This really does depend where you are in the world. If you are in the UK the answer would probably be yes. If you have a look at the Department of Culture Media and Sports web site they can advise you.
Outside the UK, is a very different matter and we strongly suggestyou consult with your legal team about any issues you may have.
We always advise that you check with a local Lawyer to discuss any concerns regarding the legality of holding a racenight.