PDC Darts World Championship 2024 Prize Money: Here's how much cash the players get, format, and how to watch

The world's finest throwers are about to duke it out for a huge amount of cash.

Michael Smith is the PDC World Championship defending champion.

Starting on Friday, December 15, 2023, the New Year-spanning PDC World Championships is the most sought after trophy in world darts.

This year’s tournament is the 31st organised by the Professional Darts Corporation since it separated from the now-defunct British Darts Organisation and has been taking place at London’s Alexandra Palace, better known to fans as the Ally Pally.

England’s Michael Smith is the defending champion but he'll have to beat the world's best darters to retain his crown.

Here's what you need to know about the tournament.

What is the prize money?

The tournament winner will receive a cheque for a hefty £500,000, more than double the £200,000 that the runner-up will get.

Semi-finalists received £100,000, quarter-finalists £50,000, fourth round losers £35,000, third round losers £25,000, second round losers £15,000, and first round losers £7,500.

This means there is a total of £2.5 million up for grabs.

What is the format of the matches?

Darts matches are made up of legs and sets, with each set being the best of five legs (the first to three legs taking the set).

The first two rounds are the best of five sets (first to three), while the third and fourth rounds are the best of seven sets (first to four).

The quarter-finals are the best of nine sets (first to five), the semi-finals the best of 11 sets (first to six) and the final a marathon best of 13 sets (first to seven).

For all rounds except the first, the deciding set has to be won by two clear legs, up until 5–5, when a sudden-death leg will be played.

What is the format of the competition?

The 32 highest ranked players on the PDC Pro Tour Order of Merit (who have not also qualified from the main PDC Order of Merit) and 32 qualifiers from around the world will play 32 matches in the first round.

The winners of those matches will then take on the 32 highest ranked players from the PDC Order of Merit, who effectively receive a bye to the second round.

From the second round on it’s a straightforward knockout tournament.

What’s the tournament schedule?

In the early stages of the tournament there are eight matches each day, split into two sessions. As the length of the games increase, and the number of players remaining in the competition decrease, fewer games are played in each session.

First round matches start on the the evening of Friday, December 15, and continue until Thursday, 21 December.

The first of the second round matches takes place on the evening of Wednesday, December 20, with round 2 concluding on Saturday, December 23.

The third round takes place between December 27-29, and the fourth from December 29-30.

The eight quarter-finalists will clash over two session on Monday, January 1, swiftly followed by the semi-finals the next day.

The winner will be crowned after the final on Wednesday, January 3, starting at 8pm.

How can I watch the PDC Darts World Championship Final?

Live coverage of every day of the World Darts Championship will be broadcast exclusively live on the dedicated Sky Sports Darts channel.

You don't have to be a subscriber to watch – daily, weekly and monthly Sky Sports passes are available on the NOW TV platform from £5.99.

Who is favourite to win?

Luke Humphries is favourite take the title, with odds of 10/3, followed by Michael van Gerwen (7/2), Gerwyn Price (11/2) and defending champion Michael Smith (10/1).

Is there any Scottish interest?

Two Scots are just behind the main tournament favourites, with Gary Anderson priced at 14/1 and former champion Peter Wright at 20/1.