Jockeys at the Melbourne Cup are paid five per cent of the total prize money of a horse for each race.

In 2020, the winning jockey, Jye McNeil, pocketed $220,000.

The second placed jockey makes $55,000 from the prize money, with third place taking home $27,500.

The winning trainer of the 2021 Melbourne Cup will make $440,000, which is 10 per cent of the $4.4 million cheque.

The second place trainer will make $110,000 and the third placed trainer earns $55,000.

This year’s total prize pool is $8 million, with the winner receiving $4.4 million.

In addition, the winner of the Melbourne Cup is also entitled to $250,000 worth of trophies, including to the owner, the jockey, the trainer, breeder and strapper.

The second place in the Melbourne Cup earns $1,100,000 and third place takes home $550,000.

The connections of the winning Melbourne Cup horse are entitled to 85 per cent of the total prize money.

That leaves 5 per cent for the jockey and 10 per cent for the trainer.

You can watch the Melbourne Cup today LIVE on FBC TV and FBC Sports channels starting from 2:30pm with the main race at 4pm.