The 2024 Wimbledon Championships kicked off Monday, with first-round competitors beginning their bids for a place in the draws' finals. 

Last year's men's singles champion Carlos Alcaraz advanced to the second round on Monday. In 2023, the tournament winner took home £2.35 million, or $2.97 million, in prize money. If he's successful in his bid for the title again this year, he'll receive a substantial bump in pay. 

The 2024 men's singles draw winner will get a £2.7 million, or just over $3.4 million, payout, reflecting a nearly 15% bump in pay from 2023, according to official prize money figures released by the grass court tournament. 

The women's singles winner will receive the same £2.7 million payout, also up almost 15% from 2023. Since 2007, the men's and women's singles draw winners have received equal prize money.

Compare that with the winner's money prize in 1968, the earliest year for which Wimbledon lists prize money, when the gentlemen's champion made £2,000 and the ladies' champ made £750. 

This year, too, the winning doubles championship teams will each receive £650,000. The total purse for all draws in 2024 is a record £50,000,000, up nearly 12% compared with 2023. 

"With this year's championships only days away, I am delighted to announce a record prize money fund of £50 million, with increases for players in every round and across every event," Deborah Jevans, chair of the All England Club, the host of Wimbledon, said in a statement. 

The runners-up, or finalists, in each draw will earn a pretty penny too. Second-place men's and women's singles players will take home £1.4 million each. Second-place doubles teams will make £330,000.

A portion of the total purse is also paid out to players who compete in the qualifying draw, with their cash winnings increasing if they advance to the early rounds of the main draw. 

Players who make it to the first round of Wimbledon's main singles draw take home £60,000. That rises to £93,000 for the second round, £143,000 for the third round, and £226,000 for the fourth round. Quarter-finalists make £375,000, and semi-finalists make £715,000.

Wimbledon also hosts a wheelchair event, featuring 16 players for the singles draw and eight teams for the doubles tournament. Singles winners get £65,000 each and doubles teams get £28,000.