"The prize" is a literal English equivalent of the Italian phrase il palio. The masculine singular definite article and noun most famously reference bi-annual horse races of July 2nd and August 16th. The pronunciation will be "eel PA-lyo" in Italian.
Il in Italian means "the" in English.
Il messaggio in Italian is "the message" in English.
Il placet in Italian means "the permit" in English.
Il Cenacolo in Italian is "The Last Supper" in English.
Il pescecane in Italian means "the dogfish" in English.
Il piede in Italian means "the foot" in English.
Il genio in Italian is "the genius" in English.
Il fortunato in Italian means "the lucky one" in English.
"The best!" in English is Il migliore! in Italian.
"The mentalist" in English is il mentalista in Italian.
"The garage" in English is il garage in Italian.
"The white" in English is il bianco in Italian.