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Indy 500 has a $4.2 Million Man: Josef Newgarden earns record prize for second consecutive win at Brickyard

INDIANAPOLIS – Josef Newgarden’s second consecutive Indy 500 victory has made him the richest winner in the history of the famed race.

The Indianapolis 500 purse record was shattered for the third year in a row as the 108th edition of the race posted $18,456,000 with two-time race winner Newgarden of Team Penske earning $4.288 million.

After record-breaking payouts in 2022 and 2023, this is the largest purse and largest winner’s payout in the century-plus history of “The Greatest Spectacle in Racing.”

“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 in a release. “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.”

Kyle Larson, the 2021 NASCAR Cup Series champion, earned Indianapolis 500 Rookie of the Year honors.

Syndication: The Indianapolis Star

Arrow McLaren/Rick Hendrick driver Kyle Larson (17) walks through pit lane with his family Sunday, May 26, 2024, during the 108th running of the Indianapolis 500 at Indianapolis Motor Speedway.

Kyle Larson — Bob Goshert/For IndyStar / USA TODAY NETWORK

Larson, driving for Arrow McLaren, was attempting to become the fifth driver to complete “The Double,” racing the Indy 500 and Coca-Cola 600 on the same day. The Hendrick Motorsports star’s plans were foiled by a four-hour rain delay in Indianapolis, and he arrived at Charlotte Motor Speedway during a rain delay that eventually resulted in the Coke 600 being called early.

Larson finished 18th in the Indy 500 after qualifying fifth. He was running sixth before speeding on a green-flag pit stops with 70 laps remaining.

Larson earned a $50,000 bonus for being named Rookie of the Year, 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 rollover bonus from BorgWarner for earning back-to-back wins in the “The Greatest Spectacle in Racing.” The jackpot increases by $20,000 each year but has only been awarded only one other time since its inception when Helio Castroneves won the Indy 500 in 2001-02.

The prize money can be claimed only by a driver who wins the Indy 500 in consecutive years. Each year, the jackpot increases by an additional $20,000 and continues until the next driver wins the race in consecutive years.

Newgarden is the sixth driver to win consecutive Indy 500s since the race’s 1911 debut. The was Wilbur Shaw in 1939-40, followed by Mauri Rose 1947-48, Bill Vukovich in 1953-54, Al Unser in 1970-71 and Castroneves.

The Indy 500 race winner has attempted to defend his title 83 times with an average finish position of just 13.04 place.

“BorgWarner looks forward to the excitement of the Indianapolis 500 every year, and we’re thrilled to increase the stakes even further for Josef Newgarden this year with the rolling jackpot prize,” said Frédéric Lissalde, President and CEO, BorgWarner. “We’re anxious to see if Newgarden will meet me in Victory Circle for the second consecutive year and cash in on the jackpot for the first time in over 20 years.”

Syndication: The Indianapolis Star

Team Penske driver Josef Newgarden (2) smiles for a photo Monday, May 27, 2024, after winning the 108th running of the Indianapolis 500 at Indianapolis Motor Speedway.

Josef Newgarden — Grace Hollars/IndyStar / USA TODAY NETWORK

“The Indianapolis 500 means everything to us, but extra money is a motivator, and it would be great to have this bonus,” Newgarden said. “Borg Warner is such a tremendous partner of the Speedway and of this iconic event. They are the custodian of the iconic trophy of the Indianapolis 500.

“It’s pretty cool that they provide this opportunity, and let’s see if we can get it done.”

The chance to win the rollover bonus has kept the season of celebration rolling for Newgarden and BorgWarner.

“Yeah, I think that’s a good way to put it,” the Team Penske driver said. “We’ve had a fun time over the last 12 months. It’s been amazing to experience what winning the Indianapolis 500 is like. There is truly, nothing that compares to it.

“And I’m excited about this year. Hopefully, we’ll have another opportunity to win this race. It would mean the world to me to get another one here.”


Helio Castroneves of Brazil celebrates his back-to-back victories by drinking two jugs of the traditional milk, 26 May 2002, in the 86th running of Indy 500 at the Indianapolis Motor Speedway in Indianapolis, IN. Castroneves becomes the first driver since Al Unser in 1971 to win back-to-back titles. Penske has won 12 Indy 500 races as a team owner. AFP PHOTO/Jeff HAYNES (Photo by JEFF HAYNES / AFP) (Photo credit should read JEFF HAYNES/AFP via Getty Images)

Helio Castroneves celebrating his second-straight Indy 500 win in 2002 — AFP via Getty Images

Since Castroneves won back to back in 2001-02, 17 winners have returned the next year to Indy to defend their titles. Their average finish has been 13.11 place.

Newgarden was the 75th driver to win the Indy 500. In addition to the BorgWarner rollover bonus, Newgarden’s back-to-back Indy 500 wins was a record-extending 20th victory for Team Penske.

“It’s a big deal,” Newgarden said. “Roger is always looking at the next goal post. There is no one I respect more than Roger Penske and this team. To be able to come back here as winners to compete, with this group, it means the world to me. And it is a huge victory for all of us.”

The year’s average payout for NTT IndyCar Series drivers was $543,000, which also exceeds last year’s average of $500,600.

In 2023, the Indy 500 purse was $17,021,500, and the winner’s payout was $3.666 million. The 2022 Indy 500 purse was $16,000,200, and the winner earned $3.1 million.

Prior to 2022, the largest Indy 500 purse was $14.4 million in 2008. Second-place finisher Pato O’Ward of Arrow McLaren Racing took home $1,050,500, exceeding the take-home prize for last year’s second-place finisher.

The Indianapolis 500 purse consists of Indianapolis Motor Speedway and NTT IndyCar Series awards, plus other designated and special awards.

Here are the payouts to the 33 drivers:

1. Josef Newgarden, $4,288,000
2. Pato O’Ward, $1,050,500
3. Scott Dixon, $835,000
4. Alexander Rossi, $688,000
5. Alex Palou, $614,000
6. Scott McLaughlin, $781,500
7. Kyle Kirkwood, $568,000
8. Santino Ferrucci, $568,500
9. Rinus VeeKay, $563,500
10. Conor Daly, $159,000
11. Callum Ilott, $538,500
12. Christian Rasmussen, $128,000
13. Christian Lundgaard, $537,000
14. Takuma Sato, $119,500
15. Graham Rahal, $537,000
16. Sting Ray Robb, $228,300
17. Ed Carpenter, $510,500
18. Kyle Larson, $178,000
19. Romain Grosjean, $517,500
20. Helio Castroneves, $102,000
21. Kyffin Simpson, $158,300
22. Agustín Canapino, $511,000
23. Colton Herta, $513,000
24. Will Power, $543,000
25. Marco Andretti, $102,000
26. Ryan Hunter‐Reay, $102,000
27. Felix Rosenqvist, $514,000
28. Linus Lundqvist, $508,500
29. Katherine Legge, $158,800
30. Marcus Armstrong, $156,300
31. Tom Blomqvist, $156,300
32. Pietro Fittipaldi, $507,500
33. Marcus Ericsson, $507,500

Follow Bruce Martin on Twitter at @BruceMartin_500