We are holding our first Saturday Swiss, and I’m wondering about
“guaranteed” prizes. Will guaranteed prizes generate a significantly larger turnout?
I’m considering enlisting help from local businesses in this regard, but
I have no idea if it will be successfull.
If you’re the only one holding tournaments in the area, the guarantee may not be that meaningful in terms of the players it brings in compared to a ‘based on’ prize.
If, on the other hand, there’s a pool of active money players, then a guaranteed prize fund may bring in more of the better players.
Some of the most successful tournaments I’ve ever run were trophy events, some of the least successful were high guaranteed prize fund events.
Look at the ‘Plus Score’ threads on this forum for other ideas about how to structure prize funds.
Having a guaranteed prize, can be a one way trip to the poor house. Can recall a tournament with a guaranteed prize of $8,000 with (if I’m right) 250 grand prix points. They only had 68 players, the registration cost would had to be $117.65 just to cover the prize money. Then the cost of a hotel, the director, and the grand prix posts. Some times a guaranteed prize, can set you back a few years.
You’re much better off having a “based on” prize. Your first tournament may not be that big, depending on how much you advertise.
Having a guarenteed prize will hurt you if enough players don’t know about your tournament.
I’d suggest spending a couple hundred bucks and sending out post cards along with a TLA. I think the very first one I did had a good 40 players, which easily covered my post card cost, along with bumping up the prizes.