07/14/2015 12:32 EDT | Updated 07/14/2016 01:12 EDT

US Open singles champs to earn record $3.3 million; overall purse increases to $42.3 million

WHITE PLAINS, N.Y. — This year's U.S. Open men's and women's singles champions will each earn a record $3.3 million, up 10 per cent from 2014.

The U.S. Tennis Association announced Tuesday the total tournament purse will be $42.3 million, a 10.5 per cent increase from a year ago. The payout for each round in singles is rising by at least 10 per cent.

The main draw prize money has gone up by two-thirds in the last three years.

The runners-up will receive $1.6 million while a player who loses in the first round will make $39,500. The winning doubles teams get $570,000.

The year's last Grand Slam tournament starts Aug. 31 at Flushing Meadows.

The singles champions won about $2.5 million at this year's Australian Open, $2 million at the French Open and $2.9 million at Wimbledon.

The Associated Press