January's Lakeside World Professional Darts Championship will have its biggest ever prize fund available - a pot of £275,000.
van Barneveld picked up the top prize back in January
The organisers have also revealed there will be even more live coverage of the event on BBC television.
This year's winner will be awarded £60,000, with the runner-up picking up a cheque for £25,000.
"We have increased the prize money to reflect the ever-increasing standards," said Lakeside boss Bob Potter.
Organisers have teamed up with the BBC for more live coverage on terrestrial television - with the first hour of action from 1800 to 1900 BST broadcast live.
Digital viewers can also see every dart thrown live on BBCi for the tournament, which runs from 7-15 January.
The number of sets for each round have also been increased.
The first round will again be the best of five sets but the second will be the best of seven, the quarter-finals nine sets, the semi-finals 11 sets and the final a total of 13 sets.
Raymond van Barneveld will defend his title this year in a bid to win five World Championships on the Lakeside stage.