It is narrated from Sayyiduna Abu Hurayrah (may Allah be pleased with him) that the Messenger of Allah (peace and blessings be upon him) said: "Goodness has been tied to the forelocks of horses until the Day of Resurrection, and the likeness of one who spends on horses is like one who keeps his hand outstretched in charity."
Hadith Referenceالسنن الكبرى للبيهقي / كتاب قسم الفيء والغنيمة / 12893