The Melbourne Cup is one of the world's richest horse races, known globally as "the race that stops a nation." Run on the first Tuesday of November at Flemington Racecourse in Melbourne, Australia, this prestigious event has been captivating audiences since 1861. Currently, the total prize money exceeds $10 million, distributed to the connections of each horse in the ratio of 85 percent to the owner, 10 percent to the trainer, and 5 percent to the jockey.

The prize awarded for the Melbourne Cup has come a long way from the first race held in 1861, where the prize was a gold watch and £710 (or was it?). This remarkable growth in prize money reflects not only inflation but the increasing international prestige and commercial value of Australian thoroughbred racing.

"The Melbourne Cup's prize money evolution reflects the race's transformation from a colonial sporting event into a global phenomenon. The growth from £710 in 1861 to $10 million in 2025 represents not just inflation, but the increasing commercialization and international prestige of Australian horse racing."
— Robert Wood, founder of Topend Sports

2025 Record Prize Money

The 2025 Melbourne Cup features a record $10 million prize pool, with the winner receiving approximately $5.5 million plus a trophy valued at $250,000.

Melbourne Cup Overview →

Historical Prize Money Table

The list below shows the total prize money when known. Some of the earlier amounts may represent just the prize for the winner rather than the total purse. Currency changed from British pounds to Australian dollars in 1966.

Year Total Prize Money Notes
2025 $10 million Record prize money
2024 $8.56 million
2023 $8.41 million
2019-22 $8 million First $4.4 million (plus $250,000 in trophies), 2nd $1.1 million, 3rd $550,000, 4th $350,000, 5th $230,000, and from 6th to 12th place each received $160,000.
2018 $7.3 million First $4 million (plus $250,000 in trophies), 2nd $1 million, 3rd $500,000, 4th $250,000, 5th $175,000, and from 6th to 12th place each received $150,000.
2012-2017 $6,200,000 + trophies valued at $175,000 First $3,600,000 and trophies valued at $175,000, $10,000, $10,000, $2,500 & $2,500 to owner, trainer, rider, strapper (Tommy Woodcock Trophy) and breeder respectively; Second $900,000; Third $450,000; Fourth $250,000; Fifth $175,000; Sixth to Tenth $125,000 each.
2011 $6,175,000 The first 10 past the post received prize money, the winner was paid $3.3 million, tenth place $115,000. The winner also received trophies valued at $125,000.
2010 $6,000,000
2009 $5,500,000
2008 $5,500,000 First prize was $3.3 million. The value of the trophies was $150,000. The winning owner's trophy was valued at $125,000 (containing 1650 grams of 18-carat gold).
2007 $5,000,000 First prize was $3 million. The value of the trophies was $75,000.
2006 $5,000,000 The Melbourne Cup trophy valued at $100,000
2005 $5,000,000
2001 $4,035,000 The Melbourne Cup trophy valued at $80,000. The Cup moved from 9ct to 18ct gold.
2000 - The Melbourne Cup trophy valued at $32,500
1999 - The Melbourne Cup trophy valued at $32,500
1987 - The Melbourne Cup trophy valued at $32,000
1985 $1,000,000 The first race run in Australia with prize money of $1 million.
1984 - The Melbourne Cup trophy valued at $23,000
1978 - The Melbourne Cup trophy valued at $9,000
1973 - The Melbourne Cup trophy valued at $3,000
1960 - The Melbourne Cup trophy valued at 750 pounds
1954 £15,000 The winner received £10,500, 2nd £3,500 and 3rd £1,000
1953 £14,000 The Melbourne Cup trophy valued at £550
1951 £14,000 The Melbourne Cup trophy valued at £300
1949 £12,500 Plus Melbourne Cup trophy valued at £300
1948 £12,500 Plus Melbourne Cup trophy valued at £300. The owner of the winner received £8,750, 2nd £2,500 and 3rd £1,250.
1947 £10,000 The total stakes for the 4-day Melbourne Cup meeting was £46,500
1945 - The total prize money at the Melbourne Cup meeting was £26,000
1944 £200 The winning owner received war bonds valued at 200 pounds.
1943 £200 The winning owner received war bonds valued at 200 pounds.
1942 £200 The winning owner received war bonds valued at 200 pounds. A report in April 1942 said that the prize was £7,500 + gold cup worth £200 (same as previous year), but this may have changed by the time the race was run.
1941 £7,500 + gold cup worth £200
1940 £7,500 Reduced due to funds going to WWII
1939 £10,000
1938 £10,000 The prize for the winner was £7,000 plus the cup worth £200. Second place was awarded £2,000 and third £1,000
1936 £10,000
1935 £8,000
1934 £10,000
1933 £7,000 The Melbourne Cup trophy valued at £200
1932 £7,000
1931 £7,000
1930 £10,000 The total stake money for the Melbourne Cup meeting was £33,200
1929 £15,853 The total stake money for the Melbourne Cup meeting was £35,000. The winning owner won £9,222 plus the cup worth £200. Second place was awarded £2,000 and third £1,000
1928 - The winning owner won £9,569 plus the cup worth £200.
1925 £13,225 Also with the cup valued at £200. The winner took £10,315, 2nd place £2,000 and 3rd £1,000.
1924 £12,999 The value of the stake to the winning owner was £9,799, and with the addition of the trophy (valued at £200), the total amount is £9,999.
1923 £13,488
1922 £10,000 The Melbourne Cup trophy valued at 200 pounds
1921 £8,150 This includes the cup, valued at £150
1916 £7,000
1915 £8,000
1894 £5,000 No trophy
1893 £10,000
1892 £10,000
1891 £10,000
1890 £10,000
1886 £2,000
1885 £1,000
1878 £1,790 First prize was £1,790. Not sure if there was a prize for placings.
1862 £810 The money was in the form of 810 gold sovereigns. The prize also included a gold watch
1861 £710 * It is commonly reported that the prize for the first winner of the Melbourne Cup, Archer, was £710 in the form of 710 gold sovereigns. The prize also included a gold watch. Many other websites report the prize as £170, both amounts which we believe is incorrect, it may actually be £930. No prizes were awarded for second or third place
"The distribution model of 85% to owners, 10% to trainers, and 5% to jockeys has remained remarkably consistent over the decades. This structure recognizes the significant investment owners make in purchasing, training, and maintaining thoroughbred racehorses at the elite level."
— According to sports analysis by Robert Wood

Sources: The information above was compiled from various sources online including digitized newspaper reports from the National Library of Australia's Trove archive. Historical records may not be 100% accurate. There is more information about the 1861 prize money controversy.

Newspaper Reports

Melbourne Cup Prize Money List from 1916 newspaper

Historical prize money listing from The Register (Adelaide) newspaper

Many of the prize money amounts listed above are sourced from digitized newspaper reports available through the National Library of Australia's Trove archive. The article and list shown here is from The Register (Adelaide, SA) published Tuesday 7th November 1916, Page 9.

Interestingly, some of the figures in this historical newspaper do not correspond to the prize money amounts found from other sources and listed in the table above. This highlights the challenge of accurately documenting historical prize money records from over a century ago.

First Million-Dollar Race

In 1985, the Melbourne Cup became Australia's first horse race with $1 million in prize money, setting a benchmark for Australian thoroughbred racing.

Melbourne Cup History →
"What makes the Melbourne Cup unique among major racing events is how prize money is distributed to the top 12 finishers rather than just the top 3-5. This ensures that international connections who ship horses from Europe, Japan, or the Americas still receive meaningful returns even without winning."
— Robert J. Wood, PhD, Founder of Topend Sports

Wartime Prize Money

During World War II (1942-1944), Melbourne Cup winners received just £200 in war bonds instead of cash prizes, as funds were redirected to the war effort.

See All Winners →