Most weeks, I’m overflowing with ideas for Trail Waves. There are always a million thoughts swirling around my head. There are weeks, however, where I lack motivation and focus about which idea to follow and turn into an article.
This was one of those weeks.
Thankfully, clarification can come from anywhere. And this week, it came in the form of a text from my friend, Kyle, who texted me this over the weekend:
If I were to ask you name a trail race with a large prize purse, what would you say?
You’d probably guess UTMB. Or maybe Western States, even though it’s a nonprofit. The Golden Trail World Series would be another good bet.
An underrated answer? Run Rabbit Run (RRR), a 100-miler in Steamboat Springs, Colorado.
Now in its 13th year, RRR quietly offers one of the richest prize pools in the sport. The 2025 edition, held just last weekend, had a total prize pool of $100,000!
Naturally, it draws a strong field of elites chasing a rare payday.
But here’s the thing: beyond knowing about the big purse, I’d never really stopped to consider the obvious questions:
How DOES Run Rabbit Run afford to offer so much in prize money?
Why DON’T more races do the same?
What are the trade-offs?
I’ve always taken the prize money as a given, but I didn’t have the answers, so I did some digging.
Let’s hop in.
The Details
Run Rabbit Run (RRR) takes place every September. The race offers two distances, 50-mile and 100-mile, with the 100-mile distance further split into Tortoise and Hare divisions.
Here are the full race details:
Field Sizes
50-mile: capped at 200 entrants
100-mile: capped at 350 (Tortoises + Hares)
Tortoise vs. Hare
Hares chase prize money, have a 30-hour cutoff, and are not allowed pacers
Tortoises have a 36-hour cutoff, can have pacers, but are not eligible for prizes
Entry Fees
50-mile: $215 before Jan 1 → $300 before July 1 → $360 up to race day
100-mile: $375 before Jan 1 → $475 before July 1 → $575 up to race day
Prize Money
Run Rabbit Run pays out a staggering $100,000 split as follows:
$80,000 to individual Hares (top 7 male and female runners)
Masters (40+): $1,000 each for top male and top female
Seniors (50+): $500 each for top male and top female
Gondola premium: $1,000 for the first male and first female to summit an early climb and finish the race
On top of that, teams of one male + one female Hare split another $7,500:
1st place: $5,000
2nd place: $2,500
3rd place: $1,000
Runners on teams are also eligible for individual prizes.
Finally, any 50-mile or 100-mile entrant who correctly predicts both race winners can also win $1,000 (plus another $500 for also picking the winning team).
Sponsors
Run Rabbit Run is backed by a mix of gear, nutrition, and service brands, three of which are central to its model:
H2ALL (Presenting Sponsor): bottled water brand funding clean water projects globally.
Altra (Presenting Sponsor): zero-drop shoe company popular among trail runners.
Insight Global (Key Sponsor): professional services staffing firm.
These sponsors not only support race operations (like most races), but they enable RRR to sustain its unusually large prize purse and charitable giving.
Why Does This Matter?
Significant prize money is rare in trail running and almost unheard of outside of the sport’s biggest stages like UTMB or the Golden Trail World Series. That’s what makes Run Rabbit Run so fascinating:
RRR’s $100,000 purse is larger than CCC or any UTMB World Series Major
It’s also on par with the total overall winners’ purse for the Golden Trail World Series
UTMB
Golden Trail World Series
By contrast, most non-major races might offer $500-$2,000 to podium finishers, if anything at all. Prize money simply isn’t what drives mass trail runner participation.
In this way, RRR stands out. It uses prize money as a deliberate differentiator. A way to attract elites and set itself apart in a crowder race calendar.
A High Level Look at Trail Race Economics
Trail races generally aren’t cash cows. Margins are thin and volunteers are the oil that keeps the engine running. Prize purses, when they exist, are usually a luxury.
Revenues
Most trail races rely on two main income streams:
Entry fees — what runners pay to register.
Sponsorships — marketing dollars from brands seeking visibility at the race.
Expenses
On the cost side, budgets get eaten up quickly by:
Permits & land use: fees to city, county, state, or federal agencies.
Insurance: liability coverage, usually required for permits.
Facilities & rentals: Portable toilets, tents, generators, shuttles, etc.
Operations: timing systems, course markings, aid station supplies, staff/admin.
Marketing & registration: websites, registration fees (e.g. UltraSignup), race SWAG.
Most of these expenses are either fixed (permits, insurance) or scale with participant numbers (aid stations, timing). That means simply adding more runners doesn’t guarantee big profits.
The Two Levers
Races really only have two ways to grow revenue:
Raise entry fees — makes more per runner, but risks turning athletes toward cheaper alternatives.
Raise sponsorship dollars — easier said than done, since trail running doesn’t yet command major sponsor budgets like road running or triathlon.
In general, raising the cost of registration runs the risk of turning runners to other races, while increasing sponsorship dollars is much easier said than done.
Run Rabbit Run’s Numbers
With ~200 runners in the 50-mile (avg. $300 entry) and ~350 in the 100-mile (avg. $475 entry), RRR likely brings in around $225K-$250K from entry fees. A big slice of that covers operational costs. That makes sponsorships crucial for enabling its increasingly large prize purse.
How Run Rabbit Run Breaks from Tradition
Most trail races invest in the participant experience. Swag bags, finisher medals, post-race parties, the whole nine yards. Run Rabbit Run flips that script. Its focus is on elite athletes, with prize money taking precedence over perks.
In announcing this year’s $100,000+ prize pool, race directors Fred Abramowitz and Paul Sachs explained this focus:
“We’ve always wanted Run Rabbit Run to be more than a race, to be a way of giving back to the athletes who push the limits of endurance. Our race puts money into the pockets of these competitors, we hope to honor their dedication and help support their journeys in the sport. We believe prize money increases competition, and competition increases awareness for our sponsors and the sport as a whole.”
In short: reward athletes → elevate competition → attract sponsor attention → reinvest into the prize pool.
That cycle is what makes RRR stand out from the rest of the trail running calendar.
The Tradeoffs
In economics, there are always trade-offs. If every trail race could snap its fingers and put $100,000 toward a prize purse, many would jump at the chance. But most organizers make different choices about where to allocate their limited budgets.
Instead of big payouts, most races prioritize:
Participant experience — High-quality swag, generous aid stations, strong volunteer support.
Growth and accessibility — Adding new distances or increasing field size to boost participation and revenue.
Media and coverage — Investing in livestreams, photography, or race-day storytelling.
RRR isn’t ignoring these areas. In fact, the race offered livestream coverage this year and gets high marks from participants. But it’s clear the race directors have tilted their budget toward elite athlete support over traditional perks. That decision shapes both the race’s identity and its position in the broader trail running ecosystem.
Learnings
After diving into Run Rabbit Run, a few lessons stand out that apply not just to trail races, but to event design and business strategy more broadly:
1. Prize purses can be a strategic differentiator.
Think of prize money as a marketing expense. Bigger payouts attract more elites, which elevates competition, which increases visibility and prestige, which ultimately raises demand from both runners and sponsors.
RRR has carved out an identity in a crowded race calendar by being the prize money race. That clarity makes it top-of-mind for elites.
2. Every decision comes with trade-offs.
Money has to come from somewhere. A larger purse often means either higher entry fees (cost to participants) or more sponsorship dollars (cost to sponsors). And with limited resources, investing in one area (athlete payouts) means less emphasis elsewhere (swag, finisher perks, or coverage). Successful races don’t just spend more, they prioritize better.
3. Align payouts with community goals.
RRR has been deliberate about focusing on two things its community cares about: supporting elites and charitable giving. That clarity attracts athletes who share those values, strengthens sponsor alignment, and reinforces the race’s reputation year after year.
✴️ What Do You Think? ✴️
What do you think of RRR’s approach to optimizing for its elite prize pool?
Which area, if any, do you wish more races would focus on (e.g. runner experience, prize pool, something else)?
What other thoughts and questions does RRR’s approach inspire?
Hit the comments and let me know!
The Aid Station
Miscellaneous quick hits. Trail style. Actionable, digestible, essential.
👀 Kudos coming to Wall Street?
According to Reuters, Strava is in the process of hiring banks to prepare for an IPO as soon as early 2026. Founded in 2009, the company has recently doubled down on its subscription strategy, acquiring Runna and The Breakaway to bolster its coaching tools.
If the IPO moves forward, Strava will need to file an S-1, which will finally give the public a clear look at its financials. I’ll circle back here if/when it drops.
📓 “I am being rented.” by Josh Lynott
I really enjoyed this article and appreciate the way it made me rethink everyday life. Our activities, possessions, and even the traits that define us are fleeting. We “rent” things to meet basic needs. The land we run on, the houses we live in. All rented, and all will remain long after we’re gone.
What stuck with me most was Josh’s reflection on love:
“Love is not available for rent. It is something we feel, see, and can give. It is not contractual, and indeed not forced. It surrounds us wherever we go, and most importantly, it lives most abundantly inside us. Love brightens the rooms we rent and extends the distances our ideas can travel. Love doesn’t change the price of rent; it only helps us value what we rent more highly.”
I can’t do justice to his words, so I’ll simply suggest you take a few minutes to read the post yourself.
Another great and insightful article. Love your work
Great breakdown! Something else I think is quite key to RRR's big prize purse is that the race directors do not make any money. It's my understanding that everybody from the race organization is a volunteer. If I'm not mistaken, one of the race directors, Fred Ambramowitz, wrote a whole guide about sponsorship/having big prize purse several years ago (I can't seem to find it though).