The anticipation for the Kentucky Derby 2023 is palpable. Imagine the rousing applause, the beautiful thoroughbreds, and the thrilling finishes. But perhaps the most enticing part of the event is the prize, which we all expect to reach an all-time high this year.
The Significance of the Kentucky Derby
The Kentucky Derby isn’t just any ordinary horse race. It’s a platform where champions are made and history is written. It’s a gathering of the elite of the equestrian world, where they don’t compete for glory alone. A substantial monetary reward is also at stake, making it that much more interesting to watch Kentucky Derby.
The previous 2022 Derby saw a staggering total prize purse of $3 million, with the champion earning a hefty $1.86 million. That’s an impressive reward, indeed.
The expectations are high of the 2023 derby are high, and the purse is believed to reach a staggering $3.5 million.
How Much Do You Win for Winning the Kentucky Derby?
Regarded as the pinnacle of the Triple Crown in horse racing, the Kentucky Derby stands as the most prestigious and prominent race event of the year.
Apart from the honor of bearing the title “Kentucky Derby Champion” and receiving the iconic rose garland, the owner of the victorious horse also enjoys a substantial financial reward.
Winning Owner Takes More Than Half the $3 Million Purse
Beyond the champion, the Kentucky Derby’s purse is distributed among the horses finishing in second through fifth places. The horse in second place receives $600,000, while the third-place finisher earns $300,000. The fourth and fifth places are rewarded with $150,000 and $90,000, respectively.
The history of the Derby’s purse shows a significant increase over time. In the inaugural Kentucky Derby in 1875, the winning horse received $2,850, and the runner-up took home $200, making a total purse of $3,050, according to TwinSpires.com.
This figure has seen a drastic surge over the years, crossing the $1 million mark by 1996. Between 2005 and 2018, the total purse exceeded $2 million, with the winner receiving $1.24 million.
In 2019, after 14 years, the total purse increased from $2 million to $3 million, as reported by EssentiallySports.com. This significant increase was largely due to the rise in earnings from electronic betting machines at Derby City Racing.
Compared to the other two Triple Crown races, the Kentucky Derby boasts the largest payout. Both the Preakness Stakes and the Belmont Stakes offer a total purse of $1.5 million each.
Prize Money Breakdown
To better comprehend this large sum, let’s break it down. Traditionally, the winner bags about 62% of the total prize money. That implies our 2023 champion could potentially earn a staggering $2.17 million for just about two minutes of racing.
However, it’s not solely about the winner. The Derby ensures the top five finishers also receive a slice of the prize money.
Even if a horse doesn’t secure the top spot, they still stand to earn a significant amount. The distribution usually is 62% for the winner, 20% for the second-place, 10% for the third, 5% for the fourth, and 3% for the fifth.
What About the Individual Bettor?
According to ESPN, the previous Kentucky Derby marked a record-breaking moment in the Triple Crown race’s history, with the highest betting handle ever recorded. Over the course of the race day, attendees wagered a total of $179 million in the pari-mutuel pool.
This marked a significant 17% increase from the $155.4 million recorded in 2021, as reported by the Louisville Courier-Journal. These figures do not account for online sportsbooks or other legal sports betting avenues. According to BoydsBets.com, Las Vegas, sportsbooks typically generate an additional $11 million to $16.6 million for each Derby.
The Derby provides a broad range of betting opportunities, from straightforward win-place-show bets to more complex wagers like an exacta, trifecta, or superfecta, which involve predicting the top two, three, or four finishers, respectively. Some bettors have leveraged these advanced betting options to secure substantial winnings.
In the previous year, one bettor took home $74,000 from a $5 trifecta bet when an unexpected winner, Rich Strike, came in first, resulting in the second-largest upset in the race’s history.
In 2019, a Las Vegas bettor reportedly won $102,000 from $8 in superfecta bets when the 65/1 longshot, Country House, was declared Derby’s winner after the initial winner, Maximum Security, was disqualified.
An even more impressive win occurred in 2018 when a woman from Texas won about ten times that amount. She placed an $18 Pick 5 bet, correctly predicting Derby’s winner, Justify, and the leading horses in the four preceding races. Her winning prediction earned her a whopping $1.2 million.
Wrapping Up
As we inch closer to the Kentucky Derby 2023, the speculation surrounding the prize money adds to the event’s excitement.
The increased purse not only raises the stakes for the competitors but also emphasizes the ongoing importance and relevance of this historic event in the sporting world.
Whether you’re an equestrian fan, bettor, horse owner, or casual observer, the prospect of such a substantial prize pot will make the “most exciting two minutes in sports” even more exhilarating.
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