Meaning of the word "give someone/something a run for their money" in English

What does "give someone/something a run for their money" mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

give someone/something a run for their money

US /ɡɪv ˈsʌm.wʌn ˈsʌm.θɪŋ ə rʌn fɔr ðɛr ˈmʌn.i/
UK /ɡɪv ˈsʌm.wʌn ˈsʌm.θɪŋ ə rʌn fɔr ðɛr ˈmʌn.i/
"give someone/something a run for their money" picture

Idiom

1.

to compete very well against someone or something, making them work hard to win

Example:
The underdog team really gave the champions a run for their money in the final match.
Our new product is designed to give the market leader a run for their money.
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