Arrogate won the Travers Stakes and Breeders’ Cup Classic in 2016. California Chrome may have finished second in that race, but he won the other seven he entered as well as the coveted horse of the year award. Saturday night the two will square off again at Gulfstream Park in Florida for the inaugural $12 million Pegasus World Cup Invitational.

The purse is the largest in thoroughbred horse racing thanks to a $1 million entry fee per competitor. The winner takes home $7 million, a payday larger than the entire Breeders’ Cup Classic purse ($6 million). The Dubai World Cup has the second highest in the world at $10 million.

The field of 12, all four-year-olds and up, will race 1-1/8 miles on a dirt track with an approximate start time of 5:40 p.m. NBC will televise the event beginning at 4:30 p.m., and you can stream it live online from NBC Sports Live Extra.

In addition to Arrogate and Chrome, Breeders’ Cup Classic third-place finisher Keen Ice will race, too. The trio expectedly received the best morning line odds, with Chrome, breaking from the outside, set at 6-5; Arrogate, from the rail at 7-5, and Keen Ice at 12-1.

In addition to the entry fee, another notable feature about the event is the opportunity to have a five-pound weight allowance for horses that do not use a certain diuretic called Lasix, or furosemide. Only one horse, Eregon, will be taking advantage of that opportunity, but racing officials hoped it would give an incentive to run a drug-free race.

The Pegasus World Cup Invitational is the final race of a day’s worth of action that begins at 11:30 a.m.

How to watch the Pegasus World Cup

Time: 4:30-6 p.m. ET (post time: 5:40 p.m.)

TV: NBC

Streaming: NBC Sports Live Extra