British Darts Organisation world champion Wayne Warren will receive £23,000 for winning the 2020 title – 77% less than the previous winner.
In contrast, Peter Wright received £500,000 for winning the rival PDC World Darts Championship.
Warren became the oldest world darts champion after beating fellow Welshman Jim Williams 7-4 in Sunday’s BDO final.
His winnings are the lowest since Jockey Wilson won £20,000 for beating Eric Bristow in the 1989 final.
The winners from 2010 to 2019 all received a £100,000 prize.
In a letter sent to players seen by the BBC, BDO chairman Des Jacklin explained that a lack of sponsorship was behind the prize fund reduction as the full breakdown was issued to players.
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He added commercial advisers Sportotal had failed to secure sponsorship meaning the BDO had to either reduce prize funds or cancel the event.
The entire purse for the 2020 tournament was £164,000 with runner-up Jim Williams receiving £10,000.
Fallon Sherrock, who made history as the first woman to beat a man in the PDC World Championship, withdrew from the BDO tournament after warnings due to the reduction in prize money in the women’s event.
The women’s prize was cut to £10,000 out of a total purse of £26,500.
The £25,000 that 2015 BDO runner-up Sherrock earned for reaching the third round of the PDC World Championship exceeds Warren’s BDO winning prize fund for 2020.
Warren said he was “hurt” that he did not know the prize fund for winning the BDO world darts final and admitted that now he knows the money he will receive, he feels distraught.
“It is devastating, absolutely devastating, they have given with one hand and taken away with the other,” he told BBC Wales Today.
“I am just gutted, it has taken the shine off everything. I am the world champion, but the money should be there.
“I knew I wasn’t going to get the full amount, but I thought it would definitely be at least half.”
The BDO had previously said its World Championship prize money would be “reduced somewhat” after only 15% of tickets were sold.
The BDO has been asked to comment.