The first marquee graded stakes of the year is set for Saturday at Gulfstream Park, when the 10^th annual Pegasus World Cup Invitational Stakes will be held. The Pegasus was formerly named the Donn Handicap and was re-envisioned in 2017 as an early-season, invitation-only showcase for older horses. The race made headlines when the first edition offered a purse of $12 million. That purse increased in 2018 but then was reduced and has stabilized at a still-lucrative $3 million in recent years. As for the 1 1/8-mile, Grade 1 race itself, it has been won by some of the very best dirt horses of the past decade, including inaugural winner Arrogate, Gun Runner (2018), Knicks Go (2021), and Life Is Good (2022). 

This year’s renewal features a highly competitive field of horses age 4 and older led by defending Pegasus winner White Abarrio. The Pegasus anchors a sensational Saturday racecard at Gulfstream Park featuring seven other stakes races. Each race will be broadcast on FanDuel TV, and the Pegasus and select undercard races will also air nationwide on NBC and be streamed live on Peacock during an hour-and-a-half show from 4:30 p.m.-6 p.m. Post time for the Pegasus is set for 5:39 p.m. ET.

Read on for information about each of the Pegasus contenders plus some gambling insights.

Adam Coglianese/NYRA

1. Disco Time (8-5 morning-line odds)

Jockey: Flavien Prat

Trainer: Brad Cox

Owner: Juddmonte

Career record: 5 starts – 5 wins – 0 seconds – 0 thirds

Career earnings: $551,960

Top Equibase Speed Figure: 112

Pedigree: Not This Time – Disco Chick, by Jump Start

Age: 4

Color: Dark bay or brown

Running style: Press the pace

Analysis: Disco Time was made the 8-5 morning-line favorite in the Pegasus over defending race winner White Abarrio and last year’s Florida Derby winner Tappan Street based on his undefeated record and an impressive return to racing last fall. The son of hot young sire Not This Time was briefly on the 2025 Kentucky Derby trail before being injured, but he returned with a pair of dominant wins, at Fairmount Park and more recently in the Dwyer Stakes Nov. 8 at Aqueduct. Disco Time earned a 112 Equibase Speed Figure when romping by 9 ¾ lengths in the Dwyer. He’s definitely a win threat in the Pegasus — still, this will be the toughest field he’s faced by far at a distance he’s never tried, and he’ll need to break clean from the inside post position under first-time rider Flavien Prat in order to avoid getting crowded in a full field.

New to racing? Let us explain…

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 pari-mutuel 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.

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2. British Isles (20-1)

Jockey: Diego Herrera

Trainer: David Fawkes

Owners: Slam Dunk Racing, Debby Baltas, and Cynthia McClanahan

Career record: 22 starts – 3 wins – 6 seconds – 4 thirds

Career earnings: $287,526

Top Equibase Speed Figure: 108

Pedigree: Justify – Purely Hot, by Pure Prize

Age: 5

Color: Chestnut

Running style: Press the pace/stalker

Analysis: This veteran racehorse ships in from California for a tough assignment in his first start for trainer David Fawkes. He comes into the Pegasus off of one of his best career efforts, a runner-up finish in the Native Diver Stakes in late November at Del Mar, where he held the lead heading into the homestretch but was outfinished by heavy favorite Nevada Beach and finished second by a half-length. Prior to that start on dirt, British Isles had made 18 of 21 starts on turf, where he posted all three of his wins. He should have no problem handling the Pegasus’ 1 1/8-mile distance, but he faced only three rivals in the Native Diver and still went off as a 16.50-1 longshot. He’ll probably be close to double that price when the starting gates open in the Pegasus.

Eclipse Sportswire

3. Full Serrano (12-1)

Jockey: Joel Rosario

Trainer: John Sadler

Owner: Hronis Racing

Career record: 20 starts – 6 wins – 7 seconds – 2 thirds

Career earnings: $936,423

Top Equibase Speed Figure: 117

Pedigree: Full Mast – Serra Do Mar, by Jump Start

Age: 7

Color: Dark bay or brown

Running style: Pacesetter/press the pace

Analysis: Another West Coast shipper, Full Serrano has shown flashes of brilliance along with disappointing efforts over the past couple of years. He’ll be seeking a return to the form he displayed in fall 2024 when he won the Big Ass Fans Breeders’ Cup Dirt Mile and finished second in the 1 ¼-mile FanDuel Racing Pacific Classic, both at Del Mar. He comes in off of a disappointing effort in the 2025 Dirt Mile, also held at Del Mar, where he had a rough trip and tired to finish fifth, beaten by 12 ¼ lengths. A bounce-back effort could help this veteran finish in the top three against a tough field and in his first U.S. start outside of California. He’s done his best running at the one-mile distance at the one-mile distance since coming to this country from his native Argentina, however. Look for Full Serrano to be on or near the early lead under jockey Joel Rosario, who rode him in both of his Breeders’ Cup starts.

Eclipse Sportswire

4. Banishing (20-1)

Jockey: Jose Ortiz

Trainer: David Jacobsen

Owners: Lawrence Roman and David Jacobsen

Career record: 26 starts – 9 wins – 6 seconds – 3 thirds

Career earnings: $1,968,409

Top Equibase Speed Figure: 116

Pedigree: Ghostzapper – Dowager, by A.P. Indy

Age: 6

Color: Chestnut

Running style: Stalker

Analysis: Here’s another accomplished veteran racehorse who figures to go off at appealing odds in the Pegasus. Banishing has finished in the top three 18 times in 26 career starts, and his only outright bad effort during a busy 2025 that featured 12 starts was in the Cygames Breeders’ Cup Sprint, where he was crowded in traffic during the turn and checked in 12^th of 14 runners. He bounced back from that start with a solid second in a stakes race at Oaklawn Park Dec. 13 and will be reunited with jockey Jose Ortiz in the Pegasus. Ortiz rode Banishing to a dead-heat runner-up finish in the Churchill Downs Stakes Presented by Ford last May, where he lost by a neck in one of the most high-quality races of 2025. The main hurdle for this talented gelding will be distance: Banishing has had his most success in races up to one mile and his only win at 1 1/8 miles came last year in the Charles Town Classic Stakes, which is held at a unique three-turn configuration. 

Eclipse Sportswire

5. Skippylongstocking (15-1)

Jockey: Tyler Gaffalione

Trainer: Saffie Joseph Jr.

Owner: Daniel Alonso

Career record: 35 starts – 12 wins – 3 seconds – 7 thirds

Career earnings: $3,775,250

Top Equibase Speed Figure: 116

Pedigree: Exaggerator – Twinkling, by War Chant

Age: 7

Color: Bay

Running style: Stalker

Analysis: Will the fourth time be the charm for Skippylongstocking? This lunchpail campaigner and fan favorite has appeared in the Pegasus each of the last three runnings, finishing seventh in 2023, officially a  “DNF” (did not finish) in 2024, and then a much-improved third last year, 6 ½ lengths behind runaway winner White Abarrio but only a neck behind second-place Locked. Skippylongstocking made six more starts in 2025 after the Pegasus, winning three graded stakes. In his final start of the year, Skippylongstocking outfinished Poster to win the Harlan’s Holiday Stakes at Gulfstream Park by a head. The now 7-year-old has never won a Grade 1 stakes and it’s tough to see him achieving that Saturday; on the other hand, he’s won four times at Gulfstream and has finished in the top three 11 times in 17 starts in races held at 1 1/8 miles. He’s very much a threat to add to that “in the money” record in Pegasus start number four.

Eclipse Sportswire

6. Madaket Road (10-1)

Jockey: Mike Smith

Trainer: Bob Baffert

Owners: SF Racing, Starlight Racing, Madaket Stables, Dianne Bashor, Determined Stables, Robert Masterson, Tom Ryan, Waves Edge Capital, and Catherine Donovan

Career record: 9 starts – 1 win – 4 seconds – 1 third

Career earnings: $580,000

Top Equibase Speed Figure: 109

Pedigree: Quality Road – Frolic’s Dream, by Smoke Glacken

Age: 4

Color: Gray or roan

Running style: Press the pace/stalker

Analysis: This California-based runner was added to the Pegasus field by his connections after stablemate and recent Malibu Stakes winner Goal Oriented was retired. Madaket Road finished fourth to his stablemate in the seven-furlong Malibu held at the end of December at Santa Anita Park. He’s a consistent sort who usually gives a good effort that comes up short of winning, as evidenced by four runner-up finishes in nine career starts to date. One of Madaket Road’s more notable races came in last spring’s Curlin Florida Derby Presented by Hill ‘n’ Dale Farms at Xalapa on Gulfstream’s dirt track, where he set a pressured early pace and tired in the stretch to finish fourth behind Tappan Street and subsequent Kentucky Derby and Belmont Stakes winner Sovereignty. His distance limitations will be a difficult hurdle to overcome in the Pegasus; at the very least, Madaket Road should be part of the early pace scenario under Hall of Fame jockey Mike Smith, who rode him in the Florida Derby.

Lauren King/Coglianese Photo

7. Tappan Street (6-1)

Jockey: Luis Saez

Trainer: Brad Cox

Owners: WinStar Farm, CHC Inc., Cold Press Racing, and Qatar Racing

Career record: 4 starts – 3 wins – 1 second – 0 thirds

Career earnings: $670,400

Top Equibase Speed Figure: 104

Pedigree: Into Mischief – Virginia Key, by Distorted Humor

Age: 4

Color: Bay

Running style: Press the pace/stalker

Analysis: Tappan Street joins stablemate Disco Time as a “buzz horse” entered in this year’s Pegasus. Like the morning-line favorite, this runner is lightly raced, had his 2025 Kentucky Derby campaign disrupted due to injury, and made an eye-catching comeback after time off. Tappan Street first impressed over the winter of 2024-’25 with a runner-up effort in the Holy Bull Stakes followed by a 1 ¼-length win in the Curlin Florida Derby Presented by Hill ‘n’ Dale Farms at Xalapa, in which he bested eventual Kentucky Derby and Belmont Stakes winner Sovereignty (the favorite to be voted Horse of the Year Jan. 22 at the Eclipse Awards). After a break of more than 8 ½ months, Tappan Street returned to Gulfstream in late December and won a one-mile allowance-optional claiming race. This well-bred racehorse will need to improve from a speed-figure perspective to win the Pegasus and has a good chance to do just that considering he’s making only his fifth career start and the second after his return. His morning-line odds of 6-1 are also much more appealing than those for Disco Time.

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8. Poster (20-1)

Jockey: Junior Alvarado

Trainer: Eoin Harty

Owner: Godolphin

Career record: 7 starts – 4 wins – 1 second – 1 third

Career earnings: $409,480

Top Equibase Speed Figure: 106

Pedigree: Munnings – Pin Up, by Tapit

Age: 4

Color: Chestnut

Running style: Closer

Analysis: Poster is an interesting Pegasus contender who was pointed to the Kentucky Derby briefly last spring but missed the race and the rest of the Triple Crown series due to injury, coming back in September with a solid win in a one-mile turf race at Churchill Downs. He then moved to dirt for a start in the Harlan’s Holiday Stakes at Gulfstream in late December and was made the post-time favorite in that 1 1/16-mile race. Poster rallied in the stretch but was outdueled by Skippylongstocking and lost by a neck. The newly turned 4-year-old will be fitted with blinkers for the Pegasus to help him focus and there are several forwardly placed runners entered, which should create a good early pace to set up his rally. It’s still a question as to whether Poster is best suited to turf, however, as three of his four career wins came on that surface.

New to racing? Let us explain…

Blinkers are cups that can be cut to different lengths and are attached to a hood or bridle to limit a horse’s vision, which ideally will enable him/her to perform better through improved focus on what is in front of him rather than what is behind. When a trainer removes blinkers it usually is a sign of confidence that the horse is maturing.

Eclipse Sportswire

9. Captain Cook (15-1)

Jockey: John Velazquez

Trainer: Todd Pletcher

Owner: St. Elias Stable

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

Career earnings: $456,056

Top Equibase Speed Figure: 108

Pedigree: Practical Joke – Pow Wow Wow, by Indian Charlie

Age: 4

Color: Bay

Running style: Press the pace/stalker

Analysis: Like Disco Time, Tappan Street, and Poster, Captain Cook was active on the 2025 Kentucky Derby trail last winter and spring but did not race on the first Saturday in May. He instead was shortened up in distance for his final three starts of last year, finishing second twice and third once in stakes races all held at seven furlongs. In his first start for trainer Todd Pletcher, Captain Cook nearly posted an upset win in the late-August H. Allen Jerkens Memorial Stakes at Saratoga, losing by a nose, and he also finished second in his final 3-year-old outing at Keeneland in October. He seems to be suited best to one-turn races at this stage of his career and will be hard-pressed to prevail against a handful of contenders that have better credentials at 1 1/8 miles, although he did win the Withers Stakes at that distance nearly a year ago. Getting the services of Hall of Fame jockey John Velazquez for the first time is a plus.

Jim McCue/Maryland Jockey Club

10. Mika (10-1)

Jockey: Manny Franco

Trainer: Mike Maker

Owner: Nice Guys Stable

Career record: 8 starts – 3 firsts – 1 second – 0 thirds

Career earnings: $214,664

Top Equibase Speed Figure: 114

Pedigree: Catholic Boy – History Supreme, by Speightstown

Age: 4

Color: Dark bay or brown

Running style: Pacesetter

Analysis: This speedy colt should help ensure an honest pace in Saturday’s Pegasus as he comes in off a near-miss Dec. 6 in the Cigar Mile Handicap at Aqueduct, in which he led for nearly the entire race at odds of 14.82-1 only to lose by a neck as favorite Bishops Bay wore him down in the final strides. Mika made his first five career starts with little distinction before showing a new ability as a front-runner with wins in May at Delaware Park (a race moved from turf to dirt) and November at Laurel Park. He led from start to finish in both races and, as noted, nearly did the same against a tougher field in the Cigar Mile. Could Mika “steal” the Pegasus by controlling the pace and having enough to hold on late? It will be difficult, but not impossible.

Angelo Lieto/Coglianese Photo

11. White Abarrio (4-1)

Jockey: Irad Ortiz Jr.

Trainer: Saffie Joseph Jr.

Owners: C2 Racing Stable, Gary Barber, and La Milagrosa Stable

Career record: 24 starts – 10 wins – 2 seconds – 3 thirds

Career earnings: $7,151,920

Top Equibase Speed Figure: 122

Pedigree: Race Day – Catching Diamonds, by Into Mischief

Age: 7

Color: Gray or roan

Running style: Stalker

Analysis: The defending Pegasus winner has the most impressive résumé in this year’s field, including last year’s dominant 6 ¼-length victory and scores in the 2023 Whitney Stakes and Longines Breeders’ Cup Classic. The striking gray or roan racehorse has been highly regarded going back to 2022, when he won the Florida Derby, and although he disappointed in his final three starts last year at age 6 — finishing fourth twice and then fifth in top-level stakes in New York — he wasn’t disgraced in any of those races. Furthermore, White Abarrio had an excuse for his fifth-place result in the Jockey Club Gold Cup Stakes as he was affected by another horse unseating jockey Irad Ortiz Jr. in the early stages. Ortiz Jr. rode White Abarrio to victory in the Whitney, Breeders’ Cup Classic, and last year’s Pegasus and is back again Saturday. Even if his form has slipped a bit recently, this now 7-year-old has a record of 8-1-0 in 10 lifetime starts at Gulfstream Park. Look for Ortiz to duplicate a stalk-and-pounce strategy with White Abarrio that won this race last year. 

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12. Brotha Keny (30-1)

Jockey: Javier Castellano

Trainer: Jose D’Angelo

Owners: Morplay Racing, Michael Iavarone, Jules Iavarone, TCC Stables, David A. Bernsen, and Leon King Stable Corp.

Career record: 13 starts – 4 wins – 1 second – 3 thirds

Career earnings: $499,528

Top Equibase Speed Figure: 107

Pedigree: Mo Town – Raramuri Princess, by Northern Afleet

Age: 4

Color: Dark bay or brown

Running style: Stalker/closer

Analysis: This under-the-radar contender is easy to root for but will have a hard time winning the Pegasus. Brotha Keny is a 4-year-old gelding with a lot of travel miles on his docket — this will be the sixth different track he’s run at in his last six races. Brotha Keny has not finished worse than fourth since October 2024, a span of 11 starts, with arguably his best effort during that span a win in the 1 3/16-mile Bourbon Flight Stakes at Churchill Downs last September. Two starts after that, he posted a half-length score in the 1 1/16-mile Zia Park Derby in late November, after which he was sold and transferred to new trainer Jose D’Angelo. He’ll make his first start for the south Florida-based D’Angelo Saturday, and it will also be his first start at Gulfstream Park. It’s difficult to see him winning the Pegasus, but filling out the trifecta or superfecta at long odds is possible.

Coglianese Photos/Gulfstream Park

13. Lightning Tones (also-eligible)

Jockey: Jose Morelos

Trainer: Jose Castro

Owner: JC Racing Stable

Career record: 33 starts – 7 wins – 7 seconds – 6 thirds

Career earnings: $377,085

Top Equibase Speed Figure: 98

Pedigree: Tonalist – Rosesandlightning, by Lightnin N Thunder

Age: 6

Color: Dark bay or brown

Running style: Closer

Analysis: This locally based racehorse will need a defection from the main 12-horse field for the Pegasus to draw in and run. Lightning Tones would be a huge longshot if he makes the race, even though he’s finished in the top three positions 20 times in 30 career starts at Gulfstream Park. His most recent effort was one of his best – a 3 ¼-length repeat victory in the 1 1/16-mile Sunshine Classic Stakes against fellow Florida-breds just two weeks ago. Lightning Tones hasn’t been embarrassed in his few starts against top-level horses (he was fourth behind White Abarrio in last spring’s Ghostzapper Stakes Presented by FanDuel TV, for example). Still, him winning the Pegasus as a late entry would be a stunner.

Ryan Thompson/Coglianese Photo

14. Catalytic (also-eligible)

Jockey: David Egan

Trainer: Antonio Sano

Owner: Tami Bobo

Career record: 14 starts – 3 wins – 7 seconds – 1 third

Career earnings: $362,085

Top Equibase Speed Figure: 98

Pedigree: Catalina Cruiser – One Show Only, by Distorted Humor

Age: 5

Color: Bay

Running style: Stalker/closer

Analysis: Catalytic would need two defections from the main Pegasus field to draw into the race, which is unlikely. He’s another horse who has mainly competed at Gulfstream Park, where he’s compiled a 3-6-1 record over 10 starts, including a runner-up finish in the 2024 Florida Derby at 29-1 odds. Catalytic finished third by 5 ½ lengths to Skippylongstocking and Poster (those two separated by a head) in his most recent outing, the Harlan’s Holiday Stakes in late December at Gulfstream. That’s a lot of ground to make up against a pair of Pegasus longshots should this runner draw in — not even considering the probable race favorites.