How to calculate payouts?

[Jimbojim]

Is there a common calculation to determine what is gonna be the payouts for a tournament (double elimination) that pays 7/8th. Anybody knows the percentages for each positions?

 

[Rockin' Robin]

1st 30%
2nd 20
3rd 15
4th 10
5-6 7.5
7-8 5%

Standard payout for paying 8 places. We would round the numbers up or down to save having to have a bunch of small bills.

 

[Jimbojim]

Thank you

 

[Luxury]

Just make sure they are shown before the tourney gets going.

I'm so sick of having to make sure the TD who is IN the tourney doesn't wait until they place to decide the payouts.

 

[12squared]

I have used these percentages in the past if you wanted a larger prize for 1st:

8 places
1st 35%
2nd 21%
3rd 15.5%
4th 10%
5/6 5.25%
7/8 4%

 

[ctyhntr]

Does your formula changes depending on how big the field? Say 8 paid out of 16 versus 8 paid out of 32, 64, or 128.

 

[Bob Jewett]

I think the last place that's paid should at least get their entry fee back. I really don't like paying first more than twice as much as second. I think a 3:2 ratio is about right there. Between those two factors and how much you want to weight first place, that should set things. Take half an hour and work out different scenarios. And like others said, be ready with the payout info before the tournament starts. Rounding is good.

At one time I had a table of the payouts for all possible numbers of players for the $10 weekly tournaments.

 

[Jimbojim]

Does your formula changes depending on how big the field? Say 8 paid out of 16 versus 8 paid out of 32, 64, or 128.

Well its not a tournament I'm organizing but I'm trying to calculate how a tournament would pay for first place and the rest to encourage a friend in playing.

They usually pay the first 25% of players, but I'd prefer if they paid only 5/6th for this tournament.