Legal Definitions - purse

A purse, in a legal and competitive context, refers to the total sum of money designated as a prize or reward for the winner or successful participants of a contest, competition, or event. It represents the financial incentive offered to those who achieve a specified level of success or victory.

• Example 1: Professional Sports

  In a high-stakes professional boxing match, the two fighters compete not only for a championship title but also for a substantial financial purse. This purse is the agreed-upon amount of money that will be distributed to the winner, and sometimes a smaller portion to the loser, based on their contractual agreements for participating in the event.

• Example 2: Esports Tournament

  A major international esports tournament for a popular video game might advertise a multi-million dollar purse. This means that the total prize money available to the top-ranking teams or individual players will collectively amount to several million dollars, with the largest share typically going to the overall champion.

• Example 3: Artistic Competition

  An annual national photography competition might offer a significant cash purse to the grand prize winner. This financial award serves as an incentive for photographers to submit their best work and recognizes the artistic merit and skill of the winning entry with a tangible monetary prize.