Prize money refers to the cash awards given out in a competition or tournament, specifically for winning. It is essentially the monetary reward that contestants compete for and can be awarded to one or more participants based on their performance. Prize money can vary depending on the event's prestige, size of the purse, and number of competitors. In some cases, it may also include bonuses or incentives for breaking records, achieving outstanding results, or demonstrating exceptional skill. Overall, prize money is an important aspect of many competitions that can significantly impact a participant's financial well-being and motivation to perform at their best.