View Full Version : Prize instead of Cash for 1st Place?
Curious
05-08-2004, 09:30 PM
I was wondering what other people thought, good or bad, about tournaments giving boat/motor/trailer packages for 1st place in a Team tournament (not for the Amateur Angler in a Pro/Am format). Of course a person would be happy to win 1st place in any tournament, but it just doesn't seem right, to me, that a Team Tournament would have a non-cash 1st place prize. The team that wins will more than likely have to sell the package in order to split their winnings. Will they have to pay tax on it too? If they do, in this particular tournament they don't get ANY cash for 1st place, so then it will have to come "out-of-pocket" until they can sell the rig.
Am I way off base, or does this sound Stupid? Greedy for the Tournament Directors to do this?
By the way, 2nd place is 2 9.9hp Evinrude 4 stroke motors, plus cash to total $10,000.00 (so at least you get SOME cash back for 2nd place) This tournament is fairly large at 200 boats and is very well run, but I'm considering whether or not to continue fishing in it. I signed up for it again this year before finding out that they were changing the 1st place payout to strictly prizes. I probably won't win it anyway (highest we've placed is 5th), but it is the principle of it that is getting to me. Appreciate any comments back.
Curious
05-08-2004, 09:30 PM
I was wondering what other people thought, good or bad, about tournaments giving boat/motor/trailer packages for 1st place in a Team tournament (not for the Amateur Angler in a Pro/Am format). Of course a person would be happy to win 1st place in any tournament, but it just doesn't seem right, to me, that a Team Tournament would have a non-cash 1st place prize. The team that wins will more than likely have to sell the package in order to split their winnings. Will they have to pay tax on it too? If they do, in this particular tournament they don't get ANY cash for 1st place, so then it will have to come "out-of-pocket" until they can sell the rig.
Am I way off base, or does this sound Stupid? Greedy for the Tournament Directors to do this?
By the way, 2nd place is 2 9.9hp Evinrude 4 stroke motors, plus cash to total $10,000.00 (so at least you get SOME cash back for 2nd place) This tournament is fairly large at 200 boats and is very well run, but I'm considering whether or not to continue fishing in it. I signed up for it again this year before finding out that they were changing the 1st place payout to strictly prizes. I probably won't win it anyway (highest we've placed is 5th), but it is the principle of it that is getting to me. Appreciate any comments back.
GR8WTHUNTER
05-08-2004, 10:00 PM
Wow, that sounds odd. I would think a team event should have two rigs. If it is only one, splitting the purse with your partner can be challenging. On the other hand, why did you enter a tourney with out knowing what the purse would be?
GR8WTHUNTER
05-08-2004, 10:00 PM
Wow, that sounds odd. I would think a team event should have two rigs. If it is only one, splitting the purse with your partner can be challenging. On the other hand, why did you enter a tourney with out knowing what the purse would be?
ebijack
05-09-2004, 05:09 AM
not sure, but sounds like the major sponsor gave a boat package instead of money. which could be a higher dollar value than a cash offering. which also brings the "total dollars" for prizes a bigger looking amount. you have to pay taxes no matter what you win, but it is tougher to have to sell something to get your money back. the RCL gives the winner money and a "boat motor package" which most who win endup having to sell since they usually don't need it. but that puts a new boat package out on the market at a better price (usually) and gets another person into the sponsors product. the name of the game.
ebijack
05-09-2004, 05:09 AM
not sure, but sounds like the major sponsor gave a boat package instead of money. which could be a higher dollar value than a cash offering. which also brings the "total dollars" for prizes a bigger looking amount. you have to pay taxes no matter what you win, but it is tougher to have to sell something to get your money back. the RCL gives the winner money and a "boat motor package" which most who win endup having to sell since they usually don't need it. but that puts a new boat package out on the market at a better price (usually) and gets another person into the sponsors product. the name of the game.
Curious
05-09-2004, 05:57 AM
We entered the tournament before knowing about the prize/payout deal because we are guaranteed of getting in if we enter before a certain date (since we have fished it before). Having to sell a boat package in order to split the prize money and then pay the taxes on it just didn't seem like a smart deal for a Team tournament.
ebijack, you probably hit the nail on the head about the Major Sponsor's donating product instead of cash and the "Total Payout" LOOKING better, but in reality they are only paying out a little over 50 percent of the actual Tournament Entry Fees (cash). They are boasting approximately a 99% payback, but that includes EVERYTHING, including the value of the trophies and door prizes. It seems to me that they are taking advantage of a good thing and getting greedy...and by the looks of it, it might come back to bite them, since the tournament only has about a 162 Teams signed up so far, less than a month away! Usually it would be full by now. Thanks for your comments.
Curious
05-09-2004, 05:57 AM
We entered the tournament before knowing about the prize/payout deal because we are guaranteed of getting in if we enter before a certain date (since we have fished it before). Having to sell a boat package in order to split the prize money and then pay the taxes on it just didn't seem like a smart deal for a Team tournament.
ebijack, you probably hit the nail on the head about the Major Sponsor's donating product instead of cash and the "Total Payout" LOOKING better, but in reality they are only paying out a little over 50 percent of the actual Tournament Entry Fees (cash). They are boasting approximately a 99% payback, but that includes EVERYTHING, including the value of the trophies and door prizes. It seems to me that they are taking advantage of a good thing and getting greedy...and by the looks of it, it might come back to bite them, since the tournament only has about a 162 Teams signed up so far, less than a month away! Usually it would be full by now. Thanks for your comments.
Gofishleech
05-09-2004, 11:55 AM
I fish the same tournement and had this converstion with several of the particepents. I look at like this,, if one is able to get first or second (which I never have) the first place boat is valued at 26.000, now that is high retal so one could maybe buy it at the dealer for 22.000 or 23.000. So looking back the pay out has been around 17.000 for first place. I would assume that one could sell this boat fast for 18.000 or even 19.000,,, this is still more then past payouts and there will be fewer boats. I do not have a problem with this set up nor will I have to worry about it but I am fishing the event.
get on board guys,, its a well run event with lots of prizes.
Gofishleech
Gofishleech
05-09-2004, 11:55 AM
I fish the same tournement and had this converstion with several of the particepents. I look at like this,, if one is able to get first or second (which I never have) the first place boat is valued at 26.000, now that is high retal so one could maybe buy it at the dealer for 22.000 or 23.000. So looking back the pay out has been around 17.000 for first place. I would assume that one could sell this boat fast for 18.000 or even 19.000,,, this is still more then past payouts and there will be fewer boats. I do not have a problem with this set up nor will I have to worry about it but I am fishing the event.
get on board guys,, its a well run event with lots of prizes.
Gofishleech
Curious
05-09-2004, 12:35 PM
Thanks for the reply. I believe it is a very well run tournament too. I was just surprised that they would make the winning team have to deal with selling something in order to get their prize money. At least second place gets 2 prizes and cash, so they can split it immediately and be on their way. It is awefully convenient for the tourny directors to put more money in their pockets (deserved as it may be), and less convenient for the winning participants (which we will probably not be anyway). Thanks for the positive outlook. I'll try to think of it that way and hope I have to worry about it!
Curious
05-09-2004, 12:35 PM
Thanks for the reply. I believe it is a very well run tournament too. I was just surprised that they would make the winning team have to deal with selling something in order to get their prize money. At least second place gets 2 prizes and cash, so they can split it immediately and be on their way. It is awefully convenient for the tourny directors to put more money in their pockets (deserved as it may be), and less convenient for the winning participants (which we will probably not be anyway). Thanks for the positive outlook. I'll try to think of it that way and hope I have to worry about it!
mtwalleye
05-09-2004, 04:31 PM
What tournament is it that you're talking about? Everybody seems to know, but nobody seems to want to say the name. Just curious. -- mark
mtwalleye
05-09-2004, 04:31 PM
What tournament is it that you're talking about? Everybody seems to know, but nobody seems to want to say the name. Just curious. -- mark
Hawgboy
05-09-2004, 05:17 PM
Sounds like the leech turny 1st week of june. I'll still be there but would rather get the cash if I was lucky enough to win.( Shoot, BE HAPPY JUST TO PLACE.)
Hawgboy
05-09-2004, 05:17 PM
Sounds like the leech turny 1st week of june. I'll still be there but would rather get the cash if I was lucky enough to win.( Shoot, BE HAPPY JUST TO PLACE.)
dutchboy
05-15-2004, 09:45 AM
Just do it like the lottery.
Boat,motor & trailer valued at $26,000.00 and you deal with selling it or offer a CASH payout of say $16,000.00 Which would you take?
Just offering an idea here not looking to start a fight.
dutchboy
05-15-2004, 09:45 AM
Just do it like the lottery.
Boat,motor & trailer valued at $26,000.00 and you deal with selling it or offer a CASH payout of say $16,000.00 Which would you take?
Just offering an idea here not looking to start a fight.
A Sponsor
05-15-2004, 12:10 PM
Try getting $16,000.00 in cash donated. Pretty amazing feat to get a boat donated, actually. It is a DONATION to help out a good tourney.
A Sponsor
05-15-2004, 12:10 PM
Try getting $16,000.00 in cash donated. Pretty amazing feat to get a boat donated, actually. It is a DONATION to help out a good tourney.
Fishing Insider
05-15-2004, 04:58 PM
A sponsor donating a boat to help out a good tourney? Never heard of such a thing! You are obviously not really a real sponsor.
Fishing Insider
05-15-2004, 04:58 PM
A sponsor donating a boat to help out a good tourney? Never heard of such a thing! You are obviously not really a real sponsor.
Well, just toss back your smallest fish, wigh in one less and take second place. Problem solved ;-)
Well, just toss back your smallest fish, wigh in one less and take second place. Problem solved ;-)
Joe H
05-16-2004, 08:50 PM
This is a top of the line run tourney. How do you expect somthing like this to be avalible to us if the organizers of the event are not profiting from it. Lets give them thanks for puting out the efort to build this thing to the level it is today, and being able toraise this kind of sponsorship contributions so they can continue to provide this opertunity for us. As far as the first place being a rig. Do the math.:P
Joe H
05-16-2004, 08:50 PM
This is a top of the line run tourney. How do you expect somthing like this to be avalible to us if the organizers of the event are not profiting from it. Lets give them thanks for puting out the efort to build this thing to the level it is today, and being able toraise this kind of sponsorship contributions so they can continue to provide this opertunity for us. As far as the first place being a rig. Do the math.:P