Racehorses can lose weight for several reasons, the most common being lack of calories. A racehorse burns a lot of calories and can lose weight if not fed an appropriate feed high in calories. The horse could also have internal parasites that are robbing him of key nutrients. There is also the possibility of ulcers as they tend to put the horse off his food causing weight loss.
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This is because of all the work they do. As they have to sprint around the racetrack and they also have to be light when racing otherwise it is a major slowdown.
Thoroughbred racing professionals have differing opinions because there are many variables that can affect exertion and weight loss, but about 40-70 pounds is a conservative estimate.