The purse for the 2014 Preakness has increased from $1 million to $1.5 million, the Maryland Jockey Club announced today. It’s the first increase of the Triple Crown race’s purse since 1998.

The second jewel of the Triple Crown will be run next year on May 17 at Pimlico Race Course.

“The Preakness Stakes is the centerpiece of a terrific stakes program that weekend,” Maryland Jockey Club president Tom Chuckas said in a statement. “Seventeen of the twenty-six races on Preakness and Black-Eyed Susan days are stakes. With this increase the total value of our stakes program over the two-day period is nearly $4 million.”

The Dubai World Cup is the richest race in the world with a purse of $10 million. Other big purses include the Breeders’ Cup Classic race ($5 million), the Breeders’ Cup Turf ($3 million), Breeders’ Cup Distaff ($2 million), Breeders’ Cup Sprint ($2 million) and Kentucky Derby ($2 million), the first race of the Triple Crown. The Belmont Stakes last year had a $1 million purse, same as the Preakness.




“I support the move,” Maryland Racing Commission chairman Bruce Quade said in a statement. “It is another step in bringing Maryland racing back to a pre-eminent spot in the racing landscape.”