Preakness Stakes Payouts: How Much Do the Winners Really Make?

The Preakness Stakes is one of the most famous horse races in the world, the middle jewel of the Triple Crown, the Run for the Black-Eyed Susans. But while most fans are watching to see who crosses the wire first, the $2 million purse is quietly getting carved up into pieces before the winner has even reached the winner's circle.

Here's exactly how the prize money flows in the 2026 Preakness Stakes — from the total purse all the way down to what the jockey actually deposits in the bank on Monday morning.

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Preakness Stakes Purse This Year 2026: $2 Million Total

The Preakness carries a $2 million purse in 2026, consistent with recent years and exactly half of what the Kentucky Derby offers. Only the top five finishers in the field share in the prize money — the remaining horses leave Laurel Park with nothing beyond a minimum riding fee paid to their jockeys.

Here's how the $2 million breaks down:

How Much Does the Winning Owner Make at the Preakness?

The owner of the winning horse takes home the largest share of the first-place purse. Under the standard arrangement used across American thoroughbred racing, the owner receives 80% of the winner's share — $992,000 in the 2026 Preakness — before expenses are factored in.

But that $992,000 isn't pure profit. Entering a horse in the Preakness isn't free: there's a $100,000 supplemental fee for horses that weren't nominated to the Triple Crown series earlier in the year, and even nominated horses paid fees at various points along the way. The total cost to enter and start in the Preakness for a nominated horse typically runs into the tens of thousands of dollars.

Then there are the year-round costs of owning and campaigning a serious thoroughbred — training fees, veterinary bills, transportation, farrier costs, and staffing. A horse competing at the Grade I level can cost $60,000 to $100,000 or more annually just to maintain and develop. Winning the Preakness is enormously valuable, but it rarely represents the windfall it appears to be for owners who've been investing in a horse for two or three years.

It's also worth noting that few racehorses at this level have a single owner. Many Preakness contenders are owned by partnerships, syndicates, or large racing operations where multiple parties hold fractional shares. The winning owner's check gets divided accordingly. A horse owned by a 10-person syndicate where each partner holds an equal share would net each individual roughly $99,200 before expenses — still a meaningful return, but a far cry from the headline number.

How Much Does the Winning Trainer Make at the Preakness?

The winning trainer typically receives 10% of the first-place prize money — $124,000 in the 2026 Preakness. It's a standard arrangement across North American racing, and it applies regardless of whether the trainer is a Hall of Famer with decades of experience or a first-time Preakness starter.

For the trainers in this year's field, here's what a win on Saturday means:

The trainer's fee is pre-tax. After federal and state income taxes, the actual take-home is considerably smaller — though a Preakness win carries career value that extends well beyond any single payday. Winning the second jewel of the Triple Crown elevates a trainer's profile for years, attracting owners with better horses and bigger budgets.

Worth noting: Chad Brown has won the Preakness twice (Cloud Computing in 2017, Early Voting in 2022), and Brittany Russell would become just the second female trainer ever to win the race if Taj Mahal crosses first on Saturday — a storyline that would likely be worth more in future opportunities than the check itself.

How Much Does the Winning Jockey Make in the Preakness?

The winning jockey's share is where the numbers get most interesting — because what looks like a $124,000 payday goes through several layers before it becomes money in the bank.

The jockey's gross take is 10% of the first-place purse: $124,000. But from that figure, a standard 25% goes to the jockey's agent (who books rides and negotiates fees), and an additional 5% typically goes to the valet who assists with equipment and saddling. After those deductions, the jockey's net take-home is approximately $87,000 before taxes.

Jockeys who finish second or third earn a smaller percentage — typically 5% of their horse's purse share. After agent and valet fees, that works out to roughly $14,000 for second place and $7,000 for third. Jockeys finishing fourth through last receive a minimum riding fee, which is typically in the range of $500 to $1,000.

Where the $1.24 Million First-Place Purse Goes

How Does the Preakness Purse Compare to the Rest of the Triple Crown?

The Preakness sits in the middle of the Triple Crown purse hierarchy — above the Belmont Stakes, well below the Kentucky Derby.

The Kentucky Derby's $5 million purse dwarfs the other two legs — it's two and a half times what the Preakness and Belmont each offer, and the only North American race that exceeds it is the Breeders' Cup Classic at $7 million. The gap explains, at least in part, why some connections skip the Preakness entirely after the Derby: the financial upside of running back in two weeks doesn't match the risk of dulling a horse who may be better positioned to chase something bigger later in the year.

Golden Tempo's absence from Saturday's field is a perfect example of that calculus. His connections made the decision that rest and health over the Belmont take precedence over a $1.24 million purse — a decision that makes more financial sense than it might appear at first glance.

The Real Value of Winning Goes Beyond the Purse

For owners and connections, the Preakness purse is almost a secondary consideration compared to what a win does for a horse's long-term commercial value. A winner of the second jewel of the Triple Crown immediately becomes a more attractive stallion prospect — stud fees for top-level winners can run into the tens of thousands of dollars per cover, and a single breeding season for a high-profile horse can generate more revenue than a dozen race purses combined.

For jockeys and trainers, the financial math is similarly long-tailed. A Preakness win puts a name on a résumé that commands bigger fees, more prominent rides, and opportunities that compound for years. Flavien Prat has already won the race (Rombauer, 2021), and a second win with Iron Honor would reinforce his standing among the elite riders in the country. For Brittany Russell, who trains Taj Mahal, a first Preakness victory would be professionally transformative — a career milestone that no amount of purse money can fully capture.

The Run for the Black-Eyed Susans has been worth chasing for 150 years, and the money is only part of why.

Preakness FAQ

How many horses are running in the 2026 Preakness?

Fourteen, the maximum field size at Laurel Park.

Who is the favorite for the 2026 Preakness?

Iron Honor is the morning-line favorite at 9-2, trained by two-time Preakness winner Chad Brown.

Is Golden Tempo running in the Preakness?

No. Kentucky Derby winner Golden Tempo will skip the Preakness to point toward the Belmont Stakes, ending any Triple Crown bid for 2026.

Why is the Preakness at Laurel Park this year?

Pimlico Race Course is undergoing renovation. The 2026 Preakness moves to Laurel Park for the first time in 118 years.

What time does the 2026 Preakness Stakes start?

Approximately 6:50 PM ET on Saturday, May 16, 2026, broadcast on NBC and Peacock.

What are the Preakness best bets and picks for 2026?

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