randyg said:
Hi Mike
I have had some cummunications with the new Tour. Sounds like a great idea. I did not get very far with my questions.
I asked them to explain their payback formula for single elimination. As I read their posted payouts a red flag was raised immediately. Why don't you check the posted payouts and let me know if I'm the goofy one.
I can read something between the lines here, but I would like to stay very positive. You are one of the best in the business, tell me what you think......randyg (former co-partner of TEXAS EXPRESS)
Randy, thanks for the good words.... As far as the payouts go, this is all I found on their web site.
THE EBS SILVER CUP IS A 500 PLAYER TOUNAMENT THAT WILL HAVE THE FOLLOWING CASH PRIZES. 1ST $40,000 2ND $20,000 3RD $15,000 4TH $10,000 5TH $7,000 6TH $6,000 7TH $5,000 8TH $4,000 9TH $3,000 10TH $1,750 11TH-50TH $500
With an entry fee of $500 per with 500 players they take in $250,000. However if they give away 50 free entry fees they only take in $225,000.
They are only giving back $131,750.00 for a gross pfofit of $93,250.
The things I was not able to find are:
#1 The payouts are guaranteed - no matter how many players attend.
#2 If they are televising this event
#3 If there are currently any sponsors
Just so I don't mislead anyone with the #''rs. A gross profit of $93K is not unreasonable if they are producing the event for television (which is an easy $50K) or if they are guaranteeing the payouts not to mention todays cost of advertising. Just to give it a little perspective...... If they GUARANTEE the payouts that are stated above then they are risking $131K to only get a return of $93K. Given the fact that it is highly unlikely that they will get anywhere near the expected 500 players it would not be completely out of line if the payouts were guaranteed.
But what the heck, I got a FREE ENTRY FEE so I wish them luck.
Also, as randy mentioned. The payouts are not right for a single elimination event.
3-4 is a tie and so are 5,6, 7 and 8th places not to mention many of the rest. On a side note it would change the payout percentages if the person that wrote the message meant 3rd place is the tie and each player gets the $15K and the same with 4th place where each of the 4 players would get the $10K each and so on. I didn't do the math but it seems that the payouts would be more equal to the entry fees and any added monies if that was the case.
We should ask them about that. Maybe the person that created the web page on 11/28 made a mistake and didn't understand what the provider of the info meant. Anythings possible.
Randy, I hope all goes well at the event on SO Padre. I wish I could be there.
I haven't been back to Texas since I moved away from La Porte (Houston) back in 1986/7.
Need any help with the event?
Mj