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World's richest horse race gets richer

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The world's richest horse race is about to get even richer after organisers confirmed a multi-million dollar boost to its purse on Wednesday.

The Pegasus World Cup Invitational, which took place for the first time this year at Gulfstream Park in Hallandale, Florida, will offer prize money of $16 million for its 2018 event, organisers said in a statement.

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The world's richest horse race is getting richer. The Pegasus World Cup will return in 2018, with another $4 million pushing the purse to $16 million. File Photo: Lynne Sladky/AP

The race sees racehorse owners pay $1 million each for one of the 12 places at the starting gate.

Race creator The Stronach Group said Wednesday it would now contribute an additional $4 million in prize money for the race, which was won this year by the four-year-old Arrogate.

"The 2017 Pegasus World Cup Invitational surpassed our expectations and we believe took the sport of Thoroughbred racing to an exciting new level," said Belinda Stronach, chairman of the Stronach Group.

"In 2018, we will bring an even bigger, more modern and unforgettable entertainment experience to a global audience."

Next year's race takes place on January 27, 2018.

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