INDIANAPOLIS (WISH) — The week keeps getting better for NTT IndyCar Series driver Josef Newgarden.

The Team Penske driver won the 108th Running of the Indianapolis 500 on Sunday.

Then on Monday, it was announced Newgarden earned $4.288 million for his victory. It’s the largest winner’s payout in the history of the race.

The total purse for this year’s Indy 500 was $18,456,000, the largest overall purse for the race in its history.

Last year (2023) was the previous record purse of $17,021,500 and the previous record winner’s payout of $3.666 million.

“The Indianapolis 500 is the greatest race in the world, and this record-breaking purse is reflective of just how monumental competing in and winning at Indy is for these drivers,” Penske Entertainment President and CEO Mark Miles said in a press release. “Despite weather challenges, the Month of May featured packed grandstands and intense on-track action. Presenting this purse is the ideal end cap to an epic month.”

Newgarden’s winnings included a $440,000 rollover bonus from BorgWarner for earning back-to-back wins in the Indy 500. According to the press release, “the jackpot increases by $20,000 each year but has only been awarded one other time since its inception when Hélio Castroneves won the Indy 500 in both 2001 and 2002.”

Second-place finisher Pato O’Ward took home $1,050,500 from his performance in Sunday’s race.

Meanwhile, Kyle Larson was named the Indy 500 Rookie of the Year. The 2021 NASCAR Cup Series champion finished in 18th place on Sunday.

The awards for the Indy 500 were presented on Monday night at the Victory Celebration, which was held inside the JW Marriott in downtown Indianapolis on Monday.

The NTT IndyCar Series hits the race track once again on Sunday for the Chevrolet Detroit Grand Prix on the streets of Detroit. The race will begin a little after 12 p.m. EDT.

• PDF from Indianapolis Motor Speedway: Indianapolis 500 Purse Soars to New Heights
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• PHOTOS: The 108th running of the Indianapolis 500
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• More coverage of the Month of May from WISHTV.com