After winning the 1865 Melbourne Cup, Toryboy won the Cranbourne Handicap over two miles at the club's first ever meeting in 1867.

In 1898, the race was renamed the Cranbourne Cup. It was won by Jack Horner with increased prizemoney of 15 and run as a prelude to the Caulfield and Melbourne cups.

From those humble beginnings, the race offers the richest bonus in Australian racing. It's the City of Casey's biggest sporting event and used by the state's leading trainers and owners to launch their spring carnival campaigns.

This year's Cranbourne Cup winner will be eligible for a $1 million bonus should it back up and win the Caulfield Cup as part of a three-year deal with Luxbet.com, the club's principal sponsor.

Cranbourne Turf Club chief executive Neil Bainbridge said the $1 million bonus had increased the event's profile and appealed to Victoria's top trainers.

"The bonus will help grow and attract quality individuals and runners to the Cranbourne Cup, and is probably the richest bonus in Australian racing. Anthony Cummings [son of Melbourne Cup king Bart Cummings] has told us he's going to nominate a few horses.

"Local trainer Pat Hyland has indicated that Zarita, who is a dual group 1 winning mare, will also be nominating, and last year's winner Majestical, now trained in Cranbourne by Greg Eurell, will be nominated. Some key players are looking at the Cranbourne Cup as a launching pad for their spring campaigns.

"With the bonus on offer, this year has the potential to be the best quality field for many years and it will continue to raise the profile of the race and ensure that it remains a highlight on the spring racing calendar."

In the past 19 years, only six winners of the of the Cranbourne Cup have had a start in the Caulfield Cup with 1998 Cranbourne Cup winner Lisa's game, trained by Tony Vasil, going on to finish second to Taufan's Melody at Caulfield.

Bainbridge said Sunday's race was expected to attract more than 10,000 people and would a boon to the local economy.

"It's the biggest sporting and social event in the City of Casey. The Cranbourne racing centre's economic contribution to the region is enormous with over $100million across the year in economic benefit. It's the biggest business industry in Cranbourne, and the cup is its showcase."