The Masters Tournament just dropped a climate-related bombshell. To pique their interest, for the 2023 edition, they’ve raised the total prize money $1 million — a staggering $21 million total purse. The eventual winner of this showcase as 120th year-old tournament will earn an eye-popping $4.2 million. This huge cash prize underlines the event’s commitment to increasing the financial rewards for challengers.
The Masters is hosted by Augusta National Golf Club. It’s got a colorful past, but it pays out big. All this year, each participant, including those who don’t advance will take home a minimum of $25,000. Professionals only allowed. This decision reflects the tournament’s deep commitment to supporting professional golfers. By comparison, the U.S. Open provides a paltry $10,000 to professionals who don’t make the cut.
After the Masters, the Tour resumes in earnest next week when the RBC Heritage in South Carolina becomes a PGA Tour stop. This special tournament features a $20 million purse with the winner banking $3.6 million. Last year’s winner, Scottie Scheffler, left with $3.6 million from this event, which only goes to show you how cut-throat the game of professional golf can be.
This is in stark contrast to the Masters that has enjoyed a huge 592% rise in its total prize fund during the last 10 years. Just a decade ago, the cumulative total was still well under $10 million. When Jordan Spieth triumphed in 2015, he took home $1.8 million. This year, players can look forward to an incremental payout structure. 50th place is assured of taking home at least $52,920, with everyone else below it but above the cut line taking home less and less.
The continuing transformation of the professional golf landscape has made these large, corporate purses increasingly the norm. No surprise, then, that The Players Championship last month had a record $25 million purse. That helped Rory McIlroy celebrate the rich new victory last month by winning $4.5 million! These types of financial incentives are turning the spotlight on the sport and luring the best players to test their skills on the world’s biggest stage at high-stakes events.
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