The total figure of $5.2 million (£4.2 million/€4.6 million) represents an increase of 40 per cent when compared to the inaugural competition in 2015.

As well as teams receiving money depending on where they finish in the overall standings, a new bonus system has been introduced which will reward each victory and topping an opening round group.

This year's Premier12, which features the top 12 teams in the men's WBSC baseball rankings, has additional importance as two sides will qualify from it for the Tokyo 2020 Olympic Games.

The winners will receive $1.5 million (£1.2 million/€1.3 million) with $750,000 (£610,000/€675,000) going to the runners-up.

Each opening round victory is worth $10,000 (£8,000/€9,000) with a win in the super round gaining $20,000 (£16,000/€18,000).

Opening round group winners will earn a $20,000 bonus.

As per WBSC guidelines, a minimum of 50 per cent of a team's prize money must be distributed equally among the players on the 28-man roster.

"This Premier12 will be one of the top major international sports events of 2019 and one of the most important international baseball events in recent history, and the increase in prize money directly reflects this," said WBSC President Riccardo Fraccari. 

"And with the introduction of bonus prize money for each game as well as winning the group stage, every game will count and be exciting to play and watch. 

"The teams, players – and their leagues and national federations – are the main actors here, and it was a priority for WBSC to launch this new prize money structure and redistribute the revenue accordingly while helping to grow our sport globally."

Men's baseball, along with women's softball, will return to the Olympic stage at Tokyo 2020 after being axed following Beijing 2008.

The highest team in the Premier12 from the Americas will earn a spot at the Games alongside the best performer in the super round/finals from Asia and Oceania.

Thirty-two games will be played between November 2 and 17 with opening round action in Mexico, Chinese Taipei and South Korea.

Both the super round and finals will be held in Japan, who enter the event as world number one.

Next year's Olympic hosts are joined at the tournament by United States, South Korea, Chinese Taipei, Cuba, Mexico, Australia, The Netherlands, Venezuela, Canada, Puerto Rico and Dominican Republic.

The Premier12 will offer the highest amount of WBSC ranking points out of any international baseball event.