I purchased the G1 Jockey 4 game for the PS3. It is the UK version, but it works on American PS3's. Graphics are good, but the game as a whole is not as good as prior G1 games. Riding the horse is awkward and extremely difficult as it is rhythm based (and it is exteremly hard to keep the rhythm). The old versions were based on using the bit and "keeping your horse happy" so to speak.
www.orlworld.com is a good video game horse racing website with a lot of great info and they have online racing leagues you can join.