Churchill Downs raises Kentucky Derby purse to $5 million

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.

“It is truly gratifying to view the steady growth of the Churchill Downs racing product and the entire Kentucky horse racing and breeding industry, which bettors around the world have embraced,” Churchill Downs Racetrack president Mike Anderson said. “Through the purses generated by the racing association and the Kentucky Thoroughbred Development Fund, Kentucky horsemen and horsewomen are reaping the benefits of Churchill Downs Inc.'s historic investment as we celebrate this year’s milestone 150th Kentucky Derby.”

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.

All told, there will be a record 22 stakes races cumulatively worth $17.5 million staged over Kentucky Derby week, April 27-May 7, including nine stakes totaling $10.8 million on Derby Day and seven totaling $5.3 million on Oaks Day.

Four races on Kentucky Derby Week will offer horses an entry and travel incentive to run in prestigious races in Europe. The winner of the Turf Classic will receive a berth to either the one-mile Queen Anne Stakes (G1) or the 1 1/4-mile Prince of Wales’ Stakes (G1) at Royal Ascot in mid-June. Earlier on the Kentucky Derby Day program, the winner of the Twin Spires Turf Sprint (G2) will receive an entry to the King’s Charles III Stakes (G1), (formerly known as the King’s Stand, also staged at Royal Ascot.

Three-year-old turf specialists in the American Turf (G2) and Edgewood (G2) can receive their entry to either the Derby (G1) or Oaks (G1) at Epsom Downs. The winner of the American Turf on Kentucky Derby Day will receive an entry and travel stipend to compete in the Derby, and the winner of the Edgewood on Kentucky Oaks Day will receive the same benefits for the Oaks.

The first condition book of scheduled races is being finalized by vice president of racing Ben Huffman and is expected to be published in late January. More than $57 million in total prize money is expected to be offered during this year’s spring meet, pending Kentucky Thoroughbred Development Fund final approval. Purses for maiden races will be $120,000, and allowance races will range from $127,000 to $141,000.

Spring meet stall applications are due Friday, March 1. After its annual closure for wintertime renovations, the Churchill Downs stable area will reopen Tuesday, March 19. The first day of training on the main dirt track will be Friday, March 22.

For the second consecutive year, Churchill Downs Inc.'s nearby Trackside Louisville, which accommodates more than 500 horses, has remained open year-round for wintertime stabling and training for racing at Turfway Park in Northern Kentucky.