And had it not been for the heroics of Casillas, who produced a brilliant save to deny Oscar Serrano, Real could even have been licking their wounds from a shock defeat.
Instead, Los Blancos did come away with a point, although they have now only claimed seven points from their first four league matches, one behind main rivals Barcelona and five behind surprise La Liga leaders Real Betis.
While he did admit it was still early days in the title race, Casillas was keen to impress upon his charges that any further slip-ups could cost them dearly.
"The league is far from over," Casillas said on Real's official website. "It's still early, but we can't afford the luxury of dropping points because they are all vital and important.
"We have sufficient quality to create chances on goal and play football, but we must also acknowledge the merits of Levante [who beat Real at the weekend] and Racing.
"We must look to the future and fix the things we did wrong."
And while the Spain international did admit he was not pleased with Real's performances in their last two matches, he was quick to pay credit to Racing.
"It's worrying that we haven't won either of our last two games. It's hard to swallow but we must now move on and think about our next match.
"Our image [on Wednesday] was not befitting of a team like Real Madrid.
"[Nonetheless], Racing positioned themselves very well from the start and played a serious and organised game.
"We didn't have many chances on goal."
Real's next La Liga fixture will see them host Rayo Vallecano on Saturday.