The winning side in the first IPL, in 2008, received INR 4.8 crore, with the runners-up walking away with INR 2.4 crore. 15 years later, the winning team is all set to pocket four times the prize money, winning INR 20 crore for claiming the title. The runners-up will get INR 13 crore for their efforts.

The BCCI has set aside a total prize money of INR 46.5 crore for the competition this season, according to reports in Sportstar. The board has not revised the prize money over the last few years, with the winners gaining INR 20 crore since 2016. Between 2016 and 2019, the runners-up were rewarded INR 11 crore, which was revised to INR 13 crore from 2021.

In 2020, however, the winning team (Mumbai Indians) got INR 10 crore as a cost-cutting measure due to the Covid -pandemic that year.
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There are also a number of individual awards that are given, with the winners of the Orange Cap (most runs scored) and the Purple Cap (most wickets taken) getting INR 15 lakh each. The Emerging Player of the tournament will get a reward of INR 20 lakh, while the cricketer who wins the Most Valuable Player award of 2023 will go home with INR 12 lakh.

The other awards to be given out are the Power Player of the Season, the Super Striker of the Season and the Dream11 Game Changer of the Season.

There were also as many as seven awards given to individuals after each of the 74 IPL matches in 2023, including the Player of the Match award. They had a cash reward of INR 1 lakh each.

IPL 2023 prize money for all teams:

1st place: INR 20 crore
2nd place: INR 13 crore
3rd place (Mumbai Indians): INR 7 crore
4th place (Lucknow Super Giants): INR 6.5 crore