The prize fund for this year's British Open has increased by $250,000 to a total of $10.5 million, with the winner set to take home $1.89 million, organisers Royal and Ancient Golf Club of St Andrews (R&A) said on Monday.

The third major of the year, which will be held at Carnoustie from July 19-22, will boost their prize fund further if more than 70 professional golfers make the cut for the final two rounds.

"The prize fund reflects The Open's position as one of the world's great sporting events and we look forward to seeing the best players in the sport competing for the Claret Jug at Carnoustie," R&A chief executive Martin Slumbers has said.

The British Open, the sport's oldest championship, has historically offered smaller purses than the three other majors with the U.S. Open offering $12 million this year and the U.S. Masters offering $11 million.

The PGA Championship, which offered $10.5 million last year, is yet to announce the prize fund for this season.

The British Open awarded prize money in U.S. dollars for the first time in 2017, when American Jordan Spieth won his third major title at Royal Birkdale and picked up $1.85 million.