One of the world’s most famous races is splashing the cash to reward even the horse which finishes last.

The Group 1 Lexus Melbourne Cup is Australia’s greatest horse race, known as the ‘race that stops the nation’ is renowned around the world and has become a huge draw for horses from Europe and Japan. Last year’s edition featured runners from the stables of Willie Mullins, Brian Ellison and Harry Eustace while a Japanese runner finished second behind local horse Knight’s Choice.

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In the build-up to the 2025 race, the Victoria Racing Club has announced the 2m handicap will offer total prize-money of £4.8 million.

The increase has been introduced to recognise every starter in a race which annually draws a maximum field of 24 horses.

As a result every horse which finishes from 13th to 24th place will be paid £48,000. In addition winners of the Geelong Cup, won by the Ellison-trained Onesmoothoperator, and Moonee Valley Gold Cup, will be guaranteed a start.

VRC chief executive officer, Kylie Rogers said: “The Lexus Melbourne Cup is unrivalled for its history, status and reach and the VRC is proud to be able to now reward every local and international participant in the great race.

“It reflects the significant effort required to prepare and qualify for the Lexus Melbourne Cup and goes hand-in-hand with a decision to add additional qualifying opportunities through the Geelong Cup and Moonee Valley Gold Cup.

“Cup Week adds more value to the economy and the racing eco-system than any other racing carnival in the country, contributing around 10 per cent of the annual wagering turnover across the state.

“We thank Racing Victoria for its support to lift minimum prizemoney across the week, which will continue to attract the best horses, jockeys and trainers from Australia and across the world.

“In line with the club’s significant improvement in its financial position this year together with a forecast to increase again in season 2025-2026, the VRC has made a considered decision to increase its returns to participants.

“Planning for the 2025 Melbourne Cup Carnival is in full swing, and this is just one of a number of exciting announcements that build momentum towards the world’s greatest racing event.”