For the first time since 1998 the Preakness stakes has increased its total purse. The second leg of horse racing’s Triple Crown will now pay out a sum of $1.5 million dollars – a jump from the previous $1 million. The increase was announced this past December and, per ESPN, is the result of better partnerships and stability within Maryland’s racing community.
“Obviously the Preakness is our biggest day. I think it sends the message that we’re getting stronger and it sends the message to the industry that we’re here, we’re staying and it does well with our partnerships,” said Maryland Jockey Club president Tom Chuckas. “When people see this, it allows us to grow our partnerships and our fan base.”
This is also the first increase for a Triple Crown race since the Kentucky Derby bumped its total payout to $2 million in 1995. Bleacher Report’s Chris Roling has listed the projected payouts that will go to the top-half of this year’s 10-horse field. Win, place and show are projected to collect $800,000, $400,000 and $170,000, respectively. Fourth and fifth place are projected to earn $80,000 and 50,000.