Why can't someone in the industry set up an escrow business?
On the surface it seems pretty clear.
You want to hold a larger tournament then you have to put a certain amount of money in escrow for the prize fund a certain number of days out from the start of the event.
Why can't we have ONE trusted escrow company whose job it is to come to the tournament and disburse the prize money?
If we did then everyone could feel confident about the event and I believe it would increase participation.
As well I believe that the promoter could focus on the promotion aspect instead of worrying about the prize fund. This would allow the dynamic to switch to one where the promoter has to come up with the prize fund FIRST and then he can work on the event. That way no hard decisions come up where the promoter has to dip into the prize fund to cover other expenses.
I am sure that the "good" apples like Diamond and Mark Griffen and Mike Zuglan would not feel too good about participating in such a system as they have always paid out every dime on time. But maybe they could lead by example and just do it for the good of the sport. Once word gets around that tournaments which are not backed by this escrow company are not secure then it will change the landscape I believe.
As well there should be standards as to how tournaments are run with scheduling tightly controlled so as to reduce players expenses as much as possible and provide them with payout times that they can depend on.
I don't know how bonding works but I guess it's what the bail bond industry is built on. The bail bondsman stands good for the money with the court.
I say that an escrow company should stand good for the money. Whatever terms they negotiate with the promoter is on them but if they say that a particular event is guaranteed prize money then that's what it is.
Isn't it really time that we have this?
On the surface it seems pretty clear.
You want to hold a larger tournament then you have to put a certain amount of money in escrow for the prize fund a certain number of days out from the start of the event.
Why can't we have ONE trusted escrow company whose job it is to come to the tournament and disburse the prize money?
If we did then everyone could feel confident about the event and I believe it would increase participation.
As well I believe that the promoter could focus on the promotion aspect instead of worrying about the prize fund. This would allow the dynamic to switch to one where the promoter has to come up with the prize fund FIRST and then he can work on the event. That way no hard decisions come up where the promoter has to dip into the prize fund to cover other expenses.
I am sure that the "good" apples like Diamond and Mark Griffen and Mike Zuglan would not feel too good about participating in such a system as they have always paid out every dime on time. But maybe they could lead by example and just do it for the good of the sport. Once word gets around that tournaments which are not backed by this escrow company are not secure then it will change the landscape I believe.
As well there should be standards as to how tournaments are run with scheduling tightly controlled so as to reduce players expenses as much as possible and provide them with payout times that they can depend on.
I don't know how bonding works but I guess it's what the bail bond industry is built on. The bail bondsman stands good for the money with the court.
I say that an escrow company should stand good for the money. Whatever terms they negotiate with the promoter is on them but if they say that a particular event is guaranteed prize money then that's what it is.
Isn't it really time that we have this?
