A million race in India has a purse of 10 lakh rupees, which means that the total state to be paid out in the race is 10 lacs and that can extend to the 6th placed horse, with the connections of that horse receiving a lesser percentage of stake in the total 10 lakh rupee stake money.

In maximum cases in India winners of such million races are paid around 5 to 6 lakhs with six lakhs quite a benchmark for RWITC races!

So a million race in the great Indian racing landscapes of very devalued term since no race in India offers a collective prize money of 1 million dollars.

The entire prize money in the Indian Derby has gone around 3.8 crores which is again around six hundred thousand US dollars.

So the million race thing is pretty misleading and extremely devalued

What technically it remains a million! At 10 lakhs for a million

1,000,000 is 10,00,000

@ MrTom krish,
Thank you very much for enlightening me on this.But I need a clarification on Indian racing.I presume that the million races are a bit inferior to Gr1,Gr2,Gr3 races.If so in what way?

Sir
Every racing country has what is called a 'Pattern Committee.' The Committee is composed of race secretaries (what we call handicappers at various race clubs)and racing officials and others whose expertise and knowledge are respected and valued. This committee evaluates races in terms of purse money, quality of the competition and other relevant considerations. The committee assigns Grade (I, II and III) status to individual races.
A million race is one that carries a purse of one million dollars.
Higher prize money does not necessarily give a race a higher grade.
The first Million Dollar purse was offered in 1981 by Arlington Park in suburban Chicago. Now, million dollar races are dime a dozen.