Churchill Downs has set a new record for the Kentucky Derby's 150th edition by increasing the purse to a guaranteed $5 million, making it the richest in history, with a $2 million boost for the one 1/4-mile race. This purse increase is part of a groundbreaking stakes schedule for Churchill Downs' 2024 spring meet, spanning 43 dates from April 27 to June 30.
The total prize money for the stakes schedule has grown by 25%, a substantial $5.1 million increase from the previous year's $20.5 million, thanks to Churchill Downs Inc.'s investment in historical horse racing.
Historical horse racing was introduced at CDI's Derby City Gaming in September 2018. The spring meet back then featured 32 stakes races worth $8.8 million. There are 18 additional spring meet stakes, and prize money for horse riders in these events has surged by a remarkable 190%, a staggering $16.8 million.
Bill Carstanjen, CEO of Churchill Downs Inc., praised the state legislature for collaborating with private enterprises to strengthen Kentucky's signature industry.
Among the 2024 spring meet stakes races, 38 have received substantial purse hikes, including increases of $250,000 for prestigious events like the Kentucky Oaks, La Troienne, Churchill Downs, Derby City Distaff, and Churchill Distaff Turf Mile. All seven Grade 1 events, including the Turf Classic and Stephen Foster, will feature a minimum $1 million purse.
The Kentucky Derby winner will receive a gold trophy, a $3.1 million payday, and potentially millions more as a stallion after retirement. The runner-up gets $1 million, followed by $500,000 for third, $250,000 for fourth, and $150,000 for fifth.
Before this increase, the Kentucky Derby purse had remained at $3 million since 2019. It was $2 million from 2005 to 2018 and $1 million from 1996 to 2004.
\The Kentucky Oaks, the Derby's sister race on May 3, remains the nation's most lucrative race for 3-year-old fillies, with a purse of $1.5 million.
Kentucky Derby week will feature a record 22 stakes races worth $17.5 million, with nine stakes totaling $10.8 million on Derby Day and seven stakes worth $5.3 million on Oaks Day.
Four races during Kentucky Derby Week will offer entry and travel incentives for prestigious European races.
As the Churchill Downs stable area reopens on Tuesday, March 19, following its annual closure for wintertime renovations, training on the main dirt track will commence on Friday, March 22.
Churchill Downs Inc.'s Trackside Louisville will remain open year-round for wintertime stabling and training, accommodating over 500 horses and supporting racing at Turfway Park in Northern Kentucky.