The headlines surrounding the Melbourne Cup’s elevation to an eight-figure race are somewhat different to when it reached the seven-figure milestone in 1985, writes Bren O’Brien.

The 2024 Melbourne Cup finish. This year's race will be worth $10 million. (Photo by Daniel Pockett/Getty Images)

When the Melbourne Cup became the first Australian race to break $1 million in prize money forty years ago, it made national headlines. In 2025, as it reaches eight figures for the first time, the coverage is less spectacular.

The Melbourne Cup still breaks ground in many areas, including being the most watched and most bet-on race in the country by some margin. However, the battle to become the richest race in Australia was lost when The Everest and then the Golden Eagle vaulted over it in the past eight years.

Given the enormous value it drives for the racing industry – it is the highest turnover race by at least three to four times any other race according to The Straight’s own research, six times according Racing Victoria – it is well worthy of its status of having $10 million in prize money, equal to that of the Golden Eagle, run three days earlier at Rosehill.

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