A £5,000 prize will be available for a televised 147 made in the final stages of all major ranking events. If a 147 is not made in an event, the prize will roll over to the next televised ranking event and will continue to accumulate until it is won.
Should more than one player achieve a 147 during a single event, the prize will be shared equally between the players.
This new system comes into operation immediately at this week's Australian Goldfields Open.
There will be an additional £500 for all Players Tour Championship events and non-televised matches in major ranking events should a maximum break be achieved and similar rules will apply as above.
WPBSA Chairman Jason Ferguson said: "It is well acknowledged that a 147 is always a special moment in our sport. A lot of players felt that the prize should be reinstated and I'm pleased that we have been able to acheive this. It's a new and exciting system for the 147 prize and could make things very interesting if it rolls over for five or six tournaments."
Article; World Snooker
It's great to see a 147 prize re-introduced to the circuit as I believe making the break in a televised event is a major career achievement and should be awarded appropriately. They should still increase the 147 prize for the world championship closer to the £147,000 that it used to be but it is a step in the right direction.
Its also good that a £500 rolling prize will be given in the PTC and qualifying events. Players like Barry Hawkins and Kurt Maflin made a 147 in these events last season and would of been extremely greatful for any extra money and it will encourage more players to go for them.