NFFC Message Boards

With that $1250 entrance fee event folding, we'll see some more signups sson. The mini FFTOC is still on (I'm playing).

Originally posted by JerseyPaul:
With that $1250 entrance fee event folding, we'll see some more signups sson. The mini FFTOC is still on (I'm playing). Rude comment about 'other leagues', 'fate' and 'donkeys' deleted.

I got less grumpy and removed it.

Dyv

[ August 12, 2004, 09:34 PM: Message edited by: Dyv ]

Originally posted by Dyv:
quote:Originally posted by JerseyPaul:
With that $1250 entrance fee event folding, we'll see some more signups sson. The mini FFTOC is still on (I'm playing). Rude comment about 'other leagues', 'fate' and 'donkeys' deleted.

I got less grumpy and removed it.

Dyv [/QUOTE]Glad to see your self control is improving, Dyv.

Yeah, fill me in on this as I first heard about the FFTOC folding late this afternoon. Did they have tiered games and the main one is folding? Let me know as I like those guys a lot and I'd love to politely talk with them about possibly promoting our NFFC. Maybe that isn't possible, but David and Whitney are great guys and I'm sorry to hear it didn't work out.

We're good guys too, by the way.

As you know, they promoted a $1200 game with (I believe) a $250K top prize. I think they were looking for 600 entries. The event had a unique format which was very attractive as a change of pace, pick anybody but only use them once a season.

As time went on it became clear to them that the appetite for another high stakes game was limited. They received many application requests but few checks. The risk became too high and they folded on August 12.

Some weeks ago they started a mini-event with a $50 buy-in and $10K top prize. This was a great strategy to get people to try the product. They now have indicated that they will hold the mini event no matter what the number of teams and return 100% of entry money if necessary.

I love the format and hope they succeed.

With 100% payout how can you go wrong? I just printed out an application. I wish they would have accepted credit cards or paypal though.

I think the format sounds cool, but it was a bad business decision to come out of the gate with an unfamiliar format for high stakes. Kind of like playing poker with your buddies for real money, and having the dealer call out a game you've never played. Let me watch it or play it for low stakes before you ask me to plunk down a $1200 ante.

Can someone explain to me the math behind running a contest with a 100% payout?

[ August 13, 2004, 09:53 AM: Message edited by: Ico Jones ]

Originally posted by Ico Jones:
I think the format sounds cool, but it was a bad business decision to come out of the gate with an unfamiliar format for high stakes. Kind of like playing poker with your buddies for real money, and having the dealer call out a game you've never played. Let me watch it or play it for low stakes before you ask me to plunk down a $1200 ante.

Can someone explain to me the math behind running a contest with a 100% payout? Sure, it's a "100% payout if they have to" contest... i.e. they are 'guaranteeing' a $10,000 prize. Which means at $50 per entry they need 200 entries to break even on prize money. If they get 500 entries, they pay out $10,000 and make a bunch of money. If they get 100 entries, they announce they had 100 entries, pay out $5,000 in league money and take the credit for paying out "100%" of what they got in. The claim of paying out 100% is simply a method to cut their losses, not a method to help the players.

Dyv

With due respect Dyv, your statement is incorrect.

100% payout means we will pay back 100% of the entry fees received. In this case, with a guaranteed $30,000 total prize payout, if we receive fewer than 600 entries we will be paying back more than 100% of the monies received.

Bottom line, we will be making $0 on this $50/$10,000 tournament and will lose money if we don't fill it.

We didn't create the $50 version of our tournament to make money, that was the job of the $1200 tournament. But we believe in our concept and new style of play so we are willing to keep the $50 tourney alive so that as many as possible can enjoy our product and still have a shot at winning some decent cash.

Thanks Whitney for clearing that up. Sounds awesome! I'll get my application in the mail asap but I may not be telling any friends about it because obviously I'd prefer a 1:300 chance or so of winning that top prize.