The 2010 Melbourne Cup is expected to offer nearly double the prize money of this year’s race, with stakes tipped to be set at an unbelievable $10 million.

As Australia’s richest horserace, the prestigious Emirates Melbourne Cup held at Flemington tomorrow afternoon, has a very lucrative $5.65 million on offer for the winners and placegetters. But next year, for the 150^th running of the Melbourne Cup, Victoria’s Major Events Company is anticipated to contribute millions of dollars in recognition of this significant Melbourne Cup milestone.

Each year the Melbourne Cup draws in hundreds of thousands of visitors to the state of Victoria, who spend up big on hotels, restaurants and other local attractions. The economic benefit to the city of Melbourne the race attracts is more than the formula one grand prix; which is why Major Events is happy to chip in and make the 2010 Melbourne Cup the biggest ever.

The allure of such an enormous prize is sure to draw more overseas entries for the 2010 Melbourne Cup.

Division of 2009 Melbourne Cup Prizemoney:

$5.5million cash & $150 000 trophies.

Place Share of Prizemoney

1^st $3.3million & trophies valued at $150 000 awarded to owner ($125 000), trainer ($10 000), rider ($10 000), strapper (Tommy Woodcock Trophy $2 500) and breeder ($2 500).

2^nd $835 000

3^rd $420 000

4^th $220 000

5^th $150 000

6^th $115 000

7^th $115 000

8^th $115 000

9^th $115 000

10^th $115 000