The 150th Preakness Stakes, the middle jewel of the Triple Crown, will take place on Saturday, May 17, at the Pimlico Race Course. The potential for a 14th Triple Crown winner came to an end after Kentucky Derby winner Sovereignty elected to bypass the Preakness Stakes, but there is still plenty on the line for the nine horses that are still participating.
Goal Oriented is the betting favorite to win, followed by Kentucky Derby runner-up Journalism. American Promise drew the No. 3 post, with trainer D. Wayne Lukas looking to win in back-to-back years and earn his record-tying eighth Preakness Stakes victory.
In addition to the glory, the owners, trainers and jockeys of the nine horses are all trying to earn a share of the prize purse, which was recently increased by a significant sum.
Preakness Stakes purse: Total purse, last prize increase
The purse for the Preakness Stakes increased to a record-setting $2 million last year, up from $1.5 million in 2023. The prior prize amount remained in place since it was increased from $1 million to $1.5 million in 2014, so another significant increase is unlikely to happen anytime soon.
The financial reward is notably smaller than the Kentucky Derby, which featured a $5 million prize purse, but the Preakness Stakes also only has a field of nine horses compared to the nineteen horses that competed in the 151st Run for the Roses at Churchill Downs.
Preakness Stakes purse: Payout, prize money for finishing position
The top five finishing positions at the Preakness Stakes earn a share of the total prize purse, but the winning horse takes a majority of the winnings. The winner of the Preakness Stakes earns 60 percent of the total purse, which is now up to $1.2 million. The runner-up will earn 20 percent of the purse, which amounts to $400,000. The remaining $400,000 is divided up between the third-, fourth- and fifth-place finishers.
Finishing Position | Prize Money |
|---|---|
Winner | $1.2 million |
Second place | $400,000 |
Third place | $220,000 |
Fourth place | $120,000 |
Fifth place | $60,000 |
For many years, the owner of the winning horse also earned the right to keep the iconic Woodlawn Vase trophy until a new winner was crowned at the next race. That tradition ended after 1953 due to the monetary and sentimental value of the trophy. Since then, the winning owner receives a replica of the Woodlawn Vase that is 14 inches tall and made with 12 pounds of solid sterling silver. Although the replica is only one-third of the original trophy’s size, it is still valued at $40,000.
Preakness Stakes prize money: How much do jockeys and trainers take home?
Jockeys are typically hired as contractors per race rather than on a full-time basis. Although their contracts can vary, they typically earn a set amount upfront and a small share of any prize money. Jockeys and trainers typically receive up to 10 percent of any winnings from the prize purse, while the owner of the horse takes home the remainder of the sum.
At the Preakness Stakes, the winning trainer and jockey are also given solid sterling silver cups that resemble the Woodlawn Vase trophy. Each cup is one foot tall and valued at $15,000.