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Prize pools in chess tournaments are often funded through a mix of sponsorships, entry fees, ticket sales, and contributions from chess federations or private donors. The biggest tournaments attract sponsorships from large companies, which can add millions of dollars to the prize fund.
In the digital age, online chess has grown tremendously in popularity, and the Chess.com Global Championship is one of the largest and most lucrative online chess tournaments today. The prize pool for this event is a staggering $1 million, making it one of the highest-paying chess tournaments in the world.
The Chess.com Global Championship combines the convenience of online play with the prestige of high-stakes competition. It starts with a series of online qualifiers open to players worldwide, allowing even lesser-known players a chance to break through and compete for significant prize money.
The Meltwater Champions Chess Tour, organized by the Play Magnus Group, is one of the newest and most innovative chess tournaments on the scene. It’s an online tour that spans several months, with a total prize pool exceeding $1.6 million.
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