Racing Victoria greenlights $10m purse for Melbourne Cup

Australia’s iconic Melbourne Cup is set to offer $10 million in prizemoney from 2025, fulfilling a long-held dream of the Victoria Racing Club.

Racing Victoria is expected to confirm the record increase for the 2025-26 season later this week.

The Cup has held an $8 million purse since 2020, marketed as $8.75 million with the inclusion of the famous $750,000 gold trophy.

It marks only the sixth prizemoney rise since 1990, when the race first hit $1 million.

The VRC has pushed for the $10m milestone since 2022, but Racing Victoria previously rejected it due to economic and wagering pressures.

The club has reportedly reallocated prizemoney from other feature races, like the All-Star Mile and Australian Cup, to secure the extra funds.

Meanwhile, the Cox Plate may jump to $6 million, while the Caulfield Cup is expected to remain steady at $5 million.

RV chief executive Aaron Morrison declined to comment but noted all changes aim to benefit racing across all levels.