Melbourne jockey Nick Hall will be entitled to a percentage of To The World's prize money earnings out of the $4 million Queen Elizabeth Stakes, Racing NSW stewards have ruled.

Hall rode To The World when he finished second in The BMW but he has been sacked as the rider of the Japanese horse for the richest race of The Championships at Randwick on Saturday.

He told a stewards' inquiry on Wednesday he had a firm engagement to ride To The World in the Queen Elizabeth.

Stewards have allowed Zac Purton to take the Group One mount at Randwick but they have ordered the horse's connections to pay Hall 4.95 per cent of any winning or place prize money.

To The World is the second favourite for the weight-for-age race with the winning horse to earn connections $2.4 million of which Hall would receive almost $120,000.