Key facts
- Total prize money: $10.2 million (VRC).
- Winner $4.5 million; second $1.11 million; third $560,000.
- Sixth to 12th: $160,000 each; 13th to 24th: $100,000 each.
- Owners keep most of it; jockeys and trainers usually receive a percentage.
How much is the Melbourne Cup prize money in 2026?
The Melbourne Cup prize money in 2026 is $10.2 million, according to the Victoria Racing Club's race conditions. The winner receives $4.5 million, and prize money is paid all the way down to 24th place. The latest list of runners chasing that money is on our Melbourne Cup field page.
| Finishing position | Prize money |
|---|---|
| 1st | $4,500,000 |
| 2nd | $1,110,000 |
| 3rd | $560,000 |
| 4th | $360,000 |
| 5th | $240,000 |
| 6th to 12th | $160,000 each |
| 13th to 24th | $100,000 each |
The placings in the table add up to $9.09 million. The VRC's headline figure of $10.2 million is higher, and the VRC has not published a breakdown of the difference.
How is the winner's prize money shared?
The winner's prize money is shared under standard Australian racing arrangements:
- Owners receive the largest share.
- The trainer usually receives about 10 per cent.
- The jockey usually receives about 5 per cent.
- Stable staff often receive a share or a bonus from the trainer and owners.
On a $4.5 million first prize, that means roughly $450,000 for the trainer and $225,000 for the jockey, before any private bonuses.
How has the Melbourne Cup prize money grown?
The Melbourne Cup prize money has grown from a gold watch for the first winner in 1861 to $10.2 million today. The milestones:
- 1861: the first winner, Archer, received a gold watch.
- 1865: the first Melbourne Cup trophy was awarded.
- 1985: What A Nuisance won the first $1 million race in Australia.
- 2025: prize money reached $10 million, with $100,000 paid to every runner from 13th to 24th for the first time.
- 2026: $10.2 million.
What else does the winner receive?
Besides prize money, the winning connections receive trophies. In 2025 the trophy package was valued at $910,000 and included the owner's gold Cup, the Harry White Whip for the jockey and the Tommy Woodcock Trophy for the strapper. The Cup trophy is presented in the Mounting Yard soon after the race; the pre-race trophy ceremony starts at 2:15pm AEDT.
Frequently asked questions
How much prize money is the Melbourne Cup worth in 2026?
The 2026 Melbourne Cup is worth $10.2 million in total, according to the Victoria Racing Club.
How much does the Melbourne Cup winner get?
The winner's prize is $4.5 million, which is shared between the owners, trainer and jockey under the usual racing arrangements.
How much does the winning jockey get for the Melbourne Cup?
In Australia jockeys typically receive about 5 per cent of the prize money their horse earns, so the winning jockey's share of $4.5 million would be roughly $225,000, plus any bonus from the owners.
Does every Melbourne Cup runner get paid?
Yes. Since 2025, every runner from 13th to 24th earns $100,000, so every horse in the field takes home at least that amount.
What is the Melbourne Cup trophy worth?
The 18-carat gold Lexus Melbourne Cup trophy is valued at hundreds of thousands of dollars. In 2025 the trophies presented to the winning connections were valued at $910,000 in total.
When did the Melbourne Cup first offer $1 million?
The 1985 Melbourne Cup, won by What A Nuisance, was the first race in Australia with prize money of $1 million.
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Sources
Who wrote and checked this page
Alexander Korsager
Alexander Korsager is our editor-in-chief. He has spent more than ten years in online gambling and iGaming, including senior leadership roles. He writes every Melbourne Cup guide on this site from official VRC and Racing Victoria sources.
Dr. Divesh Garg
Dr. Divesh Garg is a game mathematician with a PhD in mathematics and years of research in probability and statistics. He checks the numbers on our odds and betting pages: implied chances, bet costs, exotic combinations and payouts.