Indy 500 purse reaches jaw dropping amount for 2023 race

Josef Newgarden picked a great time to win his first Indianapolis 500. This year, “The Greatest Spectacle in Racing” set a new record in total prize money, including the winner’s payout.

Per Racer.com, the total purse for the 2023 Indy 500 came in at $17,021,500. That’s a new record for the premier IndyCar event. It also marks the second-straight year in which the total payout set a record.

In addition to all the accolades and fame that come with winning the race, Newgarden also takes home $3.666 million in prize money. That’s the largest payout for a winner in the 107-year history of the Indy 500.

This year’s purse was a $1 million increase from last year, which had a total payout of $16,000,200. The 2022 winner, Marcus Ericsson, took home $3.1 million.

“This is the greatest race in the world, and it was an especially monumental Month of May featuring packed grandstands and intense on-track action,” Penske Entertainment President and CEO Mark Miles said, per Racer.com. “Now, we have the best end card possible for the 107th Running of the Indianapolis 500: a record-breaking purse for the history books.”

Prior to 2022, the largest purse for the Indianapolis 500 dates all the way back to 2008, when total prize money came in at $14.4 million.

107th Indy 500 ends in thrilling fashion

Although some controversy stemmed from the 2023 Indy 500, “The Greatest Spectacle in Racing” truly lived up to the hype. Josef Newgarden passed defending champion Marcus Ericsson on the final lap to take home his first checkered flag from the prestigious event.

After a caution flag came out in the final five laps, IndyCar ran three laps under caution and decided to bring out the red flag, halting the race with one trip around the track remaining. Ericsson led at the time the race was stopped.

Newgarden made a big move on Ericsson coming off Turn 2 and into the backstretch. He created enough separation and weaved his way across the track to cross the yard of bricks first.

THE FINAL LAP OF THE 107TH #INDY500.

JOSEF NEWGARDEN WINS! pic.twitter.com/jgsyatqtFS

— INDYCAR on NBC (@IndyCaronNBC) May 28, 2023

Newgarden earned every penny of that $3.666 million reward for claiming top prize at Indianapolis Motor Speedway. It was also the first victory at the historic event for the driver.

Ericsson, who hoped to be the first back-to-back winner in over two decades, vented his frustration after the race.

“I felt it was an unfair and dangerous end to the race. I don’t think there were enough laps to do what we did,” Ericsson said. “We’ve never done a restart out of the pits. … Congratulations to Josef, he did everything right. He’s a worthy champion. But I’m just very disappointed with how that ended. I don’t think it was fair.”