Kentucky Derby 2024: how much do race horses cost? How much does it cost to maintain them?

While the financial rewards of winning the Kentucky Derby are potentially very high for owners, so too are the costs of entering a horse in the historic race, whose 150th edition is to be held this weekend at Churchill Downs.

How much does it cost to buy a Kentucky Derby race horse?

The first step towards Kentucky Derby success is, clearly, buying a horse. And this horse must be of a specific age and breed: only Thoroughbreds that are three years old at the time of the race are eligible to enter. This is a purchase whose cost tends to reach the six-figure mark - but can climb higher than that.

The bookmakers’ joint favourite in the 2024 Kentucky Derby, Sierra Leone, was bought by its owners, the Ireland-based stable Coolmore Stud, for $2.3 million in 2022. Another major contender this weekend, the Japanese horse Forever Young, cost owner Susumu Fujita nearly $800,000 two years go.

However, it doesn’t appear to be essential to spend close to, or above, a million dollars if you want to own a Derby winner. Mage, which triumphed in 2023, had been bought for a comparatively affordable $290,000.

Among the 2024 participants whose sale price is listed by the Kentucky Derby’s race organisers, the average purchase cost was just under $450,000. Per the Lexington Herald-Leader’s Ben Roberts, the average auction price of a horse entering the 2023 Derby was around the same amount.

The cheapest entrant in this year’s field is West Saratoga, whose owner Harry L. Veruchi paid just $11,000 for the horse in 2022. It is, though, a +6600 outsider for victory in Louisville, according to odds collected by Oddschecker.

How high are the running costs of having a race horse?

According to an estimate by NBC’s Mary Omatiga, the cost of maintaining a race horse - food, training, medical expenses, etc - is around $50,000 a year. Omatiga also calculates the price of entering a horse in qualifying races for the Kentucky Derby, and paying for its transportation to and from these events, at about $175,000.

Finally, if the horse qualifies for the Kentucky Derby - just 20 spots are up for grabs - Churchill Down charges a widely reported $50,000 for participation in the race: an initial entry fee of $25,000, plus a starting fee of $25,000.

How much is the Kentucky Derby prize money?

Owners do, however, have the opportunity to earn a sizeable prize cheque if their horse is victorious in the Derby, a race popularly dubbed “the greatest two minutes in sports”. This year, there will be a $5 million purse at the event. Per The Athletic’s Andrew DeWitt and Drew Jordan, only the Breeders’ Cup Classic, held at alternating venues in November each year, has a larger purse among American races, at $7 million.

Of the $5 million purse at the 2024 Derby, $3.1 million will go the victor. According to a prize-money breakdown by racing expert Keeler Johnson, the owner typically takes home 80% of the payout, with 10% each going to the horse’s jockey and its trainer.

Victory in the Kentucky Derby, it seems, can also offer owners the opportunity to cash in on their horse at auction. A month after winning the Derby in 2000, Fusaichi Pegasus was sold for a world-record $70 million, nearly 20 times its original purchase price.

How much did the 2024 Kentucky Derby horses cost?

1. Dornoch (+5000 odds to win): $325,000

2. Sierra Leone (+300): $2.3 million

3. Mystik Dan (+2800): purchase price not listed

4. Catching Freedom (+1000): $575,000

5. Catalytic (+5000): $125,000

6. Just Steel (+2800): $500,000

7. Honor Marie (+2000): $40,000

8. Just a Touch (+1200): $300,000

9. T O Password (+4000): purchase price not listed

10. Forever Young (+850): $780,000

11. Track Phantom (+4000): $500,000

12. West Saratoga (+6600): $11,000

13. Endlessly (+5000): purchase price not listed

14. Domestic Product (+2800): purchase price not listed

15. Grand Mo the First (+10000): $135,000

16. Fierceness (+300): purchase price not listed

17. Stronghold (+4000): purchase price not listed

18. Resilience (+3300): purchase price not listed

19. Society Man (+3300): $85,000

20. Epic Ride (+5000): $160,000

2024 Kentucky Derby: when, where, how to watch

The 2024 Kentucky Derby is to be held on Saturday 4 May 2024, at Churchill Downs in Louisville, Kentucky. According to the official race day schedule, the Derby is slated to take place at 6:57pm ET/3:57pm PT. Viewers in the US will be able to watch the event on NBC and Peacock.