The 2026 Preakness Stakes may not feature a Triple Crown bid this year, but there is still a massive payday on the line for the winning connections at Laurel Park. With Kentucky Derby winner Golden Tempo skipping the Preakness, the field has opened up considerably, creating one of the most unpredictable editions of the race in recent years.The second leg of horse racing’s Triple Crown carries a total purse of $2 million, with the winner set to receive the biggest chunk of the prize money.How much money does the Preakness winner receive?Only the top five finishers in the Preakness Stakes receive prize money from the $2 million purse.Here is the complete payout breakdown:Winner — $1.2 millionSecond place — $400,000Third place — $220,000Fourth place — $120,000Fifth place — $60,000While the race itself lasts only a few minutes, the financial rewards reflect years of training, breeding, preparation and investment behind every horse competing at the highest level.How is the winner’s purse divided?The winning $1.2 million payout is then split among the owner, trainer and jockey.The standard distribution works as follows:Owner — 80%Trainer — 10%Jockey — 10%That means the owner of the winning horse will earn $960,000, while both the trainer and jockey will take home $120,000 each.Kentucky Derby offered much bigger purseCompared to the Preakness, the Kentucky Derby featured significantly higher prize money this year. The Derby purse stood at $5 million, more than double the amount available at Laurel Park on Saturday.The payout structure for the Derby was:Winner — $3.1 millionSecond place — $1 millionThird place — $500,000Fourth place — $250,000Fifth place — $150,000Under the same 80-10-10 split, Golden Tempo’s ownership group earned $2.48 million after the Derby triumph, while the horse’s trainer and jockey received $310,000 each.Remarkably, the Derby runner-up earned close to the same amount as the entire winner’s payout in the Preakness.Belmont Stakes payout structure explainedThe final race of the Triple Crown, the Belmont Stakes, also carries a $2 million purse, matching the Preakness total.However, the Belmont distributes prize money slightly differently and pays out more finishing positions.The Belmont payout breakdown is:Winner — $1.2 millionSecond place — $360,000Third place — $200,000Fourth place — $100,000Fifth place — $60,000Sixth place — $20,000Seventh place — $20,000Eighth place — $20,000Just like the Derby and Preakness, the winning Belmont purse is divided using the same percentage formula, meaning the owner receives $960,000 while the trainer and jockey each take home $120,000.Wide-open Preakness field at Laurel ParkThis year’s Preakness is being staged at Laurel Park instead of Pimlico, which is currently undergoing redevelopment. Attendance has been capped at 4,800, creating a far quieter atmosphere compared to the traditionally packed infield scenes associated with the race.Without Golden Tempo in the lineup, Iron Honor opened as the 9-2 morning-line favorite. Taj Mahal, trained by Brittany Russell, entered as a hometown contender after winning all three career races at Laurel.Other major contenders include Chip Honcho, Incredibolt and Ocelli, who shocked many by finishing third in the Kentucky Derby at 70-1 odds.The race is scheduled for a 7:01 PM EDT post time and will air on NBC and Peacock.(With AP inputs)