Waites beaten in final
Both players were bidding for their third title at the Surrey venue and the first four sets went with the throw before Waites broke to go 3-2 up.
Durrant took the next to go in at the break level and then reeled off the next four sets to take the £100,000 prize.
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Hide AdDurrant finished with a 95.19 average while Waites, who works in Calderdale but lives in Huddersfield, had 91.38.
The modest winner, who is from Middlesbrough, described Waites as a “Lakeside legend” and said his opponent had played the better darts in the early sets.
Waites, the winner in 2013 and 2016, said Durrant hadn’t given him much of a chance after the interval and was a worthy champion.
Both players are now likely to turn their attentions to Q-School entry and a possible switch to the PDC.