Escrow for pro tournaments - New approach

iusedtoberich

iusedtoberich

AzB Silver Member
Silver Member
For years, both before and after IPT, people on here have been talking about escrow for pro tournaments, to insure promoters have the money. To my knowledge, not ONE event has every had the funds in escrow. Our talk has done nothing.

I propose the GOOD promoters, like Griffin, Helfert, Zuglan, Hopkins, etc. be the ones to lead by example. Their events always pay off and never have a problem. People trust them.

If these guys started putting money into escrow, AND advertising such, other promoters would be more likely to follow suit. And players would SEE some promoters are actually doing it, and perhaps not go to events where the promoter did not do it.

I think the common thought on the forums is the bad guys need the escrow. My position is if the good guys do it, the bad ones will collapse because no one will go to an even without escrow, IF the players now have a choice.

The other advantage of the GOOD guys doing this, is they are obviously the smart promoters, with a proven track record, and good business connections. So if anyone, they will be able to figure out how to set up an escrow, which I'm sure will require some leg work. Then, they can offer their new expertise to other promoters, so that anyone who wanted to escrow their tournament would simply have to call up one of these good guys, and be shown the way.
 
escrow payouts

This is an old topic. See the copy of a post made in 2006 - in fact there have been several threads on securing payouts. It can be complicated.

But there are ways to make it happen.

Here is what I wrote way baack when. (The cell number is wrong.)

Mark Griffin

12-05-2006, 04:09 PM

--------------------------------------------------------------------------------

I read this post with great interest. Something I have contemplated getting involved in is a "sanctioning" process whereby an added money tournament goes through a screening process and lets the playing public know the true status of the financial abilities of the event.

This would be on a voluntary basis. But if done properly, I believe it would give the players a better understanding and feeling of the viability of the event.

The process would be rather simple. To get a high rating, the promoter would have to show the added money - either in a bank escrow, attorney trust account or other such documents. The key is that it CANNOT be utilized for anything other than the prize fund.

The signups could be done on-line with a credit card to this sanctioning body. If the event gets shaky or whatever, the entries could be fully refunded. A player could monitor the event up until buying a plane ticket.

The current situation is a bad deal. More proposed events/tours fail than that actually materialize. (Remember National Pool Series, Million Dollar Tournament, Cujuroho, and several others that promised big money). The players do not have the vehicle to send in entry fees that are secured. If a new promoter was to come on the scene, would the players actually send the entry money?

This could be a vehicle to help the process.

One of the main reasons for the BCAPL getting involved in this is that league players from our organiztion are more likely to play in these top-tier events that any other leagues organizations - I feel it is my duty to help protect my players. And in the same stroke help increasd the integrity of future events.

Comments are more than welcome.

Mark Griffin, CEO
BCAPL
702-719-7665
812-987-1461 cell
 
iusedtoberich said:
For years, both before and after IPT, people on here have been talking about escrow for pro tournaments, to insure promoters have the money. To my knowledge, not ONE event has every had the funds in escrow. Our talk has done nothing.

I propose the GOOD promoters, like Griffin, Helfert, Zuglan, Hopkins, etc. be the ones to lead by example. Their events always pay off and never have a problem. People trust them.

If these guys started putting money into escrow, AND advertising such, other promoters would be more likely to follow suit. And players would SEE some promoters are actually doing it, and perhaps not go to events where the promoter did not do it.

I think the common thought on the forums is the bad guys need the escrow. My position is if the good guys do it, the bad ones will collapse because no one will go to an even without escrow, IF the players now have a choice.

The other advantage of the GOOD guys doing this, is they are obviously the smart promoters, with a proven track record, and good business connections. So if anyone, they will be able to figure out how to set up an escrow, which I'm sure will require some leg work. Then, they can offer their new expertise to other promoters, so that anyone who wanted to escrow their tournament would simply have to call up one of these good guys, and be shown the way.
Click to expand...

You know what, it's not such a bad idea. Even though I've been promoting and producing events going on twenty five years, the next time I do a big tournament with large added money, I'm going to post it in an escrow account or some other type of secured bank account and put that information out there for everyone to see. I agree we must lead by example. Thanks
 
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