A new competition for jump jockeys with £500,000 for the winner will launch on Friday.

The David Power Jockeys’ Cup, which runs from the Cheltenham meeting starting 15 November until April’s Grand National meeting, will have a prize fund of £1.5m.

Jockeys will earn points in any race televised on ITV Racing with 10 points awarded for a win, eight for second, six for third and four for fourth.

The jockey who collects the most points will be crowned the winner and scoop the top cash prize, while second place collects £200,000 with £100,000 on offer for third spot, plus awards all the way down to 10th place.

Harry Cobden, the current champion jump jockey, is among those who are set to take part along with Harry Skelton, Nico de Boinville and Rachael Blackmore.

Cobden said: “It’s a huge amount on offer and I’m sure will create some great competition as we’ll all be trying to win as many of those ITV races as we can.”

Skelton added that the cup will be the “pinnacle in the sport” for jockeys in National Hunt racing, with a “transformative amount of money” on offer.