US Open 2021 sets record for highest prize money in the history of the tournament

The 2021 edition of the US Open is finally here, bringing with it a great deal of excitement for tennis fans all around the world. This tournament could be where Novak Djokovic becomes only the second man in the Open Era (after Rod Laver) to win the Calendar Slam, and also the sole record holder for most Slams won (breaking the three-way tie with Roger Federer and Rafael Nadal).

But there is also a reason for the players themselves to be more excited than usual about this year's US Open. The prize money on offer this time will be $57,500,000, which is the highest ever in the history of the tournament. This figure has broken the previous record of $57,238,700, which was set at the 2019 US Open.

What is particularly noteworthy is that there has been a 7.67% increase in the total prize money compared to the 2020 edition of the tournament. This has taken many by surprise, given that there have been considerable losses to the sport amid the ongoing COVID-19 pandemic.

The 2021 US Open will also allow fans in the stands again, after having been held behind closed doors in 2020. Stacey Allaster, the US Open Tournament Director, alluded to that while predicting that this year will be a 'historic' one for the New York Slam.

"With the US Open’s greatest return—fans on-site and full draws across all competitions - we know that 2021 will be an historic year for this great tournament," Allaster said.

US Open 2021 sees increase in total prize pool, but decrease in prize money for singles champions and runner-ups

Naomi Osaka (R) and Victoria Azarenka, the champion and runner-up respectively at the 2020 US Open

Both the men's and women's singles champions will take home $2.5 million at the 2021 US Open, while the prize money for each runner-up in singles is set at $1.25 million. While the total prize pool in 2021 has seen an increase, there has been a decrease in the winnings for singles champions and runners-ups compared to 2020.

In 2020, the singles champion had a prize money of $3 million whereas the runner-up took home $1.5 million.

This decrease can by explained by the fact that there will be an increase in the amount of money given to players exiting the tournament in the earlier rounds. There has also been a significant increase for the doubles tournament, where the winning team and the runners-up will have a prize money of $660,000 and $330,000 respectively (as opposed to $400,000 and $240,000 in 2020).

Stacet Allaster mentioned that the tournament officials held conversations with the players and the ATP and WTA officials before arriving at the new allocation system.

"We determined our round-by-round prize money allocations by engaging in an open dialogue with the players and the management of both tours," Allaster said. "We applaud their collective leadership in directing the 2021 US Open prize money to benefit the maximum number of players"

Although the US Open has set a record for the highest prize pool in the tournament's history, it is still far behind the prize pool of $71,500,000 at the Australian Open 2021. The Melbourne Slam has the highest prize pool among all the Majors.

Main-draw action at the 2021 US Open will begin on 30 August and end on 12 September. Men's defending champion Dominic Thiem is absent this year due to injury, while Roger Federer and Rafael Nadal are sitting out too. But there is still a host of big names - including Novak Djokovic, women's defending champion Naomi Osaka and seven-time champion Serena Williams - whose presence has the potential to make the tournament competitive and memorable.