Horse racing is officially recognized as sports, I don't know about bull and cow but if they are regulated with a governing body managing the events I don't see any issue at all because all the animals are well taken care of and trainers and riders are compliant to animal safety, but if the race is back yard race then that's illegal and should not be allowed and outlawed because the organizers are not looking for the welfare of the animals but only a way how to make money.