The governing body of world cricket International Cricket Council (ICC) on Monday that prize money for the 2015 World Cup would be increased by 20 per cent.
The team that will be crowned world champions will take home a whopping $4.3 million. On winning the trophy undefeated in the tournament, the amount will be over $4.6 million.
As per the ICC, the World Cup in Australia and New Zealand will carry an increase of $11.5 million in prize money as compared to the 2011 edition in the Indian sub-continent, which awarded $9.2 million in prize money.
Team that finished runners-up on March 29 at the Melbourne Cricket Ground will pocket $2 million. The two losing semi-finalists will get $692,000 .
Teams returning home from the quarter-final stage will receive $346,000 each while the winners of each group match will get $52,000, the ICC said.
All teams eliminated in the first Round will get $40,000 apiece.
The decision when the ICC Board members conducted a two-day meet in Dubai. Playing conditions were also finalized for the World Cup which will be held from February 14 to March 29.
Another key decision made by the ICC would be the implementation of the contentious Decision Review System (DRS) in all 49 matches. Only the knock-out phase will have reserve days.
It also added that there would be no super over in tied matches in the knock-out phase.
In case of a tied quarter-final and semi-final, the side finishing in the higher position in the group stage would progress.
If the final is tied or if the match is a no-result, then the teams will be declared joint winners.
The ICC Board approved cut-off dates for qualification to the 2017 Champions Trophy and the 2019 World Cup.
The top eight sides on the ICC one-day rankings on 30 September 2015 will qualify for the 2017 Champions Trophy in England.
The cut-off date for the 10-team 2019 World Cup, also in England, was set for 30 September 2017.
The top eight ranked sides on that date will automatically qualify for the World Cup, while the ninth and 10th ranked teams will play in the World Cup qualifying competition in Bangladesh in 2018.