Victoria’s three biggest horse races have had a significant prize money boosts as part of a series of prize money injections across the state.

The announcement of prize money increases were made on Friday with the Melbourne Cup boosted by $1 million to $7.3 million while the Cox Plate and Caulfield Cup have both increased by $2 million to $5 million.

Part of the $12.4 million injection into prize money across the state from August 1 this year includes $1.2 million to be spread across the 67 country Cups in Victoria.