The British Open has reached a record-breaking purse amount. The Open Championship, which will take place at Royal Liverpool from July 15-July 18, will now have the highest incentives ever. The total purse amount has increased 18% from last year's $14 million to a staggering $16.5 million purse, per John Huggan of Golf Digest.

Martin Slumbers, the R&A CEO, spoke about the record-setting purse saying, “Our aim is to ensure the Open remains at the pinnacle of world golf and we have almost doubled the prize fund since 2016.”

The winner will also receive a record amount of $3 million, adding to the stakes ahead of the championship. However, the winner is not the only one who will be taking home a large prize amount. Both second and third place will earn over $1 million and everyone in the top 30 will still earn a six-figure prize. The lowest professional finishers in the Open will still take home $8,500.

The championship has come a long way since the original British Open, which did not offer prize money until 1863 when the first purse was £10. It wasn't even until 30 years ago, in 1993, that the purse hit seven figures for the first time, reaching a then record of $1 million even.

Some of the top favorite golfers to take home this incredible prize are Jon Rahm, Scottie Scheffler, Rory McIlroy and Brooks Koepka. Rory McElroy was the last person to win the Open at Royal Liverpool back in 2014. Australian golfer Cameron Smith won the British Open last year at St. Andrews and is once again one of the top favorites to win. If he does so, he will be the first back-to-back champion since Pádraig Harrington in 2007-2008.

One notable golfer who will be missing is Lee Westwood, who will miss his first championship in 28 years after skipping the qualifying event.