Why Luke Littler won't yet receive £500,000 prize for winning World Championships

Luke Littler has win the World Darts Championship at the second attempt, defeating Michael van Gerwen in a storming 7-3 victory at the Ally Pally.

Last year, the 17-year-old had reached the final and won the hearts of darts fans, who were wowed by the wonder-kid's sudden rise, but had been defeated by Luke Humphries in the end.

This time, Littler once again stormed to the final and managed to secure victory, becoming the youngest ever world champion in darts, which means he gets a big trophy and £500,000 in prize money.

That's a very big trophy, and Luke Littler will get £500,000 prize money along with it (James Fearn/Getty Images)

However, Littler won't be getting all of that money and he won't get it right away as the Daily Telegraph reports he's still on an allowance from his management company until he turns 18.

Fortunately for Luke 'The Nuke' Littler, he's less than three weeks away from that point and has already racked up an impressive amount of prize money in his prodigious career.

Littler won't get the full £500,000 prize money to spend even after he turns 18 either, as he's still got to pay taxes on his earnings and a decent chunk of what he won at the WDC will be taken as taxes.

On the bright side, you can say that Littler winning the WDC final is helping fund important things in the UK, and finance expert Dr Rob Wilson explained to Card Player that if the darts prodigy has expenses to cover then that could bring his tax burden down a bit.

As for what Littler might spend some of the prize money he does get to keep on, the Telegraph also reports that Littler is planning on doing driving lessons but doesn't intend to move out of the house where he lives with his parents just yet.

Of course, while he's made lots of money from throwing darts there's plenty of earning potential for Luke Littler in sponsorships and other commercial deals as well.

Being the famous young face of darts is going to be a good earner for Littler, and if he's wise with his money then he's set to enjoy a very good life.

He's still only 17 and on an allowance from his management company, though he'll turn 18 later on this month (George Wood/Getty Images)

Speaking of wise decisions, last year after being the WDC runner up, Littler took a bit of time out to chill afterwards and he indicated that if he reached the final again this year he'd be doing the same thing.

Everyone's going to want a piece of the youngest ever champion, who told The Telegraph before the tournament: "If the same happens, I’ll hide away again, no one will find me."

After his excellent victory, here's hoping that Littler enjoys the last couple of weeks of being 17 and takes a bit of time away from the madness before returning to darts.

It's a very good thing that he's so damn good at darts, as he said previously that he didn't really have a backup plan in case being stupendously good at the sport didn't pan out.