4 ms·

Think of this as business continuity insurance. It costs you 5 players $100/player - $50/player, sure. However, if you aren't insured and they make the shot, t

Think of this as business continuity insurance. It costs you 5 players $100/player - $50/player, sure. However, if you aren't insured and they make the shot, then the tournament is instantly in the red and can't even afford to pay the course fees if it pays the prize. Bankrupt, pick who loses, the course or the player. It might even be fraud, lots of things are fraud. If the tournament is well funded and planning to be around a while, they can self-insure and eat that cost. However, a new tournament, or a non-commercial one isn't likely to have backing like that.

nkurz 4y ago
I think the OP's point wasn't that one should skip insurance, but that one simply shouldn't offer a $10000 prize for a hole-in-one. He's doubting that you would get 5 extra players by offering such a prize, and that the players wouldn't have a sufficiently better experience to justify the event. I'm not sure: your advertising likely becomes a lot easier if you have "$10000 Prize" in big letters at the top of the page, and if someone does win, you probably get all sorts of free press. In the end, it probably all depends on the purpose of the event.
- a4isms 4y ago
  The OP may be right in theory: If someone ws just trying to decide whether to play your tournament or stay home, offering a hole-in-one bonus might not have enough of an effect to justify the expense. But in practice, there might be a dozen charity tournaments in the same region as your tournament, and if ten of them offer hole-in-one money, you might be in a race-to-the-bottom to get players to play yours and not one of the others. That’s no different than any other competitive pressure, like whether you offer free valet parking for a restaurant. In theory, it might not pay. In practice, it might be necessary to compete.

4 ms·

Think of this as business continuity insurance. It costs you 5 players $100/player - $50/player, sure. However, if you aren't insured and they make the shot, t

by jpollock 4y ago

nkurz 4y ago
I think the OP's point wasn't that one should skip insurance, but that one simply shouldn't offer a $10000 prize for a hole-in-one. He's doubting that you would get 5 extra players by offering such a prize, and that the players wouldn't have a sufficiently better experience to justify the event. I'm not sure: your advertising likely becomes a lot easier if you have "$10000 Prize" in big letters at the top of the page, and if someone does win, you probably get all sorts of free press. In the end, it probably all depends on the purpose of the event.
- a4isms 4y ago
  The OP may be right in theory: If someone ws just trying to decide whether to play your tournament or stay home, offering a hole-in-one bonus might not have enough of an effect to justify the expense. But in practice, there might be a dozen charity tournaments in the same region as your tournament, and if ten of them offer hole-in-one money, you might be in a race-to-the-bottom to get players to play yours and not one of the others. That’s no different than any other competitive pressure, like whether you offer free valet parking for a restaurant. In theory, it might not pay. In practice, it might be necessary to compete.