Time: 10:00 am to 2:50 pm
Location: the Town Square
There are three races you can watch and if your horse is an adult you can participate in the race yourself. The higher your horse's stamina the better you'll do in the race.
You'll get +5 affection with every villager you speak to. You'll also get +500 affection with every girl you speak to. You can speak to everyone before each race and get a maximum of +15 affection and +1500 affection with the villagers and girls.
If you participate in the race and win all the villagers there get +20 affection and all the girls there get +500 affection.