The first marquee race of the 2025 racing calendar is set for Saturday, when Gulfstream Park hosts the $3 million Pegasus World Cup Invitational Stakes. The 1 1/8-mile dirt race has been a centerpiece of the winter season since it was rebranded in 2017, and it annually brings together some of the best older dirt horses in training to compete.

This year’s Pegasus anchors a spectacular day of racing at Gulfstream Park featuring eight other stakes races. It will air on NBC and FanDuel TV and stream on Peacock, with a scheduled post time of 5:40 p.m. ET.

Get information on all of the Pegasus contenders plus some handicapping insights below as well as an added feature – our  “new to horse racing” section explaining common racing terms to fans:

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1. Mixto (10-1 morning-line odds)

Jockey: Frankie Dettori

Trainer: Doug O’Neill

Owner: Calumet Farm

Career record: 16 starts – 2 wins – 2 seconds – 5 thirds

Career earnings: $794,180

Top Equibase Speed Figure: 108

Pedigree: Good Magic – Musical Mystery, by Concerto

Age: 5

Color: Chestnut

Running style: Stalker

Analysis: Mixto jumped on the national scene with a 22.20-1 upset win in the FanDuel Racing Pacific Classic Stakes last summer at Del Mar. He defeated one of the weakest fields in the history of that storied race, however, and in his next start finished 11^th, defeated by 19 lengths, in the Longines Breeders’ Cup Classic. The 5-year-old bounced back to run third by a length in the Native Diver Stakes back in November and will be shipping in from California off of a two-month break for the Pegasus. It’s hard to see him winning, although getting international star jockey Frankie Dettori to ride for the first time is a plus.

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Morning line: In horse racing, each racetrack hires an oddsmaker to give estimates about what kind of support a horse will receive from bettors in the parimutuel pool, which collects wagers from everyone gambling on a particular race. These estimates are called morning-line odds and are usually announced a day or two before the race is run. The morning-line odds are a starting point when a race becomes open for betting and will change as bettors begin to make their wagers. The final odds can be very different from the morning line odds for each horse by the time the race starts.

Bet Mixto to win the Pegasus World Cup

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2. Saudi Crown (9-2)

Jockey: Florent Geroux

Trainer: Brad Cox

Owner: FMQ Stables

Career record: 12 starts – 6 wins – 2 seconds – 1 third

Career earnings: $3,130,985

Top Equibase Speed Figure: 114

Pedigree: Always Dreaming – New Narration, by Tapit

Age: 5

Color: Gray or roan

Running style: Pacesetter

Analysis: Which Saudi Crown will show up? At his best, this front-runner is a win threat in the Pegasus, but his past-performance line also includes some absolute no-show efforts. His most recent clunker came two starts back in the Big Ass Fans Breeders’ Cup Dirt Mile, where was not able to secure his customary position on or near the lead and ended up eased in the stretch to finish last of 13. He bounced back with a solid two-length score in the Tenacious Stakes to close out 2024 and takes a step back up in class Saturday. There’s not a lot of speed entered in this year’s Pegasus, so if he can set a comfortable pace Saudi Crown can hang around long enough to hit the board and possibly pull a minor upset. Trainer Brad Cox won this race in 2021 with Knicks Go, and jockey Florent Geroux was aboard 2018 winner Gun Runner.

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Up in class: Horses race against different levels of competition based on what kind of previous races their opponents have raced in and won, and in this case the horse is getting ready to face a tougher, higher-quality group than he did in his previous start.

Bet Saudi Crown to win the Pegasus World Cup

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3. Newgrange (20-1)

Jockey: Emisael Jaramillo

Trainer: Jose Francisco D’Angelo

Owners: David Bernsen, Little Red Feather Racing, and Rockingham Ranch

Career record: 15 starts – 7 wins – 0 seconds – 4 thirds

Career earnings: $1,014,134

Top Equibase Speed Figure: 108

Pedigree: Violence – Bella Chianti, by Empire Maker

Age: 6

Color: Dark bay or brown

Running style: Press the pace

Analysis: Newgrange makes his first start for trainer Jose D’Angelo in the Pegasus after spending his entire career up to now racing in California. He picked up three stakes wins there and reached a career peak a year ago when winning a pair of graded stakes in late 2023 and early 2024. His form fell off a cliff in his subsequent two starts, however, as he finished sixth in a Grade 1 and most recently fifth in a Grade 2, losing both by more than 10 lengths. His last race came way back in late July, which makes him a bit of a wild card in the Pegasus as he resurfaces in a new environment against a tough field. Look for first-time jockey Emisael Jaramillo, a good pace rider, to be aggressive with Newgrange and challenge Saudi Crown for the early lead Saturday.

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Pace rider: Jockeys, like horses, have different strengths and weaknesses. A jockey that’s a good judge of pace (early tempo) can settle his or her horse down while running on the early lead. The slower a horse can run early in a race, the more energy it will have to hold on to the lead when challenged late.

Bet Newgrange to win the Pegasus World Cup

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4. White Abarrio (3-1)

Jockey: Irad Ortiz Jr.

Trainer: Saffie Joseph Jr.

Owners: C 2 Racing Stable, Prince Faisal bin Khaled bin Abdulaziz al-Saud, and Antonio Pagnano

Career record: 19 starts – 8 wins – 2 seconds – 3 thirds

Career earnings: $5,241,850

Top Equibase Speed Figure: 122

Pedigree: Race Day – Catching Diamonds, by Into Mischief

Age: 6

Color: Gray or roan

Running style: Stalker

Analysis: White Abarrio figures to be one of the top two or three win contenders in the Pegasus, and if he can cycle back to the form he showed in late 2023, he could dominate this race. His wins in the 2023 Whitney Stakes and Longines Breeders’ Cup Classic tower over the best efforts from most of the other Pegasus contenders, and he showed tantalizing glimpses of returning to that level in his two lead-in races to Saturday’s tilt, easily winning a seven-furlong allowance-optional claiming race back in November and then finishing a rallying second in the seven-furlong Mr. Prospector Stakes in December, both at Gulfstream. He’s won an impressive six of eight races on this track and keeps the services of jockey Irad Ortiz Jr., who was aboard for his two marquee 2023 wins referenced above and has two Pegasus wins on his résumé. This 6-year-old looks primed to stretch back out to a mile and an eighth and be a major factor in the Pegasus in his third start back under the care of original trainer Saffie Joseph Jr.  

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Form: In horse racing, form measures the quality of a horse’s performance and competition. A horse entering an upcoming race in good form has competed well against opponents in races similar to the one he’ll try to win next. A horse in bad form will need to “step up his game” in order to have a shot at winning.

Bet White Abarrio to win the Pegasus World Cup

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5. Crupi (15-1)

Jockey: Luis Saez

Trainer: Todd Pletcher

Owners: Repole Stable and St. Elias Stable

Career record: 19 starts – 5 wins – 4 seconds – 5 thirds

Career earnings: $1,169,000

Top Equibase Speed Figure: 112

Pedigree: Curlin – Don’tforgetaboutme, by Malibu Moon

Age: 5

Color: Chestnut

Running style: Closer

Analysis: This one-dimensional closer will need a fast early pace to set up his late kick, and he might not get it in a 2025 Pegasus field that lacks speed horses. He can usually be counted on to mount a closing rally and has shown the stamina to handle this 1 1/8-mile distance, but overall his talent level maxes out below several other contenders in this race. It’s hard to envision him winning, but he’ll be running late through the stretch and can pick off enough pieces to fill out the superfecta or, less likely, the trifecta, for jockey Luis Saez, who gets back aboard Crupi for the first time since riding him in the 2024 Dubai World Cup. Trainer Todd Pletcher won the 2022 Pegasus with Life Is Good and also won the Donn Handicap, as the Pegasus was named prior to 2017, five times.

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Closer: Horses that are closers tend to race near the back of the field in races early on and save their energy for one big run in the final yards. They are therefore dependent on the pace (early tempo) of a race to be fast enough to hopefully tire out their opponents in front of them so they can sweep by and win.

Bet Crupi to win the Pegasus World Cup

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6. Stronghold (10-1)

Jockey: Antonio Fresu

Trainer: Phil D’Amato

Owners: Eric and Sharon Waller

Career record: 10 starts – 3 wins – 6 seconds – 0 thirds

Career earnings: $1,128,000

Top Equibase Speed Figure: 114

Pedigree: Ghostzapper – Spectator, by Jimmy Creed

Age: 4

Color: Bay

Running style: Stalker

Analysis: This California shipper is an intriguing longshot in the Pegasus as he’s only finished worse than second once in 10 starts, and even that effort – seventh in last year’s Kentucky Derby Presented by Woodford Reserve – wasn’t terrible. Stronghold has been runner-up in all three of his starts since the Derby and was closing through the stretch to nab second in his lead-in race, the Dec. 26 Malibu Stakes held at seven furlongs. This colt, who won last year’s Santa Anita Derby at 1 1/8 miles, prefers to race around two turns, and he’ll get the opportunity to stretch back out Saturday with regular jockey Antonio Fresu also traveling from the West Coast to ride. Stronghold still has some upside as he enters his 4-year-old season and could upset the Pegasus if he can reach that new level.

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Shipper: A horse who will travel (“ship in”) from another racing region to compete in its next start at a new track, often from quite a distance away.

Bet Stronghold to win the Pegasus World Cup

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7. Steal Sunshine (30-1)

Jockey: Dylan Davis

Trainer: Bobby Dibona

Owners: Michael Iavarone, Jules Iavarone, Carrie Brogden, Kevin Pollard, Ed Gorry, and David Menard

Career record: 25 starts – 7 wins – 2 seconds – 7 thirds

Career earnings: $612,260

Top Equibase Speed Figure: 110

Pedigree: Constitution – Warm Sunshine, by Unbridled’s Song

Age: 6

Color: Dark bay or brown

Running style: Closer

Analysis: Steal Sunshine is based at Gulfstream Park and has relished competing on this track, winning six of 18 starts and finishing second or third eight other times. He’s a solid, veteran campaigner whose biggest challenge will be the Pegasus’ mile-and-an-eighth distance. Overall, he does his best running in races held at seven furlongs to a mile and going around one turn (one-mile dirt races at Gulfstream are held at that configuration). He’s never won around two turns, but he’s run well enough in his occasional starts to warrant consideration as a superfecta or trifecta filler at what should be huge post-time odds. Steal Sunshine will also get the services of fast-rising jockey Dylan Davis for the first time, but a lack of early speed entered in this race will work against his late-closing style.

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One turn vs. two turn: Most horse races held around one turn are classified as sprints (topping out at seven furlongs or seven-eighths of a mile). However, one-mile (eight-furlong) races can be held around one or two turns, depending on the circumference of the host track. In the case of Gulfstream Park, one-mile races are held around a single turn. The Pegasus World Cup, a 1 1/8-mile (nine-furlong) race, is held around two turns.

Bet Steal Sunshine to win the Pegasus World Cup

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8. Vitality (50-1)

Jockey: Rajiv Maragh

Trainer: Harold Ladouceur

Owners: Stronach Stables and Joel Hunsburger

Career record: 12 starts – 2 wins – 2 seconds – 1 third

Career earnings: $272,620

Top Equibase Speed Figure: 99

Pedigree: Street Boss – Belissimo, by Awesome Again

Age: 4

Color: Chestnut

Running style: Closer

Analysis: Vitality is a 50-1 longshot on the Pegasus morning line and should leave the gate at odds in that range, as he’s done most of his running on all-weather tracks in Canada and only started racing on dirt last September. He excelled in his first dirt start, winning the Prince of Wales Stakes by four lengths north of the border, and then shipped to Kentucky and Florida for three additional starts, finishing a good second in an allowance race two races back and then running a no-threat sixth of eight in his Gulfstream Park debut, the 1 1/16-mile Harlan’s Holiday Stakes in late December. His speed figures are among the lowest in the Pegasus field but are not completely out of orbit, and he figures to get some support for fans of jockey Rajiv Maragh, who returned to the saddle last October at this track after an absence of nearly three years.

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Speed figures: People who bet on horse racing use speed figures to give a numerical value to a horse’s performance in a race. The speed figure accounts for variables in a race such as the early pace (tempo), track surface, weather, and ground covered, for example. Assigning a speed figure to each horse aims to give an accurate measure of its performance that then can be compared with other horses competing in an upcoming race.

Bet Vitality to win the Pegasus World Cup

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9. Mystik Dan (8-1)

Jockey: Brian Hernandez Jr.

Trainer: Ken McPeek

Owners: 4 G Racing, Valley View Farm, Lance Gasaway, and Daniel Hamby III

Career record: 10 starts – 3 wins – 2 seconds – 1 third

Career earnings: $4,161,860

Top Equibase Speed Figure: 110

Pedigree: Goldencents – Ma’am, by Colonel John

Age: 4

Color: Bay

Running style: Stalker

Analysis: Last year’s Kentucky Derby Presented by Woodford Reserve winner, who will aim for a bounce-back effort after finishing a puzzling last of six in the Dec. 26 Malibu Stakes, is one of the top storylines for the 2025 Pegasus. The Malibu, held at seven furlongs, was Mystik Dan’s first start since finishing a distant eighth of 10 in the Belmont Stakes in June, and it raises doubts about whether this talented runner’s best racing is behind him. Trainer Ken McPeek said after the Malibu that Mystik Dan appeared to be in good shape, and he’s put in a pair of fast workouts on Gulfstream’s track since shipping to Florida. If he can regain his spring 2024 form, he’s certainly capable of winning the Pegasus, and his versatile running style is a plus as well. Look for regular jockey Brian Hernandez Jr. to position Mystik Dan in third or fourth and within touch of the early leaders, possibly angling toward the rail and racing inside for the first mile or so to save ground. Those who still have faith in the fan favorite should get a square price in the Pegasus.

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Rail: All racetracks have an inner rail and outer rail to mark the boundaries of competition, and the goal for most jockeys is to position their horses as close to the inside (inner) rail as possible in order to reduce the amount of ground they’ll have to cover in a race, especially when navigating turns.

Bet Mystik Dan to win the Pegasus World Cup

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10. Skippylongstocking (10-1)

Jockey: Tyler Gaffalione

Trainer: Saffie Joseph Jr.

Owner: Daniel Alonso

Career record: 28 starts – 9 wins – 3 seconds – 5 thirds

Career earnings: $3,092,985

Top Equibase Speed Figure: 114

Pedigree: Exaggerator – Twinkling, by War Chant

Color: Bay

Running style: Press the pace/stalker

Analysis: This multiple graded stakes winner is perhaps the most reliable Pegasus contender to assess when handicapping the race. He’s a consistent runner who is at his best going around two turns, sporting a record of five wins, two seconds, and two thirds in 13 starts at 1 1/8 miles. He’s also run well at Gulfstream Park, with three wins, a second, and a third in 10 starts. However, Skippylongstocking has also proven to be most competitive at the Grade 2 and Grade 3 level – his only three poor efforts over his prior 11 starts came at the Grade 1 level, including in last year’s Pegasus when he was pulled up and walked off the track. This year will mark the third consecutive Pegasus start for Skippylongstocking, and he projects to join Newgrange and Mystik Dan among the horses pressing probable pacesetter Saudi Crown early in the race. He’s a contender worthy of using in exacta and trifecta tickets at what should be good odds but he’s also decidedly the second-tier contender for trainer Saffie Joseph Jr. behind White Abarrio.

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Graded stakes: A committee of industry leaders in horse racing assigns grade levels to stakes races for horses and revises it each year. Grade 1 races are considered to draw the highest quality of competition, followed by Grade 2, Grade 3, and then ungraded (also called listed) stakes.

Bet Skippylongstocking to win the Pegasus World Cup

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11. Locked (5-2)

Jockey: John Velazquez

Trainer: Todd Pletcher

Owners: Eclipse Thoroughbred Partners and Walmac Farm

Career record: 6 starts – 4 wins – 0 seconds – 2 thirds

Career earnings: $935,650

Top Equibase Speed Figure: 113

Pedigree: Gun Runner – Luna Rosa, by Malibu Moon

Age: 4

Color: Chestnut

Running style: Stalker

Analysis: Locked is the slight morning-line favorite in a competitive edition of the Pegasus World Cup based on his excellent return to the track after nearly a year away. He was one of the top 2-year-olds in training in 2023 but missed the Triple Crown season due to a physical setback and did not make his first start at age 3 until October in New York. He resurfaced with a 7 ½-length win in a seven-furlong allowance-optional claiming race and then rallied late to win the Cigar Mile Handicap Presented by Twinspires.com by 1 ½ lengths against a quality field. All systems appear set to “go” for the Pegasus and Hall of Fame jockey John Velazquez, who’s been aboard for both of Locked’s comeback wins, retains the mount. He drew a tough post position and might get caught wide on the first turn at Gulfstream, and he also may be overbet. As with Stronghold, however, there’s still some untapped potential in this runner as he starts his 4-year-old season. As such, he’s got a good chance to give Todd Pletcher his second Pegasus victory.

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7 ½-length win: Margins of victory and defeat in horse racing are measured in lengths. A length is about eight feet. So, in this case, the horse who won by 7 ½ lengths was actually 60 feet clear of the runner-up.

Bet Locked to win the Pegasus World Cup

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12. Power Squeeze (30-1)

Jockey: Javier Castellano

Trainer: Jorge Delgado

Owner: Lea Farms

Career record: 12 starts – 6 wins – 2 seconds – 1 third

Career earnings: $937,450

Top Equibase Speed Figure: 97

Pedigree: Union Rags – Callmethesqueeze, by Awesome Again

Age: 4

Color: Chestnut

Running style: Closer

Analysis: The only filly in the 2025 Pegasus field faces a very tough assignment in the first start of her 4-year-old season. She was one of the best in her class in 2024, winning five of nine starts, all of the wins coming in stakes races including a game head victory in the 1 ¼-mile Alabama Stakes last summer. In her final start of 2024, Power Squeeze mustered her customary closing charge to finish second by a neck in the one-turn mile Rampart Stakes in late December, her first loss in three starts on Gulfstream’s dirt track. Because she’s a closer, the far outside post position should not be a problem, as jockey Javier Castellano, who was aboard Power Squeeze in the Alabama and won the Pegasus in 2019, figures to settle her near the back of the field early and angle in to save ground. Her speed figures are among the slowest among this year’s Pegasus group and project her more as a late-running superfecta or trifecta filler than as a win candidate.

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A superfecta or trifecta filler: We're suggesting that you might want to add the horse to your bet if you’re playing a superfecta (picking the first four finishers) or a trifecta (first three finishers), and using this horse in the third and fourth slot but not to win or finish second.

Bet Power Squeeze to win the Pegasus World Cup