities, as opposed to central (JRA) racing.
地方競馬は中央競馬より賞金が低いことが多い。
Local horse racing often has lower prize money than central horse racing.
中央競馬 is the national, JRA-operated horse racing, while 地方競馬 is run by local governments.
Compound of 地方 (local) and 競馬 (horse racing).