Prize funds are growing, and in a select handful of uber-rich races the pot can be eye-popping.

In 2018, the Pegasus World Cup boasted the highest prize money in the world with bumper prize money of $16 million.

Simply put, the sport of kings can yield a king's ransom.

Here is a look at some of the richest events on the horse racing calendar.

Introduced in 2017 as the richest race on the planet , the Pegasus World Cup is the epitome of American lavishness. The nine-furlong (1⅛ miles ) race is run over a dirt track at Gulfstream Park, Florida and is intended as a showdown for experienced racers of four years old or above.

For its second running in 2018, the prize pot was boost by $4 million to $16 million with an entry fee for each of the 12 slots of $1 million. The organizer added the rest.

The winner, Gun Runner, collected an astonishing $7 million in 2018.

However, for 2019 the prize pot will be split across two Grade 1 races -- the Pegasus World Cup Invitational and the new Pegasus World Cup Turf Invitational over 1 3/16 miles.

The revamped Pegasus World Cup Invitational will command a prize fund of $9 million with $4 million going to the winner, while the turf race will offer a pot of $7 million with the winner bagging $3 million.

Entry to each race costs $500,000 with an owner scooping a bonus $1 million if they win both events.