The total prize money for the tournament has more than doubled: from $5.6 million in 2022 to $11.25 million dollars in this year's 20-team tournament. That means an increase in the prize money for the rest of the teams as well.

The runners-up will win at least $1.28 million (up from $800,000 in 2022), while the losing semi-finalists will receive $787,500 (up from $400,000 in 2022) each.

The four other teams in the Super Eights will each earn $382,500, while the sides that finish ninth to 12th will each get $247,500 and the rest $225,000 each. The teams will also get $31,154 for each match they win with the exceptions of the two semi-finals and final.

"This event is historic in so many ways so it is fitting that the prize money for players reflects that," ICC chief executive Geoff Allardice said in a statement. "Hundreds of millions of fans around the world will be entertained by the players in what we're hoping to be an Out of This World event."

The T20 World Cup 2024, which started with USA beating Canada in the opening match on Saturday, is divided into four groups with five teams each.

There are a total of 40 first-round matches before the top-eight teams progress to the Super Eight stage, from where the four semi-finalists will be identified. Group A has USA, Canada, India, Ireland and Pakistan. Group B has Australia, England, Namibia, Oman and Scotland. Group C has West Indies, Afghanistan, New Zealand, Papua New Guinea and Uganda, while Group D has Bangladesh, Nepal, Netherlands, South Africa and Sri Lanka.

The two semi-finals will be staged on June 27 in Tarouba and Providence while the final will be played in Bridgetown on June 29.