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$50,000 First Place Prize Fund
  #1  
Old 01-17-2018, 10:38 AM
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$50,000 First Place Prize Fund

I've bowled in leagues where the people collecting pots have taken a little more than their fair share of the jackpot money. Also, bowled in leagues where the secretary ran off with the prize fund.

There is talk swirling that a $50,000.00 first place league is in the horizon. Not only is it the highest first place prize fund I've ever seen, it seems to address both of the "theft" issues mentioned above.

It will cost 70.00 to bowl, prize fund and jackpots included. The house will bank the prize fund and pay out the pots.

Re: $50,000 First Place Prize Fund
  #2  
Old 01-17-2018, 02:19 PM
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Re: $50,000 First Place Prize Fund

Sounds like fun.

Too bad guys will start sandbagging now for a chance in a couple years to take the cash.

Re: $50,000 First Place Prize Fund
  #3  
Old 01-17-2018, 11:38 PM
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Re: $50,000 First Place Prize Fund

Guessing this is a scratch league?
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Re: $50,000 First Place Prize Fund
  #4  
Old 01-18-2018, 12:39 AM
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Re: $50,000 First Place Prize Fund

hope so
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Re: $50,000 First Place Prize Fund
  #5  
Old 01-18-2018, 11:10 AM
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Re: $50,000 First Place Prize Fund

And if the house goes into bankruptcy, bye bye prize fund.

Re: $50,000 First Place Prize Fund
  #6  
Old 01-18-2018, 05:43 PM
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Re: $50,000 First Place Prize Fund

Are more details decided?
Is this scratch or handicap?
Team avg caps?
How much of the 70 a week goes to lineage, boards, prize fund?
How many teams of how many members will bowl for how many weeks to make that prize fund work?
How many places pay out?
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Re: $50,000 First Place Prize Fund
  #7  
Old 01-19-2018, 10:51 AM
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Re: $50,000 First Place Prize Fund

Quote:
Originally Posted by RevZiLLa View Post
Are more details decided?
Is this scratch or handicap?
Team avg caps?
How much of the 70 a week goes to lineage, boards, prize fund?
How many teams of how many members will bowl for how many weeks to make that prize fund work?
How many places pay out?
It was about a week ago when I talked with the person who is going to be responsible for the league structure. At that point, I was kind of taken by surprise by the idea, didn't really get into the bones of the concept.

The things I know, teams will consist of 5 people, it is a handicap league, jackpots will pay 3 places, all teams will get a payout.

To me, this type of money is going to bring out the best of the best. There are a lot of them around here and in the neighboring area. The concern about bagging will not be so much of an issue in this type of league structure, baggers tend to prey on less skilled players. The really good players couldn't care less about someone shaving a couple of pins.

The whole idea of a mega money league like this is exciting, really gets the juices flowing! I'll get more details soon.

Re: $50,000 First Place Prize Fund
  #8  
Old 01-19-2018, 06:07 PM
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Re: $50,000 First Place Prize Fund

Bagging will be a problem. I guess you can't get enough people into the league to support the prize fund without enticing "lesser" bowlers via handicap.
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Re: $50,000 First Place Prize Fund
  #9  
Old 01-20-2018, 10:54 AM
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Re: $50,000 First Place Prize Fund

Something like this will either be amazing or a disaster. Teams that fall out of contention early will bail and good luck trying to collect that $350/week from those teams. If you can fill the league with serious bowlers that have the integrity and morals to do their absolute best and bowl every week, it could be a great league.

Re: $50,000 First Place Prize Fund
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Old 01-20-2018, 10:59 AM
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Re: $50,000 First Place Prize Fund

We just bowled a team where we had to give 399 pins handicap. We won the last game by 18 pins because 1 young man had an 52 game...think about that for a second, he was trying righty, then lefty. His average is 89
I would imagine the higher cost for lineage would weed these types of people out, but I shudder to think of all the bitching and complaining that will take place because of large amount of $$ on the line.
Think of all the rules that will be in play. What if it appears that someone crosses the foul line? Will the foul lights even work? etc...

Re: $50,000 First Place Prize Fund
  #11  
Old 01-20-2018, 02:20 PM
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Re: $50,000 First Place Prize Fund

Quote:
Originally Posted by El Scorcho View Post
If you can fill the league with serious bowlers that have the integrity and morals to do their absolute best and bowl every week, it could be a great league.
Visions of sugar plums are dancing in my head

Re: $50,000 First Place Prize Fund
  #12  
Old 01-22-2018, 03:15 PM
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Re: $50,000 First Place Prize Fund

Even if good intentions are there I can't see a way sandbagging won't be an issue. Even a good scratch bowler has mediocre games. I hope all goes well but in my rinky dink Wednesday league we have bagging I can't imagine what would happen if the prize went up.
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Re: $50,000 First Place Prize Fund
  #13  
Old 01-23-2018, 05:49 PM
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Re: $50,000 First Place Prize Fund

Say hello to the IRS, and local government officials who may want to get the city/state to regulate this. They may, legally, have to run this as a 36 week tournament. You advertise this much money, including cash on hand, you had better get bonded and have faith the center does not "lose" this much money.

This could be one heck of a cluster F*** in the end.

Do you bowl three games or four games?
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Re: $50,000 First Place Prize Fund
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Old 01-23-2018, 06:04 PM
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Re: $50,000 First Place Prize Fund

Believe me, the IRS will be waiting there with W-2's at the end of the season, and the money better be accounted for. If this is a 5 man team, $10,000 a man is considered professional prize money.

In some states, including Tennessee, the IRS has been cracking down on "cash" prize funds in amateur sports. If a bowling center gets "audited" here for "illegal" gambling, there is a $3000 fine to the bowling center, the bracket money confiscated, and participants fined, and in some case face jail time. This bowling center needs to research this to no end to even make sure they can legally do this without a major hassle. Take it from someone who has worked in a law office as a Registered Agent. This could get ugly fast.
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Re: $50,000 First Place Prize Fund
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Old 01-23-2018, 07:38 PM
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Re: $50,000 First Place Prize Fund

I'm not too concerned about the house retaining and paying the money. They run a very popular tournament in our area. I think the bowlers can be totally confident in the prize fund being handled efficiently.

The other "issues" that may arise could be a whole 'nuther story.

Re: $50,000 First Place Prize Fund
  #16  
Old 01-23-2018, 08:19 PM
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Re: $50,000 First Place Prize Fund

I wouldn't mind having to pay tax on an extra 10k income
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Re: $50,000 First Place Prize Fund
  #17  
Old 01-24-2018, 11:44 AM
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Re: $50,000 First Place Prize Fund

Quote:
Originally Posted by RevZiLLa View Post
I wouldn't mind having to pay tax on an extra 10k income

Since prize money, commission, gifts, and bonuses are considered "non-earned" income by the IRS, they take 50% of it. You ought to hear the sales guys at my company complain every time they get a commission check when they pay almost 50% in taxes! Ridiculous!
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Re: $50,000 First Place Prize Fund
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Old 01-24-2018, 12:01 PM
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Re: $50,000 First Place Prize Fund

Quote:
Originally Posted by EastNashvilleOldTimer View Post
Since prize money, commission, gifts, and bonuses are considered "non-earned" income by the IRS, they take 50% of it. You ought to hear the sales guys at my company complain every time they get a commission check when they pay almost 50% in taxes! Ridiculous!
Yeah, my little bonus check at the end of the year gets cut in half. Plus in some cases that extra $10k could bump some people into another tax bracket.

I'm sure a good and creative tax professional could find a way to work the system enough so that they wouldn't get taxed at that 50% rate on their $10K in winnings.

Re: $50,000 First Place Prize Fund
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Old 01-25-2018, 03:40 PM
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Re: $50,000 First Place Prize Fund

Maybe "BIG T" can offer some insight as to how to avoid paying taxes.

Re: $50,000 First Place Prize Fund
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Old 01-26-2018, 09:24 PM
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Re: $50,000 First Place Prize Fund

Wow, and I thought the gambling was bad in the leagues I am in what with the strike pots, side pots, half and half........etc. I hate having someone on the intercom all the time when I am bowling. I am there to bowl, not gamble. Shhheeeeesh!
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