According to the International Cricket Council, the prize money allocated for teams participating in the entire tournament is $11.25 million, which is double the amount compared to 2022 when the prize was $5.6 million.

The winner of the T20 World Cup 2024 will receive a $2.45 million prize alongside the glittering trophy, the highest prize in the history of the T20 World Cup 2024.

This prize is $850,000 more than in 2022. In the 2022 World Cup held in Australia, England took home a prize of $1.6 million.

According to Cricinfo, 20 teams participated in this year's T20 World Cup, which is why the overall tournament prize has increased to be properly distributed among all teams.

The team that reaches the final but loses will receive $1.28 million, and the teams that lose in the semi-finals will receive $787,500. In 2022, these amounts were $800,000 and $400,000, respectively.

The remaining teams that make it to the top eight will receive $382,500 each, and teams ranked between 9th and 12th will receive $247,500 each.

Every participating team in the World Cup, except those that reach the semi-finals, will receive $31,154 per match.

In an interview, ICC Chief Executive Geoff Allardice said: "Hundreds of millions of fans around the world will be entertained by the players in what we're hoping to be an Out of This World event."

In the initial stage, there were 40 participating teams in the tournament, from which eight top players directly advanced to the final round.

The final match is scheduled to take place on June 29 in Bridgetown, Barbados.