The event will take place between October 3-9 at the New Citywest Convention Centre in Dublin, and now carries a whopping £100,000 first prize for the winner and a total prize fund of £350,000.
Featuring 32 of the world's best darts players, the unique double-start format always provides an added fear factor for everyone, as it requires players to both begin and end a leg with a double.
Won nine times by Phil Taylor, this year's event sees left-hander James Wade defend the title he picked up for a second time in 2010, when he defeated Adrian Lewis 6-3 in the final.
"The PartyPoker.com World Grand Prix is one of the highlights in the darting calendar, and it gives us great pleasure to welcome PartyPoker.com as the title sponsors of the tournament," said PDC Chairman Barry Hearn.
"They have been great supporters of PDC tournaments in recent years and we're delighted to have them on board once again."
Monday start
The World Grand Prix kicks-off on Sky Sport HD1&1 on Monday night, with James Wade beginning the defence of his title against Bristol's Steve Brown amongst eight first round matches.Two other high-profile games feature Raymond van Barneveld facing Mervyn King and World Champion Adrian Lewis against John Part, a year after the Stoke ace won through to the final with victory over Phil Taylor.
"That semi-final last year was probably the turning point in my career," said Lewis. "To beat Phil over a long format gave me the confidence to go on and win the World Championship title.
"Seeing James Wade lifting the World Grand Prix hurt me and I didn't want it to happen again, and went on to win the World Championship. I'm looking forward to this year's event and it would be great to be lifting the trophy next Sunday.
"If John brings the form he has shown on the circuit this year to Dublin then it's going to be tough in the first round, but I think I've got the game to beat him."
Taylor Tuesday
Taylor enters the event on Tuesday night, when he faces Peter Wright in one of the remaining eight first round games, which also feature Simon Whitlock against two-time finalist Terry Jenkins and in-form Gary Anderson against resurgent Welshman Richie Burnett."I think there will be fireworks on Monday," said Burnett, who last played in the World Grand Prix in 2004. "He know that I can play the game, and I know he's fantastic.
"He's one of my favourite players. I love watching him and he's fantastic for the game and if I can go up there and play my darts and enjoy myself, I'll be happy. It will be a great game for the crowd."
Taylor was defeated in last year's semi-finals by Lewis, but followed up his July wins in the World Matchplay and European Championship with victory in Group Two of Championship League Darts on Wednesday.
"I'm feeling good and playing well so I'll look forward to the World Grand Prix," said Taylor. "It was a good summer for me, and playing in Championship League has given me plenty of match practice ahead of Dublin."
The second round will be played on Wednesday and Thursday nights, with the quarter-finals being played on Friday, the semi-finals following on Saturday and the final on Sunday night.
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