Kentucky Derby's purse, betting is at all-time high. Tracking their growth over the years

Brooks Holton, Louisville Courier Journal

Churchill Downs has upped the ante for Kentucky Derby 150.

This year's Run for the Roses will feature a record purse of $5 million.

Announcing this news in January, Churchill Downs Inc. CEO Bill Carstanjen called it "a symbol of the health of horse racing in Kentucky."

Look no further than the money wagered during back-to-back historic Derby weekends for proof.

Derby Day generated a record all-sources handle of $288,700,000 last year; which was $14.9 million more than the former high-water mark of $273,800,000 — set on the previous first Saturday in May.

When combined with Oaks Day 2023, bettors wagered a whopping $363,600,000 across just two days of racing.

On its own, the 149th Run for the Roses drew a record $188.7 million in wagers.

Can the boundaries be pushed for a third straight year? It seems likely; considering it's a milestone anniversary for the Derby and the omnipresence of sports gambling in today's world.

One thing's for sure. We've come a long way from the first-place finisher walking away with less than $3,000 back in 1875.

Here's a look at the race's growth in prize money, and from a betting standpoint, over the years:

How much was first Kentucky Derby purse?

The Kentucky Derby 143 trophy is photographed against the Aristides statue in April 2017 at Churchill Downs.
The Kentucky Derby 143 trophy is photographed against the Aristides statue in April 2017 at Churchill Downs.

The first Kentucky Derby, in 1875, had a $1,000 purse — plus added money.

Added money, according to Daily Racing Form, is any amount of money added to the purse of a race by a racing association (or a breeding fund, etc.) to the amount paid by owners in nomination, eligibility, entry and starting fees.

The winner of the first Run for the Roses, Aristides, received $2,850. The runner-up, Volcano, received $200.

That makes for a grand total of $3,050; $2,050 of which was added money.

Kentucky Derby purse growth, distribution changes over years

Jockey Javier Castellano celebrates after his victory aboard Mage in the 147th running of the Kentucky Derby on May 6, 2023.
Jockey Javier Castellano celebrates after his victory aboard Mage in the 147th running of the Kentucky Derby on May 6, 2023.

Here's a look at how the Kentucky Derby purse has changed over the years:

  • 1875: $1,000-added

  • 1876-87: $1,500-added

  • 1888-92, 1894-95: $2,500-added

  • 1893: $3,000-added

  • 1896-1912: $6,000-added

  • 1913: $5,000-added

  • 1914-16: $10,000-added

  • 1917-18: $15,000-added

  • 1919: $20,000-added

  • 1920, 1934: $30,000-added

  • 1935-36: $40,000-added

  • 1921-33, 1937-39: $50,000-added

  • 1940-45: $75,000-added

  • 1946-54: $100,000-added

  • 1955-78: $125,000-added

  • 1979-81: $200,000-added

  • 1982-85: $250,000-added

  • 1986-90: $350,000-added

  • 1991-95: $500,000-added

  • 1996-2004: $1 million guaranteed

  • 2005-18: $2 million guaranteed

  • 2019-23: $3 million guaranteed

Between 1875-85, only the first- and second-place finishers received payouts. That changed in 1886; when Free Knight was awarded $150 for placing third.

Now the top five collect checks. Here's how the purse was distributed from 2019-23:

  • First place: $1.86 million

  • Second place: $600,000

  • Third place: $300,000

  • Fourth place: $150,000

  • Fifth place: $90,000

How much money is wagered on Kentucky Derby each year?

Bettors celebrate a win while watching an undercard race from the First Turn Club at the Kentucky Derby on May 6, 2023, at Churchill Downs.
Bettors celebrate a win while watching an undercard race from the First Turn Club at the Kentucky Derby on May 6, 2023, at Churchill Downs.

Wagering at the first Derby, according to the race's official website, was done via auction pools.

How'd that work? Bettors would bid on their desired horse; and, once the entire field was auctioned off, all the winning bids were pooled together. The bettor who backed the winning horse won the whole pot.

Pari-mutuel betting was first introduced three years later but didn't catch on until 1908; when bookmaking was outlawed in Louisville. In 1911, the minimum bet amount was lowered from $5 to $2.

Money really started flowing in with the advent of simulcast wagering during the early 1980s. It hasn't slowed down since — and shouldn't, considering the widespread legalization of sports gambling and the accessibility of mobile sportsbook apps.

Here's a look at the all-sources handle for Derby Day over the past four decades:

  • 1984: $25,009,276

  • 1985: $26,805,205

  • 1986: $33,046,562

  • 1987: $34,405,461

  • 1988: $41,015,694

  • 1989: $36,945,894

  • 1990: $42,227,280

  • 1991: $42,724,449

  • 1992: $43,448,786

  • 1993: $52,362,661

  • 1994: $58,826,098

  • 1995: $67,840,867

  • 1996: $75,405,564

  • 1997: $82,677,468

  • 1998: $88,941,832

  • 1999: $90,843,598

  • 2000: $101,455,291

  • 2001: $107,598,904

  • 2002: $123,243,228

  • 2003: $140,373,426

  • 2004: $142,848,289

  • 2005: $155,793,495

  • 2006: $175,129,090

  • 2007: $168,018,982

  • 2008: $164,668,176

  • 2009: $155,969,770

  • 2010: $162,749,136

  • 2011: $165,230,636

  • 2012: $186,960,855

  • 2013: $184,600,256

  • 2014: $186,639,424

  • 2015: $194,271,295

  • 2016: $192,587,197

  • 2017: $209,179,920

  • 2018: $225,671,089

  • 2019: $250,900,257

  • 2020: $126,033,002

  • 2021: $233,030,397

  • 2022: $273,800,000

  • 2023: $288,700,000

Reach Louisville men's basketball reporter Brooks Holton at bholton@gannett.com and follow him on X at @brooksHolton.

This article originally appeared on Louisville Courier Journal: Kentucky Derby's purse, betting continue to grow through race history

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