Luxbet.com has signed a new sponsorship with the Cranbourne Turf Club that could see it hand out nearly US$1 million.

As part of its sponsorship, the betting agency is offering a AUS$1 million (US$812,000) bonus to any horse that can win both the Cranbourne Cup and the Caulfield Cup, held six days apart. The company says that the bonus concept breaks new ground in Australian racing.

"We are very committed to the racing industry and see the deals are opportunities to work some funds back to the industry as well as the participants that are putting on the show," said Luxbet general manager media and marketing, Stephen Brassel.