In 2004 Raymond van Barneveld won his third Masters title. In the final he overcame Ted Hankey 5-1. In an all-Dutch semi-final he defeated Co Stompé, in the quarterfinal he sent the Fin Jarkko Komula home.
Stompé surprised Tony West 3-1 in the quarterfinals, before being beaten by Barney. Fellow finalist Hankey defeated Mervyn King 3-2 in the other semi-final and he was far too strong for John Boy Walton in the quarterfinals. Fifth seeded Vincent van der Voort disappointed and did not get through the group stage.