Indianapolis 500 purse soars to new heights

The Indianapolis 500 purse record was shattered for the third year in a row after a weather-delayed 108th running of the Indianapolis 500, with two-time race winner Josef Newgarden (photo, with Roger Penske) of Team Penske earning $4.288 million from a total purse of $18,456,000.

After record-breaking payouts in 2022 and 2023, this is the largest purse and largest winner’s payout in the century-plus history of “The Greatest Spectacle in Racing.” The year’s average payout for NTT INDYCAR SERIES drivers was $543,000, which also exceeds last year’s average of $500,600.

In 2023, the Indianapolis 500 purse was $17,021,500, and the year’s winner payout was $3.666 million. In 2022, the Indianapolis 500 purse was $16,000,200, and the winner earned $3.1 million. Prior to 2022, the largest Indianapolis 500 purse was $14.4 million for the 2008 Indianapolis 500.

Second-place finisher Pato O’Ward of Arrow McLaren took home $1,050,500, exceeding the take-home prize for last year’s second-place finisher.

“The Indianapolis 500 is the greatest race in the world, and this record-breaking purse is reflective of just how monumental competing in and winning at Indy is for these drivers,” Penske Entertainment President and CEO Mark Miles said. “Despite weather challenges, the month of May featured packed grandstands and intense on-track action. Presenting this purse is the ideal end cap to an epic month.”

NASCAR Cup Series champion Kyle Larson earned Indianapolis 500 Rookie of the Year honors for his performance during the month of May. Larson, driving for Arrow McLaren/Rick Hendrick, made his first attempt to complete “The Double,” by racing both the 108th Indianapolis 500 and the NASCAR Cup Series Coca-Cola 600. Larson earned a $50,000 bonus for being named Rookie of the Year, adding to a total take-home prize of $178,000.

The Indianapolis 500 purse consists of Indianapolis Motor Speedway and NTT INDYCAR SERIES awards, plus other designated and special awards. Purse awards are presented annually at the Victory Celebration, held this year at the JW Marriott in downtown Indianapolis Monday night.

Newgarden’s purse included a $440,000 rollover bonus from BorgWarner for earning back-to-back wins in the “The Greatest Spectacle in Racing.” The jackpot increases by $20,000 each year but has only been awarded one other time since its inception when Helio Castroneves won the Indy 500 in both 2001 and 2002.

The next NTT INDYCAR SERIES race is the Chevrolet Detroit Grand Prix presented by Lear on Sunday on the streets of downtown Detroit. The race will be broadcast live on USA Network, Peacock and the INDYCAR Radio Network starting at noon.

Steve Bush photo