Prize money ratio

[reaper0grim]

Hey guys,

So I've been working out the details of hosting a weekly tournament in my area, and one of the details I'm still not sure on is how the prize money works. I'm hoping you guys could help me out with this.

So in terms of entry fee, it's most likely going to be $5 for venue and $5 to play. We are actually thinking of making it $3 for venue and $5 to play to encourage more people, but again we are still trying to figure out the details. I'm guessing at first we might only get 10 people since we are just starting, so maybe I can drop the venue fee for now and jsut make it $5 to play?

I was hoping some TOs or regular tourny goes could give me some advise on prize payout. Cash to first place, top 3, top 4? Which placing gets how much of the total prize money? How to divide the money based on # of players? Things like that.

Also in terms of the venue money, is it usually the case where the venue owners get $5 per player? Or maybe is it fair to give them $3 of the venue money per player and put the other $2 in the prize pot?

Any info on this would be great as it's the one area that I can't seem to find too much info on.

Thanks everyone!

EDIT: I'm terrible at spelling and grammar.

 

[Darkninjalordz]

Starting off with venue fees. For the size of the tournament you are looking at I would recommend charging nothing, unless you have to. What you want to focus on is developing a community at your events. As you get bigger then I would recommend adding on a venue fee. Venue fees are added on to the tournament fee. So say a $2 venue fee + $5 tournament fee. This allows the players to see directly where their money is going. Small tip, you never want to take money from the pot.

Prizes: Usually when I hosted tournaments I would give 1st Place: 50% of the pot - 2nd Place: 30-40% - 3rd Place: 10%-20%. Basically who ever places should be getting their money back. So for your case if your looking at 10 people playing who are paying $5. Then I would say $25 goes to 1st. $15 goes to 2nd. $10 goes to 3rd. My usual preference is to reward the top 3 players.

Hopes this helps!

 

[reaper0grim]

Starting off with venue fees. For the size of the tournament you are looking at I would recommend charging nothing, unless you have to. What you want to focus on is developing a community at your events. As you get bigger then I would recommend adding on a venue fee. Venue fees are added on to the tournament fee. So say a $2 venue fee + $5 tournament fee. This allows the players to see directly where their money is going. Small tip, you never want to take money from the pot.

Prizes: Usually when I hosted tournaments I would give 1st Place: 50% of the pot - 2nd Place: 30-40% - 3rd Place: 10%-20%. Basically who ever places should be getting their money back. So for your case if your looking at 10 people playing who are paying $5. Then I would say $25 goes to 1st. $15 goes to 2nd. $10 goes to 3rd. My usual preference is to reward the top 3 players.

Hopes this helps!

Thank you, EXTREMELY helpful!