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IDEAL Best Prize Money Breakdown?
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Looking for a little advice from those who are interested.I am the race director for a triathlon "pro chase" event where the men and women race for the same prize purse. Our purse is currently set at $10,000 for the event- although we are hoping to increase that amount in the coming weeks.

What do you think is a good prize purse breakdown? Here is a look at what we have currently come up with.Any opinions on "top heavy" money, or more evenly split?

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Re: IDEAL Best Prize Money Breakdown? [Tri_It_JB] [ In reply to ]
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SO is it $20k total, or are you just giving money out to overall, regardless of men or women?

For a single gender breakdown, I like what you have done there. But with that total you could also just go like 7 deep and pump the top 2 prizes. Might attract a couple tier one pros if it was like $3k+ to win.
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Re: IDEAL Best Prize Money Breakdown? [Tri_It_JB] [ In reply to ]
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I like that you are paying 10 deep. If people know they are likely to get some money, they will be more likely to commit to the race I think. Rather than waiting to see who else is going to race first to see if they have a chance to win something and cover their costs

Team Every Man Jack
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Re: IDEAL Best Prize Money Breakdown? [Tri_It_JB] [ In reply to ]
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Forgot to put up what i was talking about, this is what i would do with that money;

1 3k
2 2k
3 1500
4 1250
5 1000
6 750
7 550
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Re: IDEAL Best Prize Money Breakdown? [Tri_It_JB] [ In reply to ]
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Pay the top 3. 60/30/10 split.
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Re: IDEAL Best Prize Money Breakdown? [Tri_It_JB] [ In reply to ]
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For this year we are paying to the top 10 across the finish line- regardless of gender which I feel is unique! Getting top level pros isn't a real issue.

Appreciate all the input!
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Re: IDEAL Best Prize Money Breakdown? [Tri_It_JB] [ In reply to ]
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Almost overwhelmingly, when I did a big survey for Ironman, the pros want more equitable distributions.

The ITU is supremely equitable:
1st. 11,250 USD
2nd. 9,000 USD
3rd. 6,750 USD
4th. 4,500 USD
5th. 3,150 USD
6th. 2,700 USD
7th. 2,250 USD
8th. 1,350 USD
9th. 1,015USD
10th. 785 USD
11th. 675 USD
12th. 565 USD
13th. 450 USD
14th. 335 USD
15th. 225 USD

Wildflower is also really equitable: http://www.tricalifornia.com/elite/eseriesinfo.htm (the link is old but the information is still accurate)
$5k
$4k
$3k
$2k
$1.5k
$1.2k
$1k
$0.9k
$0.8k
$0.6k

I think that it's best to just do it mathematically. And then you set a % decline between places. The ITU does a decaying - 2nd is 80% of 1st, 3rd is 75% of 2nd, 4th is 67% of 3rd, and then it hold roughly steady at about 70%.

Overall, I think 75% is good as a consistent number.

What's easy is that this then informs what each place should be.

X*0.75^n-1 where n is the place number

So then your total prize purse is X+X*.75+X*.75^2+...+X*.75^9

What you get is total prize purse = 3.75*X.

So if your total prize purse is 10,000. Then 1st place gets $2,666. And then every other place is defined from there.

"Non est ad astra mollis e terris via." - Seneca | rappstar.com | FB - Rappstar Racing | IG - @jordanrapp
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Re: IDEAL Best Prize Money Breakdown? [Tri_It_JB] [ In reply to ]
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Since your purse in 10,050

3000
2000
1500
1000
800
600
450
300
225
150

And I saved you $25.
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Re: IDEAL Best Prize Money Breakdown? [RobAllen] [ In reply to ]
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Rob and Jordan, thanks for the input. It's good to know that I'm at least close to being on the right track right now. I will likely go this route. Rob and Jordan, thanks for the input. It's good to know that I'm at least close to being on the right track right now. I will likely go this route. If our race is able to secure some more prize money we will add it into the same pricing structure.
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Re: IDEAL Best Prize Money Breakdown? [Tri_It_JB] [ In reply to ]
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Tri_It_JB wrote:
Looking for a little advice from those who are interested.I am the race director for a triathlon "pro chase" event where the men and women race for the same prize purse. Our purse is currently set at $10,000 for the event- although we are hoping to increase that amount in the coming weeks.

What do you think is a good prize purse breakdown? Here is a look at what we have currently come up with.Any opinions on "top heavy" money, or more evenly split?

What are the details of the pro chase event. What happens if one leg of the triathlon is cancelled. Will then men or women start first and will there be a lead vehicle.


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Re: IDEAL Best Prize Money Breakdown? [Rappstar] [ In reply to ]
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Has there ever been any discussion or attempts to cover travel expenses of pros who commit early to doing a race in place of increasing prize purses? For example, the first 20 pros who commit to a race get $250 of their travel expenses covered. That seems like it would address some concerns of both the race directors (they can't market a pro field because they don't know who will be there until the last minute) and athletes (coming out of a race weekend in the red b/c they had a bad race and paid for travel out of pocket).

In the case of this specific race, maybe just offer 10 pros (5 men and 5 women) $100 in travel expenses. It drops the prize purse by $1000, but lets you know who is coming and lowers the risk of a net loss for a pro that does show up.
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Re: IDEAL Best Prize Money Breakdown? [Hook] [ In reply to ]
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Not sure if they still do it but Wldflower used to provide a free campsite and food for pros (2004)

Out of 20 years of racing various events, Wildflower by far ranks as my favorite race "experience"

Haven't been there in over 11 years, hopefully things are still the same.

Sorry for the side track ;-)

Maurice
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Re: IDEAL Best Prize Money Breakdown? [Rappstar] [ In reply to ]
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Completely agree with the ITU's more equitable prize money distribution. I think this is an area that WTC need to look at.

Kona has 600k prize money but only pays 10 deep- personally it should be 15.

The reality is that the pro's who finish outside of the podium need the $$ more than the winners (who likely have better sponsors). It helps keep them in the sport and hopefully in the future will mean they will be challenging for the win.

__________________________________________________
http://twitter.com/willrc91 --- instragram.com/willrc91
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Re: IDEAL Best Prize Money Breakdown? [Willrc91] [ In reply to ]
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What's the entry fee?
What place at least gets their entry back?

I think that if you don't even get your entry fee back, you haven't "won" anything.

Not to mention travel, lodging etc.
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Re: IDEAL Best Prize Money Breakdown? [Rumpled] [ In reply to ]
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Looks like a great venue. I just wonder about travel expenses for pros as seems like travel logistics might keep people at home.
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Re: IDEAL Best Prize Money Breakdown? [Willrc91] [ In reply to ]
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Willrc91 wrote:
Completely agree with the ITU's more equitable prize money distribution. I think this is an area that WTC need to look at.

Kona has 600k prize money but only pays 10 deep- personally it should be 15.

The reality is that the pro's who finish outside of the podium need the $$ more than the winners (who likely have better sponsors). It helps keep them in the sport and hopefully in the future will mean they will be challenging for the win.

Agree with all of the above, I personaly suspect that the prize money drops so quickly at the big WTC events so that they can advertise a big purse for the winner. Hence giving the impression to the public that it's a better paid event generally.
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Re: IDEAL Best Prize Money Breakdown? [mauricemaher] [ In reply to ]
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mauricemaher wrote:
Not sure if they still do it but Wldflower used to provide a free campsite and food for pros (2004)

Out of 20 years of racing various events, Wildflower by far ranks as my favorite race "experience"

Haven't been there in over 11 years, hopefully things are still the same.

Sorry for the side track ;-)
Maurice

Wildflower still does an amazing job with their professional field. Home stays or campsites are provided if requested and meals are provided as well. I have never seen another race come close to what they do. Between that and the course being what it is, it's easy to see why they draw such a big field and so many pros return year after year.

_____________________________________________________
Instagram | Team Kiwami North America
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Re: IDEAL Best Prize Money Breakdown? [Hook] [ In reply to ]
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Hook wrote:
Has there ever been any discussion or attempts to cover travel expenses of pros who commit early to doing a race in place of increasing prize purses? For example, the first 20 pros who commit to a race get $250 of their travel expenses covered. That seems like it would address some concerns of both the race directors (they can't market a pro field because they don't know who will be there until the last minute) and athletes (coming out of a race weekend in the red b/c they had a bad race and paid for travel out of pocket).

In the case of this specific race, maybe just offer 10 pros (5 men and 5 women) $100 in travel expenses. It drops the prize purse by $1000, but lets you know who is coming and lowers the risk of a net loss for a pro that does show up.

No. But I can tell you pros would be in favor of it. Abu Dhabi covered transit costs for many pros the first year, and for all athletes in the top-10 for the next year. Most races offer homestays (and some hotels - St. George - or other "exclusive" lodging - Wildflower) to the early sign ups.

But, no, as a general rule, very little in the way of travel expenses are covered, and if they are, it's rarely discussed up front. Like "sign up early and we'll spot you $X towards travel." I think it's a valid idea.

"Non est ad astra mollis e terris via." - Seneca | rappstar.com | FB - Rappstar Racing | IG - @jordanrapp
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Re: IDEAL Best Prize Money Breakdown? [Liaman] [ In reply to ]
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Liaman wrote:
Willrc91 wrote:
Completely agree with the ITU's more equitable prize money distribution. I think this is an area that WTC need to look at.

Kona has 600k prize money but only pays 10 deep- personally it should be 15.

The reality is that the pro's who finish outside of the podium need the $$ more than the winners (who likely have better sponsors). It helps keep them in the sport and hopefully in the future will mean they will be challenging for the win.

Agree with all of the above, I personaly suspect that the prize money drops so quickly at the big WTC events so that they can advertise a big purse for the winner. Hence giving the impression to the public that it's a better paid event generally.

Some of it is certainly "advertisement," but the main reason is that at most races, the fall off is pretty rapid. This is especially true on the female side where, quite often, the last place finisher gets paid even though her time was slower than the top AG women (whom they are obviously not "racing," but still). So a huge part of it is that the ITU's distribution is set according to the WTS races, which are EXTREMELY tight. You simply don't have that same depth of competition in long course.

I do believe Kona should pay deeper - and that it should have a smaller field, but at a lot of races, you just don't need to be that good in order to get paid. On the women's side, there was actually a substantial amount of prize money left on the table in 2014 because there were a significant number of races where there were fewer overall finishers than how deep Ironman pays. So if all someone needs to do to collect a paycheck is to simply cross the line, that definitely argues against having a more equitable breakdown.

"Non est ad astra mollis e terris via." - Seneca | rappstar.com | FB - Rappstar Racing | IG - @jordanrapp
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Re: IDEAL Best Prize Money Breakdown? [ In reply to ]
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How cool would it be to have a race or race series with $10-25k in prize money for AG athletes only. Anyone with a pro card is eligible to race but not eligible for prize money.
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Re: IDEAL Best Prize Money Breakdown? [wcb] [ In reply to ]
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You mean like Rev3 last year? Only difference is pros could win the money. But it wasn't enough that a lot of pros races.
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Re: IDEAL Best Prize Money Breakdown? [Tri_It_JB] [ In reply to ]
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Have you thought about paying three deep for the "chase" event/results?

Then paying 3-5 deep for M/F. So you could get paid twice if you were top three overall in the chase.

Then if the time gap you gave was not spot on you wouldn't end up with the first 5ish finishers all being male or female.

Just a thought.
Other than that, I agree that if you're going to pay ten deep you should probably spread it out how you have it.
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Re: IDEAL Best Prize Money Breakdown? [Rappstar] [ In reply to ]
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Rappstar wrote:
Liaman wrote:
Willrc91 wrote:
Completely agree with the ITU's more equitable prize money distribution. I think this is an area that WTC need to look at.

Kona has 600k prize money but only pays 10 deep- personally it should be 15.

The reality is that the pro's who finish outside of the podium need the $$ more than the winners (who likely have better sponsors). It helps keep them in the sport and hopefully in the future will mean they will be challenging for the win.


Agree with all of the above, I personaly suspect that the prize money drops so quickly at the big WTC events so that they can advertise a big purse for the winner. Hence giving the impression to the public that it's a better paid event generally.


Some of it is certainly "advertisement," but the main reason is that at most races, the fall off is pretty rapid. This is especially true on the female side where, quite often, the last place finisher gets paid even though her time was slower than the top AG women (whom they are obviously not "racing," but still). So a huge part of it is that the ITU's distribution is set according to the WTS races, which are EXTREMELY tight. You simply don't have that same depth of competition in long course.

I do believe Kona should pay deeper - and that it should have a smaller field, but at a lot of races, you just don't need to be that good in order to get paid. On the women's side, there was actually a substantial amount of prize money left on the table in 2014 because there were a significant number of races where there were fewer overall finishers than how deep Ironman pays. So if all someone needs to do to collect a paycheck is to simply cross the line, that definitely argues against having a more equitable breakdown.

You make good points regarding the arguments against a more equitable purse in long course racing, I hadn't considered those aspects.

I'm not sure that I agree that the pro field at Kona should be smaller though. I just don't see the harm in having the extra spots open for pros.
Yes of course the guy who gets that 40th or 45th slot probably doesn't have all that much chance of winning money, but he might get a bonus from some sponsors for racing there and it might raise his profile for future sponsorship deals.
If that pro decides that it's not to their advantage to go to Kona and race then so be it, but he earned the right to be at the start line.
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Re: IDEAL Best Prize Money Breakdown? [Hook] [ In reply to ]
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Really like this idea. I definitely factor travel expenses into which races I choose, as a result I end up racing regionally much more often then I would like. Any race that helped cover travel cost (and advertised it!) would be more like to draw Pros from a distance, which could give races a nice mix of Pros.
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Re: IDEAL Best Prize Money Breakdown? [weanders] [ In reply to ]
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In case there are any Canadians following this thread... Heres a discount for 10% off the Chinook Entry :) It will work till June 5th on http://www.chinooktriathlon.ca
Code: TEN_Chinook_1
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