Derby purse raised to $3,000,000

[Kasept]

DERBY PURSE RAISED TO $3 MILLION; TURF CLASSIC PURSE DOUBLED, OAKS BOOSTED

15 Stakes Races Receive Hikes, Two Stakes Races Added to Record 34-Race, $12 Million Spring Meet Stakes Schedule at Churchill Downs Thanks to Early Returns from Derby City Gaming

LOUISVILLE, Ky. (Thursday, Jan. 10, 2019) – The 145th running of the Kentucky Derby presented by Woodford Reserve (Grade I) on Saturday, May 4 will be the richest in history as the purse for America’s greatest race and first leg of horse racing’s Triple Crown has been elevated to a guaranteed $3 million.

The substantial $1 million increase to the 1 ¼-mile Kentucky Derby for 3-year-olds highlights a record-setting, 34-race stakes schedule cumulatively worth $12.03 million for Churchill Downs’ 2019 Spring Meet. Fifteen of the races received significant purse hikes, including the Old Forester Turf Classic (GI), Longines Kentucky Oaks (GI) and Humana Distaff (GI), and two new races were added to the historic Louisville racetrack’s action-packed season, which will be run over 38 dates from April 27-June 29.

With a record $3 million in prize money now guaranteed for the Kentucky Derby, the winner will receive the event’s highly sought-after gold trophy and a $1.86 million payday. Also, $600,000 will be awarded to the runner-up, $300,000 to third, $150,000 to fourth and $90,000 to fifth. Previously, the Kentucky Derby purse had been worth $2 million since 2005, and was $1 million from 1996-2004.

The 1 1/8-mile Longines Kentucky Oaks – the Derby’s sister race staged one day prior on Friday, May 3 – received a $250,000 boost to $1.25 million and remains the nation’s most lucrative race for 3-year-old fillies. It had been worth $1 million since 2011, and was worth $500,000 from 1996-2010.

The race that annually precedes the Kentucky Derby, the 1 1/8-mile Old Forester Turf Classic, has been doubled from $500,000 to $1 million, making it one of the most lucrative Grade I grass races for older horses in North America and attractive to potential international competitors.

Another Derby Day fixture, the seven-furlong Humana Distaff for older fillies and mares, had its purse enhanced by $200,000 from $300,000 to $500,000.

[jms62]

I guess I am Debbie Downer but that million bucks isnt going to draw anymore horses into the field... If it was me and burning a whole in my pocket I’d use it on the Graded Stakes on the undercards of those days to try and get Breeders Cup quality fields.

[Kasept]

Originally Posted by jms62

I guess I am Debbie Downer but that million bucks isnt going to draw anymore horses into the field... If it was me and burning a whole in my pocket I’d use it on the Graded Stakes on the undercards of those days to try and get Breeders Cup quality fields.

The Derby purse has been ridiculously low considering that the first $1,000,000 is generated from the 20 entrants x the $50,000 it costs to pass the entry box. Last year I heard from KY-based stakeholders who feel that based on the revenue generated, the purse should be $5,000,000.

They did enhance purses throughout the stakes program with this round of increases..

From Marty McGee's piece: Meanwhile, Churchill also announced substantial purse increases for the two other major races on Derby weekend – the Grade 1 Kentucky Oaks now will be worth $1.25 million, and the Grade 1 Old Forester Turf Classic has been doubled to $1 million. The Oaks had been $1 million since 2011 and was worth $500,000 from 1996 to 2010.

Also, the Grade 1 Humana Distaff on Derby Day has been increased from $300,000 to $500,000. Four more races underwent $100,000 increases, including three on Derby Day and the Grade 2 Stephen Foster on June 15, while seven more got $50,000 raises.

[jms62]

Originally Posted by Kasept

The Derby purse has been ridiculously low considering that the first $1,000,000 is generated from the 20 entrants x the $50,000 it costs to pass the entry box. Last year I heard from KY-based stakeholders who feel that based on the revenue generated, the purse should be $5,000,000.

They did enhance purses throughout the stakes program with this round of increases..

From Marty McGee's piece: Meanwhile, Churchill also announced substantial purse increases for the two other major races on Derby weekend – the Grade 1 Kentucky Oaks now will be worth $1.25 million, and the Grade 1 Old Forester Turf Classic has been doubled to $1 million. The Oaks had been $1 million since 2011 and was worth $500,000 from 1996 to 2010.

Also, the Grade 1 Humana Distaff on Derby Day has been increased from $300,000 to $500,000. Four more races underwent $100,000 increases, including three on Derby Day and the Grade 2 Stephen Foster on June 15, while seven more got $50,000 raises.

Point taken. Lotus Of Siam? Will be there from Super Bowl Sunday.

[freddymo]

Unless you own a gelding the 600k bump to the winner is peanuts in the totality of a horses worth. The "prize" is the immediate 10 mil dollar valuation that colt is worth for winning the race. It's window dressing

[-BT-]

I guess they can do this now that they're charging customers $20 for a hard copy version of their Oaks/Derby tickets, on top of their inflated ticket prices

-bt-

[philcski]

Originally Posted by Kasept

The Derby purse has been ridiculously low considering that the first $1,000,000 is generated from the 20 entrants x the $50,000 it costs to pass the entry box. Last year I heard from KY-based stakeholders who feel that based on the revenue generated, the purse should be $5,000,000.

They did enhance purses throughout the stakes program with this round of increases..

From Marty McGee's piece: Meanwhile, Churchill also announced substantial purse increases for the two other major races on Derby weekend – the Grade 1 Kentucky Oaks now will be worth $1.25 million, and the Grade 1 Old Forester Turf Classic has been doubled to $1 million. The Oaks had been $1 million since 2011 and was worth $500,000 from 1996 to 2010.

Also, the Grade 1 Humana Distaff on Derby Day has been increased from $300,000 to $500,000. Four more races underwent $100,000 increases, including three on Derby Day and the Grade 2 Stephen Foster on June 15, while seven more got $50,000 raises.

I think you can make an argument for it being even double the $5MM number. They did $150MM handle on the Derby alone last year- not even factoring in the nomination fees, entry fees, tickets, etc. Not sure what CD's take is on simulcasting but I know they negotiate special rates for Derby weekend, so even at 10% that's a $15MM take. Steve, any idea?

[freddymo]

Originally Posted by philcski

I think you can make an argument for it being even double the $5MM number. They did $150MM handle on the Derby alone last year- not even factoring in the nomination fees, entry fees, tickets, etc. Not sure what CD's take is on simulcasting but I know they negotiate special rates for Derby weekend, so even at 10% that's a $15MM take. Steve, any idea?

Why would a company bust its nut on a race that would draw 20 runners and have the same handle and quality if it was raced for 1,000,000? Can you find a better use of the money?

[Konk]

I wouldn't be worrying about raining the purse until they start getting short fields - 17, 18 horses.

As a bettor, it has zero impact for me.
So I don't care.

[King Glorious]

Originally Posted by freddymo

Why would a company bust its nut on a race that would draw 20 runners and have the same handle and quality if it was raced for 1,000,000? Can you find a better use of the money?

Exactly. The race could be for $500k and would attract the same field.

[philcski]

Originally Posted by freddymo

Why would a company bust its nut on a race that would draw 20 runners and have the same handle and quality if it was raced for 1,000,000? Can you find a better use of the money?

Like pump up the stock price?

I'd rather see it go into the purse.

[freddymo]

Originally Posted by philcski

Like pump up the stock price?

I'd rather see it go into the purse.

The KD purse or the purse structure for bread and butter racing? It's not an easy question and there is no magic answer.