During the opening day of the BGMI Masters Series (BGMS) Season 2, Nodwin Gaming unveiled the prize pool distribution of the event. The organizer has allocated a sum of ₹2.10 crore to the prize pool, meant to be distributed among 24 teams. The three-week tournament kicked off on August 4, 2023, and will run until August 27, 2023.The event will award a cash prize of ₹1 crore to the champion of the BGMS Season 2. The second-best team will walk away with ₹35 lakhs. The third- and fourth-placed teams will take home ₹12.5 lakhs and ₹7.5 lakhs, respectively.Prize pool distribution for BGMS Season 2BGMI Masters Series Season 2 offers a total prize pool of ₹2.10 crore up for grabs (Image via Rooter)Here is the rank-wise prize pool distribution for the BGMI Masters Series 2023:1st Place - ₹1 crore2nd Place - ₹35 Lakh3rd Place - ₹12.5 Lakh4th Place - ₹7.5 Lakh5th Place - ₹4.5 Lakh6th Place - ₹4.5 Lakh7th Place - ₹4 Lakh8th Place - ₹4 Lakh9th Place - ₹3.5 Lakh10th Place - ₹3.5 Lakh11th Place - ₹3 Lakh12th Place - ₹3 Lakh13th Place - ₹2.5 Lakh14th Place - ₹2.5 Lakh15th Place - ₹2 Lakh16th Place - ₹2 Lakh17th Place - ₹1.5 Lakh18th Place - ₹1.5 Lakh19th Place - ₹1.5 Lakh20th Place - ₹1.5 Lakh21st Place - ₹1 Lakh22nd Place - ₹1 Lakh23rd Place - ₹1 Lakh24th Place - ₹1 LakhBGMI Masters Series Season 2 participants View this post on Instagram Instagram PostHere are the participants of the BGMI Masters Series Season 2:Blind EsportsGods ReignGladiators EsportsGlobal EsportsOrangutanEnigma GamingRevenant EsportsTeam SoulTeam XsparkTeam 8BitGodLike EsportsOneBladeNumen GamingMedal EsportsOR EsportsEntity GamingVelocity GamingTeam InsaneTeam SPYChemin EsportsLucknow GiantsMarcos GamingTeam WSBTrue RippersThe 24 participating teams will compete against each other in the league stage, with the top four going straight to the Grand Finals. The fifth- to 20th-placed teams will advance to the playoffs. Meanwhile, the bottom four teams will be eliminated from the tournament but with prize money of ₹1 lakh each. View this post on Instagram Instagram PostThe best 12 squads from the playoffs will secure their spots in the Grand Finals, while the remaining will be knocked out of the competition with a cash prize of ₹1.5 lakhs each.The 16 finalists will battle each other from August 25 to August 27 for the BGMS Season 2 title. View this post on Instagram Instagram PostGodLike currently lead the overall standings of the BGMS launch week after the completion of Day 1. OR, Team Soul, and XSpark hold second, fifth, and eighth positions, respectively.Day 2 will take place on August 5 at 9.30 PM IST.