The biggest prize in New Zealand racing will be divided up at Ellerslie on Saturday.

The $1 million Vodafone New Zealand Derby has a first prize of $600,000, which, combined with a rich history and a Group I rating, ensures that it ranks as the most sought-after race on the domestic racing calendar.

There are three races with a $1 million stake in NZ, but the Derby has a larger first prize than the two Karaka Million races staged in January, which have Restricted Listed status. The Karaka 2YO has a first prize of $550,500 with $530,500 for the Karaka 3YO.

In addition, a Derby win resonates throughout the racing world and every trainer and jockey would treasure a Derby victory.

The modern New Zealand Derby was established in 1973, when the classic races were revamped.

Since then, the roll of honour includes Balmerino (14 wins as a 3yo and later runner-up in the Arc de Triomphe), Uncle Remus (13 wins at three), the Cox Plate winners Fury’s Order, Bonecrusher, Surfers Paradise and The Phantom Chance and more recently the likes of the likes of Xcellent, Silent Achiever, Jimmy Choux, and Mongolian Khan.

The first “Derby” was staged at Epsom, in England, in 1780 - 60 years before the signing of the Treaty of Waitangi – and has been staged every year since, though the venue was shifted to Newmarket during World War I and II.

The Epsom classic has spawned a host of replicas, most notably the Kentucky Derby, which is the most famous thoroughbred contest in the United States.

More than 30 countries now stage at least one Derby, and it is possible to win the Puerto Rico Derby, Polish Derby, Spanish Derby, Slovak Derby, Swiss Derby, Greek Derby, Mediterranean Derby (Turkey), Ecuador Derby and Mexico Derby. Traditionally, Derby races are restricted to three-year-olds and run at 2400m.

Australia still stages five Derbies, with the Victoria and Australian Derbies backed up by the South Australia, Queensland and Western Australia equivalents, though the Perth race no longer has Group I status.

The current NZ Derby is essentially an amalgam of the NZ Derby, which had been run at Riccarton since 1860, and the Great Northern Derby, which had been staged at Ellerslie since 1875.

The Great Northern Derby was discontinued when the NZ Derby transferred to Ellerslie, while Riccarton Park became the home of the Two Thousand Guineas and One Thousand Guineas.

The NZ Oaks was transferred from Riccarton to Trentham, while Trentham also staged a Wellington Derby between 1966 and 1986.

The modern NZ Derby was originally staged at the Christmas meeting at Ellerslie but shifted to a March date in the 2005-06 season.