This year's British Open champion will earn more than 1 million pounds for the first time in the storied history of the event.

The Royal & Ancient announced the increase in prize money for 2015 on Wednesday and the champion will receive 1.15 million pounds, which equates to about $1.8 million in U.S. dollars.

This year's total purse is 6.3 million pounds, up 900,000 pounds from 2014.

"The Open is one of the world's pre-eminent sporting events," said R&A chief executive Peter Dawson in a statement Wednesday. "The Championship represents the pinnacle for the world's greatest golfers and this increase is appropriate for an event with The Open's global appeal."

This year's British Open will take place from July 16-19 on the Old Course at St. Andrews in Scotland.