A treeless exercise saddle for training racehorses is provided. The saddle comprises a top surface having a substantially contiguous seat portion adjacent to opposing side panels, and a substantially flat pommel area; a bottom surface opposed to the top surface of the saddle and having a pair of opposing conformable panels affixed to the bottom surface of the saddle. The conformable panels have substantially rectangular cross sections. Optionally, leg flaps may be affixed to the seat portion and the pommel area. The facing surfaces of the conformable panels, together with the bottom or other surface of the saddle, form a gullet area. The gullet area has a cross section wherein the facing surfaces are substantially straight, and wherein the bottom or other surface of the gullet area is substantially straight and substantially perpendicular to the straight facing surfaces, such that the racehorse's spine may protrude into the gullet area when the saddle is mounted on the racehorse.