For more details, click here.

BY STEVE KOCH 

In the world of Thoroughbred racing, it’s easy to focus on numbers. But judging the health of a state’s Thoroughbred industry solely by the number of foals produced misses the bigger picture. In response to market signals, Florida breeders have always optimized for quality, maintaining a consistent share of Florida race starters and victors – four out of every 10 runners – for many years signaling a potent balance of performance and economic vitality. 

With a focus on quality over quantity, Florida has built the second most valuable Thoroughbred economy in North America – second only to Kentucky – and continues to lead all other regions in performance, development, and economic impact. Florida racing’s economic engine isn’t measured by “animals per acre”, but instead “miles per hour.” 

Florida’s Thoroughbred industry generates a remarkable $3.24 billion annually and supports over 33,000 jobs. This success isn’t based on producing the most horses, it’s based on producing the best horses. For much more than a decade, Florida-breds have consistently made up 40% of all Florida race starters, 40% of victories, and earned 40% of purses. Nearly three-quarters of those wins come from horses sired in Florida.  

Florida’s tenacity at the very highest levels of racing is especially striking. Florida-breds nationally won 64 open stakes races and 13 graded stakes in 2024, dramatically outpacing all other regional breeding programs. Maryland (29 open stakes, 5 graded), New York (23 open, 7 graded), Pennsylvania (22 open, 8 graded), and California (20 open, 4 graded) all trail far behind Florida’s elite performance. This is why buyers, trainers, and owners look to Florida for our proven performance, our horses’ race readiness, and the training systems that prepare them for greatness. 

That championship pedigree was on full display at the 2025 Kentucky Derby, where 13 of the 19 competitors had ties to Florida breeding, training and racing. Bridlewood Farm, a longtime Ocala-based operation, saw its decades of investment and faith in Florida’s equine infrastructure pay off in one of the sport’s most iconic races when two of its graduates – Sovereignty and Journalism – finished one-two in the Run for the Roses. Bridlewood’s Derby moment symbolizes the state’s broader excellence and magnificent potential. 

Florida’s Thoroughbred industry has also established clear market advantages. Florida-bred two-year-olds commanded the highest average prices among all major regional markets (more than 50 sold) in 2024, far outperforming top regional competitors in New York, Maryland, and especially California.  

Florida 2-year-old prices have demonstrated remarkable resilience, achieving a 73% increase from 2020 to 2024, even as other major states experienced double-digit declines parallel to their own unsteady economics. Despite challenges including legislative decoupling attempts, Florida’s quality-first approach continues to deliver for breeders, owners, and the state’s economy.

Meanwhile, the state with historically larger foal crops – California – lags far behind in both prices and race results, reinforcing that quantity does not inherently provide economic success

The Thoroughbred industry operates on a winner-takes-most economic model, where approximately 60% of race purses go, by design, only to race winners. Breeding for a horse that finishes 10th, 11th, or 12th on the open field of play plans financial loss with no possible returns. Fundamental racing economics demand a focus on quality more than quantity. Florida’s decades-long winning pattern demonstrates that the state’s Thoroughbred program has always maintained that sustainable balance. 

Florida’s Thoroughbred industry has created a globally respected export economy rooted in excellence, not excess. From consistent racetrack performance to auction ring dominance to Kentucky Derby glory, Florida has proven that better horses offer a more sustainable and successful path forward.

In our industry, only the best cross the finish line first. Quality wins every time.

Return to the May 14 issue of Wire to Wire