Belmont Stakes purse to increase to $1.5 million

Palace Malice, left, ridden by jockey Mike Smith,

Palace Malice, left, ridden by jockey Mike Smith, crosses the finish line to win the 145th Belmont Stakes. (June 8, 2013) (Credit: AP)

The Belmont Stakes will be worth $1.5 million next year, the first purse increase for the final leg of horse racing's Triple Crown since 1998.

The Preakness Stakes announced earlier this month its purse would increase to $1.5 million. The Kentucky Derby is worth $2 million.

The purse for the Belmont, to be run on June 7, will be shared among the first eight finishers. Previously, it was split between the top five finishers on a percentage basis.

The winner will earn $800,000. The eighth-place finisher will receive $30,000.

The Belmont purse was $1 million.

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