As of 2022, the Prize is contested in three stages. Standard NRA targets are used, with scoring rings offering a maximum score of five points, plus a "v-bull" within the 5-ring (used for tie-breaking). Since the move to the
National Shooting Centre at Bisley, the first and second stages have been contested on the 600-yard range Century Range, whilst the final is contested on Stickledown Range (which can support shooting up to 1200 yards). The format used by stages II and III is sometimes known as a "King's Prize" match. A "King's Prize" is used as the standard course of fire for
fullbore rifle matches at the Commonwealth Games, although all competitors shoot all distances without elimination.
King's I Stage one is an open elimination round consisting of three "2+7" matches (2 sighters with 7 shots to count) at 300, 500 and 600 yards. This gives a highest possible score of 105 with 21 V-bulls (rendered as 105.21v). The top three hundred competitors progress to the second stage, which typically includes scores of ~101 or better.
King's II Stage two consists of 2+10 matches at the same distances as the first stage. Qualification is on a "start from zero" basis, meaning that scores from the first stage are not carried forward and top qualifiers have no advantage over those with poorer scores in the first stage. The highest possible score is 150 with 30 v-bulls (150.30v). The top one hundred competitors progress to the third and final stage. The "King's Hundred" each receive an NRA '100' Badge. The top scorer in the second stage is awarded an NRA Silver Medal for winning the "short range" portion of the competition, regardless of how they perform in the final.
King's III (King's Final) Stage three moves to longer distances, consisting of 2+15 shoots at 900 and 1000 yards. Scores are carried forward from the second stage, giving a highest possible score of 300.60v. Winning scores better than 298 are common, indicating the shooter has only dropped one or two shots across five distances and sixty shots. The winner receives a gold medal and £250, with the runners up receiving silver and bronze badges respectively. The winner is then "chaired" off the range on an open
sedan chair borne by other competitors. By tradition they are carried to the NRA offices to receive their prize, followed by a tour of the clubhouses on camp. ==Winners==