Claim: The Melbourne Cup sweeps' prize pool is made up of the receipts exclusively, the first place will win about half of the prize pool and there may even be some money given to last place in Melbourne Cup which was inaugurated in 1861.
Evidence: The prize pool is made up of the receipts exclusively, and is divided out to the holders of the tickets for winning horses. Typically, first place will win about half of the prize pool, with the remainder divided on a sliding scale to second, third, and sometimes fourth place. There may even be some money given to last place, considering the random nature of a sweep. 1861; 159 years ago (1861) (List of Melbourne Cup winners)