The Everest Horse Race Offers Massive Payouts, Including $350,000 for a Jockey's Minute of Work
The world's richest turf race features a $20 million prize pool, with significant earnings for trainers, owners, and even the last-place finishers.
The Everest, the world's richest horse race on turf, is set to offer substantial financial rewards this Saturday at Royal Randwick, with a staggering $20 million prize pool. A winning jockey could earn $350,000 for a ride that lasts barely a minute, while even the participants finishing last will secure $700,000 for their connections.
The top prize for the winning horse is $7 million. However, this amount is distributed among various parties. The slot holder and owner receive $5.81 million combined, the trainer is allocated $700,000, and the jockey takes home $350,000. Stablehands, crucial for the horse's preparation, are set to receive $140,000.
The unique business model of The Everest involves 12 slot holders who pay $700,000 each for the right to enter a horse. These slot holders can either select their own horse or negotiate with existing horse connections. This arrangement means owning a fast horse does not guarantee a spot in the race, and holding a slot does not require horse ownership. The division of proceeds between the slot holder and the horse's owner is determined by private negotiations prior to the event.
For those not winning the top prize, considerable sums remain. Second place yields a total of $2.9 million, with $2.407 million for the slot holder and owner, $290,000 for the trainer, $145,000 for the jockey, and $58,000 for stablehands. Third place earns $2 million, and even the fourth to sixth place finishers receive substantial amounts, with sixth place collecting $950,000.
Horses finishing in positions seven through twelve will each receive a total of $700,000. This includes $581,000 for the slot holder and owner, $70,000 for the trainer, $35,000 for the jockey, and $14,000 for stablehands. While this total matches the cost of a slot, it does not guarantee the slot holder recoups their initial investment due to the distribution among multiple parties and their specific agreements with the horse's owner.
Beyond the cash prizes, valuable trophies are also awarded. The owner's trophy is valued at $625,000, while the winning trainer and jockey each receive trophies worth approximately $52,500.
The financial impact of The Everest can be significant for trainers. Clayton Douglas, whose horse Giga Kick won in 2022, noted that the victory enabled him to purchase a house. This year, defending champion Ka Ying Rising, trained by David Hayes and ridden by Zac Purton, is among the contenders aiming for another substantial payday. Last year's runner-up, Tempted, trained by Ciaron Maher and ridden by Chad Schofield, is also expected to compete.
The race's prize pool has grown considerably since its inception in 2017 with a $10 million purse, evolving into the $20 million spectacle seen today. The $8.4 million generated from the 12 slot fees contributes significantly but does not fully cover the prize pool. Wagering revenue, sponsorships, and broader commercial appeal are key components of the event's financial structure.
Beyond the racing, The Everest features entertainment options for attendees, including bars, food outlets, and trackside attractions. Fashion competitions and a DJ set by UK artist Nathan Dawe are also part of the event's broader appeal.