Masters sailing is for "seasoned" sailors - only those that have reached their 35th birthday by the start of the regatta.
It is still the competitive racing that you remember, but recognizes that while your mind is still young your body might not still be there anymore with the twenty-somethings. And just to keep the playing field level, Masters are broken into four age divisions: Apprentice (35-44 years old), Master (45-54 years old), Grand Master (55-64 years old) and Great Grand Master (65+). At the highly competitive but very fun World Championships you race against competitors only in your age division. In North America the Masters typically race as one fleet but score in their age divisions. An overall winner is also determined using a handicap system where Apprentices add 3 points to their finish position in each race, Masters 2 points and Grand Masters 1 point. The racing, both in age divisions and overall, is extremely close on the water. Off the water the emphasis is on having a great time with all of your fellow Masters sailing friends. If you have a Laser and are over 35 you need to be on the Masters Regatta circuit!!