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In March Fairbanks hosts the GCI Open North American Sled Dog Races that you can view from right in town. These are sprint races so they are big teams of very fast dogs. During the festivities of the day there is also the dog weight pull and the Alaska Trapper's Association Fur Auction if you want to take home a nice fur for a great price.
Do a search for Chatanika Days as that is where and when the outhouse races are held. Not really a kid friendly environment but certainly an original one and great fun.