The Indianapolis 500 purse record was broken for the third consecutive year after the 108th Indianapolis 500 Presented by Gainbridge was postponed due to weather, with two-time winner Josef Newgarden for Team Penske winning $4.288 million out of the total prize money of $18,456,000.
This follows record-breaking purses in 2022 and 2023, the largest purse and largest winner payout in the more than 100-year history of “Racing’s Greatest Spectacle.” NTT IndyCar Series drivers will earn an average of $543,000 per year, up from last year’s average of $500,600.
In 2023, the total prize money for the Indianapolis 500 will be $17,021,500, with a winner’s prize of $3,666,000. In 2022, the total prize money for the Indianapolis 500 will be $16,000,200, with a winner’s prize of $3,100,000. Prior to 2022, the largest prize money for the Indianapolis 500 was $14,400,000 for the 2008 Indianapolis 500.
Second place winner Pato O’Ward of Arrow McLaren won $1,050,500, more than he earned for second place last year.
“The Indianapolis 500 is the greatest race in the world, and this record-breaking prize money reflects how much it means to our drivers to compete and win at Indy,” said Mark Miles, president and CEO of Penske Entertainment Corp. “Despite challenging weather, May brought packed grandstands and intense action on the track, and awarding this prize money is the ideal cap to a fantastic month.”
NASCAR Cup Series champion Kyle Larson earned Indianapolis 500 Rookie of the Year honors for his performance in May. The Arrow McLaren/Rick Hendrick driver became the first to attempt the “double” by competing in both the 108th Indianapolis 500 Presented by Gainbridge and the NASCAR Cup Series Coca-Cola 600. Larson earned a $50,000 bonus for being named Rookie of the Year, bringing his total prize money to $178,000.
The prize pool for the Indianapolis 500 is made up of prizes from the Indianapolis Motor Speedway and the NTT IndyCar Series, plus other designated and special prizes. Prizes are awarded each year at the Victory Celebration, which this year took place on Monday night at the JW Marriott in downtown Indianapolis.
Newgarden’s prize included a $440,000 rollover bonus from BorgWarner for consecutive wins in “The Greatest Spectacle in Racing.” The jackpot grows by $20,000 each year, but has never been awarded since its inception, except when Helio Castroneves won the Indy 500 in 2001 and 2002.
The next NTT INDYCAR SERIES race will be the Chevrolet Detroit Grand Prix presented by Lear, taking place on the streets of downtown Detroit on Sunday, June 2. The race will be broadcast live on USA Network, Peacock and the INDYCAR Radio Network beginning at noon ET.
