a horse bred or kept for racing, especially in flat races or steeplechases.

1620–30; race1 + horse

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World English Dictionary
racehorse (ˈreɪsˌhɔːs)
a horse specially bred for racing

Collins English Dictionary - Complete & Unabridged 10th Edition
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Example sentences
In this atmosphere even scientists have loosened the reins on that restless
  racehorse called speculation and let imagination run.
The only comparable increase in animals is found in a greyhound, racehorse, or
  wolf running at full speed.
The fun is in the human menagerie that collects around a top racehorse.
Flay is a longtime racehorse owner and fan of the sport.
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