Runners taking part in this year’s Mitchell Street Mile in Darwin have just been given extra incentive to start pounding the pavement in preparation for the iconic event.

Locally-based betting company Lottoland Australia has jumped on board as main sponsor and is offering a staggering $2 million in prize money, with $1 million up for grabs for the winner of both the Men’s Elite and Women’s Elite races if they can run a world record.

The newly named Lottoland Mitchell Street Million Dollar Mile takes part in the heart of Darwin’s bustling CBD and attracts running enthusiasts from all over the world. This year’s event will be held on Sunday 17 September.

If the winner of the Men’s Elite race clocks a time quicker than the current world record of 3:43.13, he will pocket 1 million bucks thanks to Lottoland. The Women’s Elite champion needs to beat a world record time of 4:12:56 to pocket their $1 million courtesy of Lottoland Australia.