(NEXSTAR) — Saturday will mark the 150th run of the Kentucky Derby at Churchill Downs. It also marks the opening leg of the Triple Crown races, which will be followed by the Preakness Stakes and Belmont Stakes.
Every year, 20 horses and their jockeys line up at the starting gate, all vying for the illustrious blanket of red roses — and a major payout.
How much will the winning jockey make? Let’s explain.
Churchill Downs Inc., which hosts the stakes race, announced earlier this year that the Kentucky Derby purse is a guaranteed $5 million, a $2 million increase from the $3 million purse offered since 2019.
“These record purse increases are a symbol of the health of horse racing in Kentucky,” Bill Carstanjen, CEO of Churchill Downs Inc. said in January.
The winner, in addition to securing the prestigious Derby trophy, will get $3.1 million of the purse. The top five finishers at the Derby will also receive payouts: $1 million for second place, $500,000 for third, $250,000 for fourth, and $150,000 for fifth.
But that payout goes to the horse’s owner, not the jockey who led the horse to victory in the 2-minute-long race.
Just like caddies at the Masters receive some of the payout if their golfer wins, jockeys receive a portion of the Kentucky Derby prize their horse lands.
According to multiple reports, jockeys typically receive 10% of the prize money. So, whichever jockey is first across the line Saturday will likely pocket $310,000. That’s up immensely from the $186,000 last year’s winning jockey, Javier Castellano, received.
However, as CNBC explains, roughly 30% of the jockey’s winnings go toward their agent, valet, and taxes. That still outweighs the payouts the second- and third-place jockeys are in line for: $50,000 and $25,000, respectively. The remaining jockeys will profit far less.
Should the jockey and their horse go on to complete the Triple Crown — which hasn’t happened since 2018 — their winnings could total $550,000, before taxes and fees. Both the Preakness Stakes and Belmont Stakes have a purse of $2 million, giving the winner a $1.2 million payout. If the jockey receives 10% of that, they could see a $120,000 prize before taxes and other fees.
Sixteen of the 20 horses running in the Kentucky Derby, will be ridden by jockeys who have never won The Run for the Roses, the Louisville Courier Journal reports. Four have never participated in the Derby.