Greek's $1.1 million Football contest
It's advertised as giving out "Over $1.1 million in prizes*"
It's a well run contest. Their software is first-rate to accept and grade picks, and it's very easy to enter.
So here's the real question: what is the expected payout of TheGreek in a year for this contest?
Here's a link to the prizes if I am not clear:
2 big components of the prize:
1. You have to go 52-8 or better in any of the 4-week brackets for them to payout a $150k prize, so there are 4 chances. Assume there are 2000 entrants. What are the odds that any player will go 52-8 or better assuming all players hit 53% against stale lines?
2. Weekly jackpot bonus: this is awarded each week if a player goes 15-0. How often will this be given out, with 2k players hitting 53% against the spread?
Now, the weekly payouts are as follows based on your finish. Assume there will always be over 250 players, and that there are no ties (to simplify):
1 $1,500 or $15,000**
2 $1,000
3 $750
4-5 $500
6-15 $300
16-25 $200
26-50 $100
51-100 $75
101-175 $50
176-250 $25
What is the expected payout of TheGreek on this contest after 16 weeks (16 payouts of weekly prizes, including 4 "jackpot" payouts of 150k if someone qualifies, and possible up to 16 "big" first place prizes)?
It's a well run contest. Their software is first-rate to accept and grade picks, and it's very easy to enter.
So here's the real question: what is the expected payout of TheGreek in a year for this contest?
Here's a link to the prizes if I am not clear:
2 big components of the prize:
1. You have to go 52-8 or better in any of the 4-week brackets for them to payout a $150k prize, so there are 4 chances. Assume there are 2000 entrants. What are the odds that any player will go 52-8 or better assuming all players hit 53% against stale lines?
2. Weekly jackpot bonus: this is awarded each week if a player goes 15-0. How often will this be given out, with 2k players hitting 53% against the spread?
Now, the weekly payouts are as follows based on your finish. Assume there will always be over 250 players, and that there are no ties (to simplify):
1 $1,500 or $15,000**
2 $1,000
3 $750
4-5 $500
6-15 $300
16-25 $200
26-50 $100
51-100 $75
101-175 $50
176-250 $25
What is the expected payout of TheGreek on this contest after 16 weeks (16 payouts of weekly prizes, including 4 "jackpot" payouts of 150k if someone qualifies, and possible up to 16 "big" first place prizes)?