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Indy 500 prize money: How much does the winner take home on average?
Kenneth Mwenda
updated at July 11, 2023 at 9:37 PM
Indy 500 prize money has always been a fascinating aspect of the iconic race, offering substantial financial rewards to its winners. It is one of the most prestigious automobile races in the world, and it provides fame, glory and riches.
Source: Getty Images
The Indianapolis 500, also known as the Indianapolis 500-Mile Race or the Indy 500, is an annual car race that takes place at the Indianapolis Motor Speedway (IMS) in Speedway, Indiana, a suburb of Indianapolis. It is held traditionally over Memorial Day weekend, typically the last weekend of May.
The event is a part of the IndyCar Series, which represents the highest level of open-wheel car racing in the United States. The iconic track, affectionately called the "Brickyard," got its nickname because the racing surface was originally paved with bricks in 1909, with one yard of brick still exposed at the start/finish line. The Indy 500 date for the 2023 edition was on 28 May 2023.
Indy 500 prize money history
The prize money for the Indianapolis 500 has seen substantial growth throughout its history. In the earlier years, the purse was relatively modest compared to today's standards. However, the prize money increased significantly as the race gained prominence and attracted larger crowds.
In 2008, the Indy 500 reached a milestone when the purse exceeded $14.4 million, making it the largest payout in the race's history up until that point. This was a significant achievement and a testament to the race's popularity and financial success. Here are all the previous Indy 500 winners with their earnings in the past 20 years as well as the purses.
Year | Purse | Winner | Winner's earnings |
2023 | $17,021,500 | Josef Newgarden | $3,666,000 |
2022 | $16,000,200 | Marcus Ericsson | $3,100,000 |
2021 | $8,854,565 | Hélio Castroneves | $1,828,305 |
2020 | $7,502,500 | Takuma Sato | $1,370,500 |
2019 | $13,090,536 | Simon Pagenaud | $2,669,529 |
2018 | $13,078,065 | Will Power | $2,525,454 |
2017 | $13,178,359 | Takuma Sato | $2,458,129 |
2016 | $13,273,253 | Alexander Rossi | $2,548,743 |
2015 | $13,397,315 | Juan Pablo Montoya | $2,449,055 |
2014 | $14,231,760 | Ryan Hunter-Reay | $2,491,194 |
2013 | $12,020,065 | Tony Kanaan | $2,353,355 |
2012 | $13,285,815 | Dario Franchitti | $2,474,280 |
2011 | $13,509,485 | Dan Wheldon | $2,592,255 |
2010 | $13,592,815 | Dario Franchitti | $2,752,055 |
2009 | $14,315,315 | Hélio Castroneves | $3,048,005 |
2008 | $14,406,580 | Scott Dixon | $2,988,065 |
2007 | $10,668,815 | Dario Franchitti | $1,645,233 |
2006 | $10,518,565 | Sam Hornish Jr. | $1,744,855 |
2005 | $10,304,815 | Dan Wheldon | $1,537,805 |
2004 | $10,250,580 | Buddy Rice | $1,761,740 |
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Indy 500 prize money in 2023
Source: Getty Images
In a remarkable feat, the record for the Indianapolis 500 purse was broken for the second consecutive year following the highly successful 107th Running of the Indianapolis 500 presented by Gainbridge. The race winner, Josef Newgarden from Team Penske, received a significant sum of $3.666 million from the total purse of $17,021,500.
Marcus Ericsson, who finished in second place representing Chip Ganassi Racing, earned a noteworthy prize of $1.043 million. The amount surpassed the one awarded to last year's runner-up. The 3rd place in the Indy 500 was taken by Santino Ferrucci, who received $481,800 prize money.
In 2022, Marcus Ericsson emerged victorious and walked away with a prize of $3.1 million from a total purse of $16,000,200. 2023 marked the third time in the race's history that the cash prize exceeded $3 million.
Considering the upward trend in prize money and the anticipated surge in ticket sales with more than 300,000 spectators expected to attend the Brickyard, it would not be surprising to see a similar or even higher payout for the 2024 winner.
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Breakdown of prize money by place
Source: Getty Images
Apart from the overall winner, the prize money at the Indy 500 is distributed among other top finishers as well. The exact amounts awarded to each position can vary based on various factors such as pole winner, laps led, and specific sponsorships. Here is a list of the 2023 participants and money per position.
Order of finish | Starting position | Name | Engine manufacturer | Entrant | Prize amount |
1 | 17 | Josef Newgarden | Chevrolet | Team Penske | $3,666,000 |
2 | 10 | Marcus Ericsson | Honda | Chip Ganassi Racing | $1,043,000 |
3 | 4 | Santino Ferrucci | Chevrolet | A.J. Foyt Enterprises | $481,800 |
4 | 1 | Alex Palou | Honda | Chip Ganassi Racing | $801,500 |
5 | 7 | Alexander Rossi | Chevrolet | Arrow McLaren | $574,000 |
6 | 6 | Scott Dixon | Honda | Chip Ganassi Racing | $582,000 |
7 | 8 | Takuma Sato | Honda | Chip Ganassi Racing | $217,300 |
8 | 16 | Conor Daly | Chevrolet | Ed Carpenter Racing | $512,000 |
9 | 21 | Colton Herta | Honda | Andretti Autosports w/ Curb-Agajanian | $506,500 |
10 | 2 | Rinus VeeKay | Chevrolet | Ed Carpenter Racing | $556,500 |
11 | 18 | Ryan Hunter-Reay | Chevrolet | Dreyer & Reinbold Racing | $145,500 |
12 | 27 | Callum Ilott | Chevrolet | Juncos Hollinger Racing | $495,500 |
13 | 25 | Devlin DeFrancesco | Honda | Andretti Steinbrenner Autosport | $482,000 |
14 | 14 | Scott McLaughlin | Chevrolet | Team Penske | $485,000 |
15 | 20 | Hélio Castroneves | Honda | Meyer Shank Racing | $481,500 |
16 | 9 | Tony Kanaan | Chevrolet | Arrow McLaren | $105,000 |
17 | 24 | Marco Andretti | Honda | Andretti Herta w/ Marcis & Curb-Agajanian | $102,000 |
18 | 32 | Jack Harvey | Honda | Rahal Letterman Lanigan Racing | $472,000 |
19 | 30 | Christian Lundgaard | Honda | Rahal Letterman Lanigan Racing | $467,500 |
20 | 13 | Ed Carpenter | Chevrolet | Ed Carpenter Racing | $102,000 |
21 | 11 | Benjamin Pederson | Chevrolet | A.J. Foyt Enterprises | $215,300 |
22 | 33 | Graham Rahal | Chevrolet | Dreyer & Reinbold Racing | $105,500 |
23 | 12 | Will Power | Chevrolet | Team Penske | $488,000 |
24 | 5 | Pato O'Ward | Chevrolet | Arrow McLaren | $516,500 |
25 | 22 | Simon Pagenaud | Honda | Meyer Shank Racing | $465,500 |
26 | 26 | Agustín Canapino | Chevrolet | Juncos Hollinger Racing | $156,300 |
27 | 3 | Felix Rosenqvist | Chevrolet | Arrow McLaren | $278,300 |
28 | 15 | Kyle Kirkwood | Honda | Andretti Autosport | $465,500 |
29 | 23 | David Malukas | Honda | Dale Coyne Racing with HMD | $462,000 |
30 | 19 | Romain Grosjean | Honda | Andretti Autosport | $462,000 |
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The average payout for IndyCar drivers in 2023 was $500,600, surpassing the previous year's average of $485,000. This increase reflects the overall growth in the prize money and the financial rewards available to participants in the race.
Importance of prize money at the Indy 500
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The prize money at the Indy 500 serves as a significant incentive for drivers and teams to compete at the highest level. It rewards their skills, determination, and the countless hours of hard work they put into preparing for the race.
Beyond the financial aspect, winning the Indy 500 carries tremendous prestige and can catapult a driver's career to new heights. It establishes them as prominent figures in motorsport and opens doors to new opportunities, sponsorships, and endorsements.
The Indy 500 is a race of passion, skill, and adrenaline and offers a substantial cash prize for the winner. Over the years, the prize money has grown significantly, reflecting the race's popularity and financial success. As the event attracts larger crowds and generates more revenue, the prize money will likely continue to increase, further fuelling the excitement and competition at the Brickyard.
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