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FRGC/MGAForest Ridge Golf Club / Men's Golf Association |
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PAYOUT POLICY
All winnings in
FRGC/MGA events are distributed in the form of FRGC pro shop credit. This document describes how the payout for each event is calculated.Most
FRGC/MGA events are grouped into divisions and flights. The calculations described below apply to each individual flight. In general the number of winning places and the amounts distributed to each are directly correlated to the number of participants in each flight.Note that the calculations are applied separately for each flight, and consequently the number of winning places and payout amounts may differ between flights for the same event. If the event is not grouped into flights, the described calculations are applied to the entire field.
Places Paid
The number of places that will receive winnings is equal to
20% of the number of entrants in the flight, rounded to the nearest whole number.Payout Amount
It is the policy of the
FRGC/MGA to allocate a minimum of $18 of each event entry fee toward prizes for the winners of each flight. Payout amounts are rounded up to the next whole dollar, which means that the payout amount generally exceeds the $18 minimum. The residual amount of each entry fee is retained by the club to cover operating expenses, long drive and closest to the pin contests, and costs for food and beverage which occasionally follow events.Distribution of Winnings
The total payout amount calculated in the previous section is distributed among the winning places on a geometric scale, such that
each place receives 30% more than the next lower place. Once the calculations are made, all results are rounded up to the next whole dollar.Ties
Ties for first place in any flight are resolved according to the documented
Tiebreak Procedure, resulting in an absolute winner for each flight. In all other cases, winnings for the affected places are added together and distributed equally among those tied. For example if there is a three-way tie for 2nd place, winnings for 2nd, 3rd and 4th place are added together and split three ways.PAYOUT POLICY
Example of Payout Calculation
Assume a flight of 17 players, each contributing a $20 entry fee.
Number of Places = 20% of 17 = 3.4, rounded = 3 winning places
Total Payout Amount = $15 x 17 = $255
Raw geometric distribution with 3rd place = 1
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3rd |
= 1 |
= 1.00 |
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2nd |
= (1.3) |
= 1.30 |
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1st |
= (1.3)2 |
= 1.69 |
Normalize by dividing each factor by sum of factors (3.99)
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3rd |
= 0.2506 |
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2nd |
= 0.3258 |
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1st |
= 0.4236 |
Multiply Payout Amount by each factor
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3rd |
= $255 x 0.2506 |
= $63.90 |
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2nd |
= $255 x 0.3258 |
= $83.08 |
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1st |
= $255 x 0.4236 |
= $108.02 |
Round up to the next whole dollar
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3rd |
= $64 |
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2nd |
= $84 |
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1st |
= $109 |