FTBOA’s Powell Addresses Florida Gaming Control Commission

CEO particulars award changes and declares new incentive program

BY STEVE KOCH

FTBOA CEO Lonny Powell appeared earlier than the Florida Gaming Control Commission yesterday, to deal with vital funding changes and announce thrilling new initiatives for Florida’s Thoroughbred breeding neighborhood. The fee unanimously accredited the group’s request after Powell’s complete presentation on trade challenges and alternatives.

Breeders’ Awards Adjusted to Address Funding Gap

Powell requested a discount in breeders’ and stallion awards from 20% to fifteen% for 2025, explaining the monetary necessity behind this short-term adjustment. “We have consistently fought and advocated, for about 15 years, as the tip of the spear in legislative action,” Powell instructed commissioners. “Never would we have thought that tracks would pursue decoupling so fast after we lead the charge to secure historic financial investment packages for everyone.”

The funding shortfall resulted from current legislative modifications that allotted parts of FTBOA’s funding to 2 tracks searching for to decouple from racing operations. Originally budgeted for twin funding sources all year long, FTBOA was compelled to function on a single funding stream in the course of the remaining three months of their fiscal 12 months.

“We’ve been using just one fund and burning the balance down,” Powell defined. “Coming to you today was out of necessity because we won’t have enough balance at the end of the year for the breeders’ awards as originally planned. The 15% will correct the situation and make it manageable.”

Statute 550: “Outdated, Out of Sync”

Powell didn’t mince phrases about Florida’s racing statute, calling it basically damaged and outdated. Drawing on his background at a number one advance deposit wagering firm and as a former nationwide and state regulator, he highlighted vital flaws within the present system.

“Ninety percent of wagering is now done virtually through ADW platforms, yet breeders’ funding is tied to on-track handle,” Powell defined. “On-track handle is now about 2% of total wagering. I don’t think anyone can tell you how much is wagered on ADW or where those people are from.”

This disconnect creates a extreme funding mismatch, as breeders’ awards rely upon a income stream that has practically disappeared. Powell famous that even on-track ADW wagering doesn’t profit the breeding program, calling it a elementary flaw that “short-changes the process altogether.”

All New Out-of-State Incentive Program Launches January 1

Despite funding challenges, Powell introduced groundbreaking excellent news for the FTBOA membership. Thanks to help from the Governor and Senate by means of a Department of Agriculture fund, FTBOA will launch Florida’s first-ever out-of-state export win incentive program on January 1, 2025.

“It’s the first time in history that Florida’s Thoroughbred industry has done this,” Powell introduced. “We’re going to reward Florida-bred horses campaigning for money elsewhere. Our horses are having a banner year all over the nation, probably one of the best ever.”

The program addresses actuality in Florida’s racing panorama, the place many high quality Florida-breds compete nationally because of restricted in-state racing alternatives. “When you have two tracks and racetrack owners wanting to be casinos, not racetracks, it doesn’t give everybody warm and fuzzy feelings about hanging around,” Powell famous.

Additional Member Benefits

Powell introduced the elimination of registration charges for foals, offering direct monetary aid to Florida horse breeders. “We’re trying to do that as prime relief to our hardworking Florida horse people,” he mentioned.

The group additionally maintains the excellence of working the state’s solely remaining nonprofit Thoroughbred racing allow, positioning FTBOA as a vital stabilizing drive in Florida’s evolving racing panorama.

Looking Ahead

While acknowledging trade challenges, Powell emphasised FTBOA’s solution-oriented method. “We’re not all about complaining. We look forward to having discussions about reforms and solutions,” he instructed commissioners.

Powell indicated that comparable changes could also be needed for 2026 except substantial legislative modifications happen, however expressed optimism about working with regulators on long-term options. “The things I mentioned today would apply not only to the current industry but to a new model under different ownership,” he famous. “These basic concepts apply regardless of structure.”

The fee’s unanimous approval of FTBOA’s request displays recognition of each the monetary requirements driving the modifications and the group’s continued dedication to Florida’s Thoroughbred trade.

Commission Response

Commission members praised Powell’s transparency and complete evaluation. “I appreciate your honesty, your candor, your perspective, and your insight,” mentioned Julie Brown, FGCC Vice Chair. “I like the future plans you’re rolling out January 1—very exciting. I’m supportive of your proposal.”

With these changes and new applications in place, FTBOA continues positioning itself as a significant advocate for Florida breeders whereas adapting to a quickly altering trade panorama.

Return to the September 12 concern of Wire to Wire