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.

advertisement | advertise on newsday

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.