The reigning world champion reached the final with a 6-1 win over Chris Dobey in the quarter-finals and a 6-2 win over Peter Wright in the semis.

Price had already won four nights going into Leeds but couldn’t stop Smith from recording a statement win as the world number one climbed up to third in the table.

"This was a big night for me," Smith told Sky Sports. "If I would have lost to Chris Dobey, I think my top-four chances would have been bleak.

"Before I left the house my son put me under pressure. He said: 'If you get beat, you're not qualifying'.

"I knew when I was coming here it was a big thing for me.

"I only seem to do it when I need to, not when I have to. It's a new learning curve, and I'm sure I'll get over it."

Despite his final defeat, 38-year-old Price still leads the Premier League table and moves four points clear of defending champion Michael van Gerwen.

Van Gerwen suffered a shock 6-3 defeat to Peter Wright in their quarter-final clash and is now only six points ahead of Smith with three nights to go.

In the evening's earlier matches, Price beat fellow Welshman Jonny Clayton 6-2 in their quarter-final clash and overcame Nathan Aspinall 6-3 to book his place in the final.

Aspinall looked nervous during his 6-4 win over Dimitri Van den Bergh in the last eight and appeared overwhelmed against Price despite support from the raucous crowd.

Following Smith's win, the 31-year-old drops to fourth in the table with Clayton, the 2021 champion, three points adrift of Aspinall in fifth.

The Premier League continues for three more rounds before the top four players compete in the play-offs at the O2 Arena in London on May 25th.