Auckland, New Zealand - The first 32-team Women's World Cup kicks off in Australia and New Zealand on Thursday, with Team USA favorites to win an unprecedented three-peat in a landmark month for women's soccer.

It has been a rapid expansion for a tournament that started in 1991 and featured only 16 teams as recently as 2011, then 24 in France four years ago when the USA retained the trophy.

That reflects a dramatic rise in interest in women's soccer over the last decade beyond its traditional heartland in the US, and a swarm of European sides will be aiming to snatch their title.

Australia, led by the prolific Chelsea forward Sam Kerr, will hope to make the most of home advantage and go all the way to the final in Sydney on August 20.

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This World Cup is not just bigger in terms of the number of competing nations.

FIFA has tripled the prize money compared with 2019 and the total pot, which also covers compensation for clubs releasing players, is up from $50 million four years ago to $152 million.

It is a vast hike on the $15 million offered in 2015, and confirmation that it is a boom time for the women's game.

Big crowds at club and international matches, particularly in Europe, are more evidence that the game is at an all-time high.

Nevertheless, the prize pot still pales in comparison with the $440 million dished out at the 2022 men's World Cup in Qatar.

Meanwhile, a stand-off over the sale of broadcast rights in the biggest European countries – Germany, Britain, France, Italy, and Spain – was only resolved last month.

The threat of a TV blackout was averted late in the day after FIFA president Gianni Infantino had openly criticized the amount of money being offered by broadcasters.

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In Japan, a deal to avoid a blackout was only reached last week.

"It is actually terrible business if you are not tuning in," said Megan Rapinoe, the veteran superstar of the USWNT and a cultural icon who transcends the sport.

"You are missing out on a large cultural moment. This is the premier women's sporting event in the world bar none and this is a paradigm shift globally, not just in the US."

It will be the 38-year-old's last World Cup after she announced she plans to retire at the end of this season.

The tournament kicks off with New Zealand facing Norway at 3 AM EDT. Team USA will make their bow on Friday in a 9 PM kickoff against Vietnam.