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Back-to-back winner Newgarden receives largest payout in Indy 500 history

Josef Newgarden 
Roger Penske
Posted at 4:42 PM, May 27, 2024

INDIANAPOLIS — The Indianapolis 500 purse reached a new record for the third year in a row, according to IndyCar, and two-time race winner Josef Newgarden of Team Penske received the largest payout in history—again.

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Last year's record-breaking payout of $3.7 million from a total purse of $17,021,500 was outshined this year.

This year, Newgarden earned $4.3 million from a total purse of $18,465,000.

Runner-up Pato O’Ward of Arrow McLaren Racing took home $1,050,500, exceeding the take-home prize for last year’s runner up.

“The Indianapolis 500 is the greatest race in the world, and this record-breaking purse is reflective of just how monumental competing in and winning at Indy is for these drivers,” Penske Entertainment President and CEO Mark Miles said. “Despite weather challenges, the Month of May featured packed grandstands and intense on-track action. Presenting this purse is the ideal end cap to an epic month.”

NASCAR Cup Series champion Kyle Larson earned Indianapolis 500 Rookie of the Year honors this year, earning a $50,000 bonus and adding to a total take-home prize of $178,000.

Purse awards are presented annually at the Victory Celebration, held this year at the JW Marriott in downtown Indianapolis Monday night.

Newgarden’s purse included a $440,000 roll-over bonus from BorgWarner for earning back-to-back wins.

The jackpot increases by $20,000 each year but has only been awarded one other time, when Helio Castroneves won the Indy 500 in both 2001 and 2002.