As was the case leading up to the Kentucky Derby, endless amounts of money will be bet on the Preakness Stakes before the 148th running of the iconic race. That won't be the only money in play on Saturday.
The winner's team is set to make some money of its own, thanks to the Preakness' sizable purse. The top five finishers will all come away with some money, with the majority of it going to the champion.
The focus of the Preakness will be Mage, who won the Kentucky Derby two weeks earlier and is looking to move one step closer to the Triple Crown.
For both Mage and his challengers, a win at Pimlico Race Course would be a milestone victory. Mage in particular is chasing history and can go from a feel-good story at Churchill Downs to the center of attention in sports with one more win.
MORE: Who will win 2023 Preakness Stakes? Horses, odds, expert picks & more
Here's what you need to know about the Preakness Stakes prize money in 2023.
What is the Preakness Stakes purse in 2023?
This year's Preakness Stakes purse is $1.5 million. That's the same amount as last year's race but a $500,000 increase on the $1 million purse handed out in 2021. In 2019, the last running of the Preakness before the COVID-19 pandemic, the Preakness Stake purse was a record total of $1.65 million.
How much money does the Preakness Stakes winner get?
The winner of the 2023 Preakness Stakes will receive $900,000, which is 60 percent of the total purse.
MORE: How Mage's Kentucky Derby win led to 391 owners, shareholders celebrating
Prize money breakdown for Preakness Stakes 2023
The payout is set to be distributed the same way it was last year, with the second-place finisher taking home $300,000 and each of the top five finishers getting a share of the purse.
Here is the full breakdown of the prize money for the 2023 Preakness Stakes.
| Place | Prize Money |
| 1 | $900,000 |
| 2 | $300,000 |
| 3 | $165,000 |
| 4 | $90,000 |
| 5 | $45,000 |
Preakness Stakes prize money compared to other Triple Crown races
The Preakness Stakes' purse is half the size of the Kentucky Derby's $3 million purse, and it's not equal to the Belmont Stakes' purse after Belmont increased its prize money from $1 million to $1.5 million this year.
| Race | Date | Purse (2023 figures) |
| Kentucky Derby | May 6, 2023 | $3 million |
| Preakness Stakes | May 20, 2023 | $1.5 million |
| Belmont Stakes | June 10, 2023 | $1.5 million |