"Deadwood" writer David Milch will write and Michael Mann will direct the pilot.
In addition to Hoffman ("Rain Man," "Kramer vs. Kramer," The Merchant of Venice, Death of a Salesman), the cast is also set to include John Ortiz (Othello, "Jack Goes Boating"), Richard Kind (The Producers, Bounce, "Spin City"), Academy Award nominee Nick Nolte ("Affliction," "The Prince of Tides"), Dennis Farina, Kevin Dunn, Jason Gedrick, Ritchie Coster, Ian Hart, Tom Payne, Kerry Condon and Gary Stevens.
The series will look at every aspect of horse racing, including owners, gamblers, jockeys and various movers and shakers in the industry, according to the industry paper.
The show will start production this fall at Santa Anita and other locations throughout Los Angeles.
Hoffman will co-produce the pilot with Henry Bronchtein. Milch and Mann will co-executive produce with Carolyn Strauss and Bronchtein.