The present invention is a system and method for generating and displaying a horse racing form for a completely virtual horse racing environment. The present invention stores a database of values for a virtual horse, each value corresponding to an attribute typically listed in a published daily racing form. In order to simulate horse racing performance, calculations are applied to the values, which are adjusted to account for an individual horse's running style, track preference, track condition preference, age, or other factors. The results of these calculations are then displayed on a horse racing form. Users of the present invention will be able to place educated bets, or handicap, using the horse racing form. The form may be used in a number of open or closed environments. As a result, the present invention provides a complete virtual horse racing environment based upon fully calculated and realistically weighted mathematical algorithms used to generate the horse racing form.