The gaming system of the present invention includes one or more slot machines associated with a racing display wherein the racing elements are not racing against each other. Rather, a clock is included and each racing element is racing against the clock, independently of the other racing elements. The racing display may be built directly into the slot machine so that the slot player can easily see the progress of his horse or other racing element. Alternatively, a large racing display may be utilized that displays a plurality of horses or other racing elements but wherein each horse is racing against a different clock rather than against each other. Even further, Win, Place and Show positions are located adjacent the finish line and the slot player whose horse reaches either of these positions is awarded a prize depending on the position reached before the clock has timed out.