'League of Legends' World Championship prize pool hits $4 million and counting

LOS ANGELES -- The League of Legends World Championship prize purse has doubled from its original $2 million to $4 million. The top team will take home 40% of the pot -- which is still growing.

For the first time ever LoL is taking the crowdfunding approach, and it's paid off in a big way.

But rather than asking for donations, Riot is also allocating 25% of every in-game sale from character skins "Championship Zed" and "Championship Ward" to the prize purse. Additionally, 30% of all team icon sales are shared directly with the teams.

Riot isn't the first company to boost prize pools with DLC sales, and it won't be the last.

The first company, Valve, still holds the record with its $20 million prize pool for Dota 2 - The International. This year at fighting game convention Evo it was announced that the annual Capcom Cup would be crowdfunded as well.

We're going to see an increasing number of tournaments take this route as long as results continue to be positive.

The League of Legends World Championship prize pool will be split as followed:

• 1st place: 40%

• 2nd place: 15%

• 3rd/4th place: 7.5% (15% total)

• 5th-8th place: 4% (16% total)

• 9th-12th place: 2.25% (9% total)

• 13th-16th place: 1.25% (5% total)

1st prize will take home at least $1,600,000 but since contributions aren't closed until the finals on October 29, there's still time to for it to double or even triple.

You can see the 2016 League of Legends World Championship schedule here.