Melbourne Cup 2008 prize increased to $5.5 million

6 May, 2008 - Australia's most famous race, the Melbourne Cup received a cash boost of $500,000 to bring the event's total prize offering to $5.5 million and secure its place as the world's second richest horse race on turf. Only the Prix de l'Arc de Triomphe, France's €4 million weight-for-age classic, offers a wealthier prize than the 2008 Melbourne Cup.

Announced by the Victoria Racing Club, the first prize for the 2008 Melbourne Cup will now be $3.3 million, a 10% increase on last year's race. Prize money for runners finishing from second through to tenth has also been increased, as has the value of the Melbourne Cup trophies by 50% to $150,000.

Melbourne Cup prize money was previously increased in 2005 from $4.5 million to $5 million in conjunction with Emirate Airlines taking over sponsorship of the race. The next raise in stakes could come in 2010, when the 150th Melbourne Cup is due to be run.

While the Prix de l'Arc de Triomphe and Melbourne Cup may be the richest turf races, the Dubai World Cup (on dirt) is the world's most decadent race, offering a staggering USD6 million purse. American wonder horse, Curlin claimed the 2008 Dubai World Cup earning his connections an impressive pay day.

However, the Melbourne Cup remains the unofficial world staying championship and horse racing's most prestigious 'two-mile' handicap. With average attendances exceeding 100,000 people per day and a global television audience near 1 billion, the Melbourne Cup Festival remains the biggest horse racing carnival of them all.

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