The financial importance of the Daytona 500 cannot be understated. With purse sizes extended to figures in the multi-millions, it is THE most rewarding race in a Cup Series season. Aligning with that significance, the 2024 race too has been unveiled to hold a massive reward pool.
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Veteran journalist Bob Pockrass reported on his social media handle that the purse for the Cup Series events in the upcoming speedweeks is $28,035,991. This figure is almost a million dollars taller than the 2023 purse which held $26,934,357. Down in the lower rungs, the Xfinity Series opener holds $3,510,021 and the Truck Series opener, $1,058,336.
Daytona 500 purse (all payouts to teams for competing, three-year charter history, finishing position, duels, etc): $28,035,991
Xfinity opener: $3,510,021
Truck opener: $1,058,336
— Bob Pockrass (@bobpockrass) February 13, 2024
With the winner of the Daytona 500 typically taking home a check of around 10% of the purse size, the same can be expected this year too. The $28 million figure is the highest reward in the history of the event that began in 1959. The first-ever driver to come out on top of the 500 miles was Lee Petty. He won 36% of the $53,050 purse for his victory.
From there on, Richard Petty, Bill Elliott, and Dale Earnhardt have gone on to be the drivers who broke the financial records of the Daytona 500 throughout history.
What makes the $28 million reward enticing for NASCAR teams?
It is no secret that Cup Series teams have been struggling to find the profit zone in recent years. Though the new media deals have lightened the noose around their necks, the cost of running a team is still astronomically high and owners depend much on race winnings to keep things afloat.
Under such circumstances, the prize that they receive from the Daytona 500 can give shape to the rest of their season. Joe Gibbs Racing Dave Alpern says of this, “As you can probably guess, the highest paying purse of the season is our first race. It is so disproportionately high that where your team finishes in the Daytona 500 can really make or break your season financially.”
Along with the check, the winning driver will also receive the prestigious Harley J. Earl trophy. With seven Daytona 500 wins, Richard Petty stands tall as the winningest driver of the event. Following him is Cale Yarborough with four wins. Joe Gibbs Racing’s Denny Hamlin will get the chance to find himself a space on Yarborough’s platform on Sunday, now that he has won the race thrice. Fans can catch the Daytona 500 and the events leading to it live on Fox Sports, MRN, and SiriusXM NASCAR Radio.
