Homer is known as "The Halibut Capital of the World" - and deservedly so. Each year the Homer Chamber of Commerce hosts the Jackpot Halibut Derby, which draws participants from all over the world. The derby runs from May 1st to September 30th, and it is the longest running derby in Alaska. It also has the largest prize.
The winning fish of the derby usually weighs in at well over 300 pounds. A halibut of such caliber is colloquially referred to as a barn-door. Small halibut, between 10-30 pounds are called chicken-halibut. To give you an idea of the size, the largest fish in the catch pictured here only weighed in at 110 pounds. Typically, a 20 pound salmon is cut up and used for bait.
The prize for the largest fish caught in the derby is $2.50 of each $10 entry ticket. Last year's winning catch was a 358.4 pound halibut that awarded the winner $37,243. So far, the current leader in this year's derby holds the bragging rights to a 348.2 pound fish...but there's still time.