#US RACING: Kentucky Derby purse moves from US$3m to US$5m

The 150th Kentucky Derby on May 4 will be the richest in history as the purse for America’s greatest race has been elevated to a guaranteed $5 million.

The substantial $2 million increase to the 1 1/4-mile Kentucky Derby highlights a record-setting, 50-race stakes schedule cumulatively worth $25.6 million for Churchill Downs's 2024 spring meet, which will be run over 43 dates from April 27 to June 30.

Prize money for the stakes schedule increased 25 percent, or $5.1 million, from last year’s $20.5 million lineup thanks to Churchill Downs Inc.'s investment into historical horse racing, which supercharges funding for purses.

Before the debut of historical horse racing at CDI’s Derby City Gaming in September 2018, that year’s spring meet featured 32 stakes races worth $8.8 million. There are now 18 additional spring meet stakes, and prize money for horsemen in those events has grown 190 percent, or by $16.8 million.

“These record purse increases are a symbol of the health of horse racing in Kentucky,” said Bill Carstanjen, CEO of Churchill Downs Inc. “Churchill Downs Inc.'s over $1 billion investment into live and historical horse racing in Kentucky over the last five years has meaningfully strengthened the entire Kentucky Derby Week and year-round racing program. It’s important to acknowledge the state legislature for its commitment to working closely with private enterprise in a truly collaborative partnership to support the continued growth of Kentucky’s signature industry.”

Thirty-eight of the 2024 spring meet stakes races received significant purse hikes, including $250,000 boosts to each of the following: the $1.5 million Kentucky Oaks (G1); $1 million La Troienne (G1); $1 million Churchill Downs (G1); $1 million Derby City Distaff (G1); and $750,000 Churchill Distaff Turf Mile (G2). Each of the track’s seven Grade 1 events, including the Turf Classic and Stephen Foster, feature a minimum $1 million purse.

With a record $5 million in prize money now guaranteed for the Kentucky Derby, the winner will receive the event’s highly sought-after gold trophy, a $3.1 million payday and possibly millions more as a stallion after retirement from racing. Also, $1 million will be awarded to the runner-up, $500,000 to third, $250,000 to fourth and $150,000 to fifth.

Previously, the Kentucky Derby purse had been worth $3 million since 2019. The purse was $2 million from 2005 to 2018 and $1 million from 1996 to 2004.

At $1.5 million, the 1 1/8-mile Kentucky Oaks, the Derby’s sister race staged one day prior on May 3, remains the nation’s most lucrative race for 3-year-old fillies. It had been worth $1.25 million since 2019 and was $1 million from 2011 to 2018 and $500,000 from 1996 to 2010.