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The 30-year-old Collins has announced that she will retire from the sport at the end of this season but has found herself playing in the form of her life and has extended her winning streak to 13 matches.
The WTA said its agreement with the Saudi Tennis Federation will offer record prize money of $15.25 million this year with further increases in 2025 and 2026.
Alcaraz became the first man to defend a championship in the California desert since Novak Djokovic won three straight between 2014 and 2016.
Sakkari got the better of US Open champion Coco Gauff in a hard-fought second semifinal.
Third seed Coco Gauff served up 17 double faults but still managed to beat China's Yuan Yue 6-4, 6-3 to reach the women's semifinals in the Californian desert for the first time.
Karen Khachanov defeated Czech teenager Jakub Mensik to win his sixth career title at the Qatar ExxonMobil Open in Doha.
The top remaining seed after Saturday's early exit for world No. 1 Iga Swiatek, Sabalenka's biggest enemy has often been her own emotions but she continued to keep them strictly under control to reach the last eight without dropping a set.
Four-time Grand Slam champion Swiatek has an excellent record against lower-ranked players but really had to dig deep into her reserves to overcome Collins in a dramatic but scrappy three-hour contest on Rod Laver Arena.
Top-ranked Iga Swiatek faces a tricky test against 2020 champion Sofia Kenin first up in the women's section.
The total prize money is A$86.5 million ($58.91 million), an increase of 13.5 per cent from 2023.