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Australian Open 2024 prize money has record increase

A major increase is due for men’s, women’s and doubles participants for this year’s 2024 Australian Open.

2024 Australian Open: Previews Photo by Andy Cheung/Getty Images

The 112th installment of the Australian Open is set to open on Saturday, January 13 live from Melbourne, Australia. ESPN will have Day 1 coverage starting at 7 p.m. ET on Saturday on ESPN+ and coverage picks up at midnight ET on ESPN2.

Top-tier tennis participants will have an extra incentive to perform in this year’s 2024 Australian Open. According to Tennis Australia, the grand prize pot is expected to be a record-setting $86.5 million. This is a $10 million increase from 2023, as the Men’s/Women’s singles winners will take home $3.15 million.

The latest purse updates also pay out well for those who are early exits, as participants that lose in the early portion of the tournament will also receive a higher payday. Players who face defeat in the first-round will earn $120,000, a 13% increase from last year’s pay rate.

Overall, the tournament is clearly prioritizing its players as a new gym, state-of-the-art ice baths, urban playground and coaches lounge alongside are also on the horizon for the Open.

Currently, 24-time Grand Slam champion Novak Djokovic is a +100 betting favorite to take home the Men’s singles, per Draftkings Sportsbook. WTA women’s no. 1 ranked Iga Swiatek is the betting favorite on the women’s side with +240 odds to win.

For full payout details courtesy of Tennis Australia, take a look below.

Australian Open 2024 prize money payouts

  • Australian Open total prize pool of $86.5 million, up 13% on 2023
  • Prize money increases in every round
  • First round qualifiers – $31,250, up 20%
  • First round doubles teams – $36,000, up 16%
  • First round main draw singles players – $120,000, up 13%
  • Players reaching the second round – $180,000, up 13%
  • Semifinalists will earn $990,000, up 7%
  • Singles champions will take home $3.15 million
  • Australian Open prize money has more than quadrupled in the last 20 years since 2005, when it was $19.1 million
  • Prize money has more than doubled from $40 million in 2015 (10 years)