The world's richest race on turf will be even richer with $3 million to be added to the prize pool for the second edition.

Prize money for the 1200m-sprint at Randwick in October 2018 will be $13 million, an $3 million increase on this year's inaugural race.

The Australian Turf Club and Racing NSW announced the prize money would increase by another $1 million in 29019 and again in 2020.

Both organisations had previously pledged to boost the prize money pool through betting revenue.

The 12 slot holders, who paid $1.8 million to secure a start in the race for three years, will meet with Racing NSW and the ATC later this month to discuss how the increased prize money will be distributed.

The Peter and Paul Snowden-trained Redzel won the first running of The Everest and a $5.8 million cheque with James Harron Bloodstock securing the slot after brokering a deal with owners Triple Crown Syndications.

"These prize money increases reward the loyalty and vision of the original slot holders who backed the concept," Racing NSW chairman Russell Balding said.

This year's Everest attracted a crowd of more than 33,500 to Randwick, the largest this century, and punters wagered more than $12 million on the race with the TAB, double the amount bet on the Golden Slipper.