Becoming degenerate and attending races (5,2,3,4)
I believe the answer is:
going to the dogs
'becoming degenerate' is the definition.
(something going to the dogs is degenerating)
'attending races' is the wordplay.
'attending' becomes 'going to' ('go to' can be a synonym of 'attend').
'races' becomes 'the dogs' (dog races).
'goingto'+'thedogs'='GOING TO THE DOGS'
'and' acts as a link.
I've seen this clue in The Telegraph.
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