LOUISVILLE, Ky. — Churchill Downs announced the 150th Kentucky Derby will be the richest purse in Derby history with a guaranteed $5 million for the winner. 

In a news release, the racetrack said the substantial $2 million increase for the historic race is the capstone of a 50-race stakes schedule worth $25.6 million for Churchill Downs’ 2024 Spring Meet. The meet will run over 43 dates from April 27 to June 30.

The prize money for the stakes schedule represents an increase of 25% over last year’s lineup. Churchill Downs says the increase comes as a result of their investing in historical horse racing. Since the debut of historical horse racing at Churchill Downs’ Derby City Gaming in Sept. 2018, the Spring Meet has added 18 stakes and the prize money for horsemen in those events has grown by 190%, or $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 Incorporated. “Churchill Downs Incorporated’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.”

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

The Kentucky Oaks, the Derby’s sister race for 3-year-old fillies, was also bumped up to a $1.5 million purse.

According to Churchill Downs, there will be a record 22 stakes cumulatively worth $17.5 million over Kentucky Derby Week (April 27 to May 7).

Four races in the Kentucky Derby Week include entry and travel incentive to run in prestigious races in Europe. Those races are the Old Forester Turf Classic, the Twin Spires Turf Sprint, the American Turf and the Edgewood.

The first condition book of scheduled races is being completed by Churchill Downs and is expected to be published in late January, with over $57 million in total prize money expected to be offered during this year’s Spring Meet.