The $10 million race that pays every starter
The Melbourne Cup runs on Tuesday 3 November. Since 2025, every horse that finishes collects.
The Lexus Melbourne Cup is worth A$10 million, after Racing Victoria and the VRC added A$1.34 million for the 2025 edition. The biggest change is further down the field: horses finishing 13th to 24th now receive A$100,000 each, where once only the first 12 were paid.
VRC chief executive Kylie Rogers said the change reflects the effort required to prepare and qualify a horse for the race, and it is designed to draw international stables.
Winners of the Geelong Cup and the Moonee Valley Cup earn ballot exemptions, giving the spring’s lead-up races a direct line to Flemington.
The 2026 Cup is run on the first Tuesday in November, 3 November.
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