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Anyway, maximum reward for finishing 1st place: Asoleda sword, boussole and Milano Cuirass on top of the 250K pesos prize and almost 170K stake (RNG) to my 100K initial bet. Went from level 20 to 21, so again, prizes are no longer dependant on character level.
Lugger sent to Davy Jones' locker shortly after the race, since I refuse to sail in such a wooden tub ever again in this game!
My advice would be for everyone to moor the Lugger "Adeline" (the first story ship) for a paltry sum in French colonies and use her when the character level allows participation in the Regatta. Adeline is already upgraded from most points of view and this ship class is still the only one allowed in that race spanning the entire game map.