"Ultimately, now I'm looking at £30 million very quickly" - Barry Hearn hints at next new prize money increase

Prize money in darts has experienced some sharp increases in recent times. While the sport continues to go from strength to strength, the money on the line grows with it. Barry Hearn spoke on these increased sums, admitting that he is already thinking about adding more money to the prize pot.

When speaking to Online Darts, Hearn admitted that he may need to take a second look at the amount of prize money being offered out with the potential of even more being added into the prize pot.

"Everything's governed by the level of prize money. I mean, we put the prize money up to £8 million a year last year," he said. "And I thought, 'That'll do us for a little while.' And suddenly I'm thinking, 'We're going to have to go and have another look at prize money.' And you think, that's amazing."

Hearn described the contrast in prize money on the table over the years, showcasing what an incredible rise the sport has been on. "When we started—I mean, I know it's historic now and things have changed—but when we started, there was £500,000 of prize money for the entire season, just spread over all the players. And I said, 'I want to get to £25 million.'"

That target has been reached, but Hearn is already looking at the next target that can be reached. "Ultimately, now I'm looking at £30 million very quickly. And it can go on."

He backed up these increases. "The great thing about it is, it's a justified increase. We're not giving people extra prize money just because they're nice people. We're doing it because the sport deserves it, because it makes money."

Hearn lauded the impressive job everyone has done, but was also adamant that it cannot stop there. "We as operators must not be too greedy ourselves. You know, we've done a great job. The PDC has been one of the best businesses I've ever seen. But it's also achieved the goal of changing people's lives through sport. And that can't stop."

If the numbers are anything to go by, then darts is on the right path. "The only way it stops is if you look at numbers. And numbers are my best friend," he continued. "Numbers don't tell lies. People tell lies. Numbers tell you, 'Crikey, you're doing well.' Okay, your first thought then should be, "Who gets it?" And it's got to be spread in a proper way. We can look at the global market of sports stars and what they pay. So we know the figures, and numbers never lie."

He went on to compare other different sports. "So the UFC has been a massive success around the world, particularly in America. They pay about 13 or 14 per cent of their turnover in prize funds. Snooker is about 30-odd per cent. Darts is over 35 per cent.

"Boxing in England, which is a disaster business, pays about 80 per cent, because you've got a market that's challenging you all the time to pay. We're trying to get it perfect. We'll never get it absolutely perfect. But because we are not—okay, and it's very difficult for people to understand—of course we're money people. Of course we run businesses that make money."

While darts seems to be riding a very positive trajectory with no sign of it falling off, Hearn was pessimistic about the future while also singing its praises for the company he is CEO of.

"Matchroom has been a hugely successful British company. But it's done so in parallel to making sure that the game is the real winner," he commented. "One day we won't. One day I won't be here. One day, who knows?

"I mean, Eddie loves darts. There's no question about that. But he doesn't particularly like snooker. You know, things will change. And businesses—we are very good at maximising our commercials. And the players have benefited from that in a way that I don't believe anyone else in the world could have done it."

For the time being, Hearn is committed to doing the right things and taking darts to stratospheres it has never been to before. "But now, from where we are now, we're still under the microscope to do the right thing. And the right thing is to continue to expand the horizons of existing players and inspire the next generation to say, "I want some of that cake." And we can just sit back and then watch the fun. Because there is still nothing like a night at the darts."