The full prize money breakdown for the Masters can be found at the bottom of the page.
This year’s tournament also features a new title sponsor after the World Snooker Tour agreed a one-year deal with Betfred, which has also sponsored the World Championship since 2009.
WST Chairman Barry Hearn said: “We are thrilled to join forces with Betfred for the Masters, one of the greatest events in sport. The tournament brings together the absolute cream of the crop, and I believe that the field this year is the strongest it has ever been.
“We have worked with Fred Done and his fantastic team on the World Championship for many years so we know how much they love snooker and their dedication to our events.
“We are determined to keeping our tour going as the importance of live sport cannot be underestimated in these troubled times. The Betfred Masters will be eight days of thrilling entertainment.”