BY STEVE KOCH
This is the latest in a monthly series tracking how Florida’s new state investment in Florida-bred purses translates into actual earnings.
JUNE 2026
The State Investment
The Florida Legislature moved $5 million into racetrack purses for Florida-bred racehorses in 2026 – $4 million to Gulfstream Park and $1 million to Tampa Bay Downs.
Some of that state funding was already flowing in prior years. After accounting for preexisting allocations and reserves, the net new investment is $4.8 million at Gulfstream Park and $536,000 at Tampa Bay Downs.
FTBOA is tracking how this investment translates into additional earnings for Florida-breds.
The Framework
We start with what Florida-breds earned at each track before the new state money arrived. That’s the baseline.
Adding the new state allocation to the baseline provides an adjusted 2026 Florida-bred earnings budget that we’ll refer to as “expected earnings.” Because earnings don’t accumulate evenly through the year – some months have more racing, richer stakes, or different field compositions – we proportion the expected trajectory to match the historical pattern rather than assuming a straight line. Baselines are adjusted where schedule changes affect comparability.
TAMPA BAY DOWNS
• 2024-25 meet baseline: $8.2 million
• Plus net new state allocation: $536,000
• 2025-26 Expected Florida-Bred Earnings:
$8.7 Million
GULFSTREAM PARK
• Adjusted 2025 baseline: $28.8 million
• Plus net new state allocation: $4.8 million
• 2026 Expected Florida-Bred Earnings:
$33.6 Million
Gulfstream Park’s baseline is adjusted to remove Q1 Wednesday race dates and six Florida Sire Stakes races, both discontinued in 2026.
Reading the Charts
Each track has a four-panel dashboard. Panels one and two show Florida-bred cumulative market share – participation rate (% of all runners) and earnings share (% of all earnings) – compared to the prior season’s cumulative pattern.
Panels three and four track actual Florida-bred earnings against state-enhanced expectations. Panel three shows cumulative earnings building through the racemeet. Panel four, labeled “Cumulative Year-to-Date vs Baseline” at Gulfstream Park and “Cumulative Meet-to-Date vs Baseline” at Tampa Bay Downs, are the key graphics. These charts isolate where the new state investment produces additional Florida-bred earnings:
- Red represents expected incremental earnings from the state allocation, proportioned across the year.
- The blue line exhibits how far actual Florida-bred earnings have risen above the prior-period baseline, a gap that widens or narrows depending on monthly performance.
Where the blue line tracks the red area, the new state investment has translated to additional Florida-bred purse earnings. If the blue line falls short, the new money may not have fully materialized yet.
Context: Participation and Earnings Share
Tampa Bay Downs (2025-26 Meet Final)
The Tampa Bay Downs 2025-2026 racemeet concluded May 3rd. Florida-breds finished the meet at 34% of starters and 38% of earnings, both ahead of the 2024-25 baseline (32% and 37%, respectively).
TAMPA BAY DOWNS: FL-Bred Cumulative Market Share
2025-26 Meet Final Results
Gulfstream Park (through June)
Florida-breds represent 35% of starters and 34% of total purse earnings through June, both running ahead of the January – June 2025 comparison (34% and 31%, respectively).
GULFSTREAM PARK: FL-Bred Cumulative Market Share
June 2026 Update
Results: Earnings vs. Expectations
Tampa Bay Downs
Florida-breds earned $8.73 million at the completed Tampa Bay Downs 2025-26 racemeet – $571,000 ahead of baseline and $36,000 ahead of maximum expectations. Clearing the red expectations line means Tampa Bay Downs didn’t just meet the new state investment, they exceeded full pass-through, and then some. The meet closed the way it opened: Florida-breds outperforming both the historical baseline and the state-enhanced target.
TAMPA BAY DOWNS: FL-Bred Earnings vs. Expectations
2025-26 Meet Final Results
Gulfstream Park
At Gulfstream Park, Florida-breds have accumulated $16.57 million total purse earnings through June – $1.27 million ahead of baseline, and $1.30 million shy of the maximum expectations. April’s Florida-bred stakes-day boost narrowed the gap sharply, but growth has since leveled off.
GULFSTREAM PARK: FL-Bred Earnings vs. Expectations
June 2026 Update
PERIODIC UPDATES
We will periodically update this report throughout 2026, comparing actual Florida-bred participation and earnings against the anticipated trajectories.
Steve Koch
Steve Koch is Administrative Vice President and industry economist for the Florida Thoroughbred Breeders’ and Owners’ Association.
