Its not really a race, theres a competitive side on it, but I would that only twenty riders of the 100 are in to competing. To me is more about the journey and experience itself. But like i said, I know that with that amount of money I could do it on my own and still keep some in my pocket.
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Oh doing it on your own will without doubt be cheaper. I have been cycling on my own through countries for much lower prices! I have been able to keep a budget of 10 euro/day but with wild camping.