$1 Million Shootout? On Your Dime?
If golf is your business, you may have been hoping to host a $1 million golf shootout. Many golf courses, leagues and third parties offer these types of events because they offer the winner such a large prize that people come from far and wide to join in. It is possible to offer this type of impressive contest to your golf clients and not have to pay out of the pocket. Here is a look at how a shootout prize like this works from Foresite Sports.
Foresite Sports will assume the risk of the shootout. You sign a contractual agreement with the company to cover the cost of the actual prize. You do not have to pay the prize if it is won by your contest participants. Rather, Foresite Sports will cover this cost. You pay a fee for using the hole in one insurance.
Here is an example of how the contest could work:
• Set up a golf tournament. The tournament will have a shootout hole, of your selection.
• At the end of the tournament, two participants are selected randomly from the field of contestants in the tournament.
• They must hit a hole in one from 165 yards away. If they hit it, they win the cool $1 million prize for doing so.
• If they do hit the ace, Foresite Sports covers the cost of paying out the prize on behalf of the golf course. You keep all of your sign up fees and other profits from the event itself and pay only an insurance fee for using the coverage, whether or not anyone wins it.
Your event can host a $1 million shootout and still be making money if the winner does hit the ace!