It blows any other subquest out of the water, IMO. I found it pretty enjoyable.
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From what I remember I either have 50,000 gil or 500,000 gil so paying for racing to me isn't that hard especially where I train at.
yeah well, it'll cost you more if you bet on the chocobos that's not one of yours. then again, it's alot easier. but breed your own and you'll win a hell lot often.