Prize money refers to the financial rewards given to individuals or teams for achieving success in competitions, contests, or events. This money is often awarded in sports, such as tennis tournaments or marathons, as well as in academic competitions, like scholarship contests. The amount of prize money can vary widely depending on the event's prestige and sponsorship. In many cases, prize money serves as an incentive for participants to perform at their best. It can also help cover expenses related to training and participation. Additionally, prize money can enhance the visibility and popularity of the event, attracting more competitors and spectators.