Get in the hole! Always a popular corporate and charity sponsorship, offering up a hole in one prize adds to the fun of a golf tournament. It’s tempting to “self-insure” a hole in one prize; no one will ever get it in the hole, right? What are the odds of actually having to pay out the prize money? Truth is, its much higher than you think!
If we’re talking about the pros, the odds of getting a hole in one are 1 in 2500. But for us regular hackers, those odds drop to 1 in 12,500 according to About Sports. And then there are those low handicappers among us who have a 1 in 5,000 chance.
Now do the math — the chances of a hole in one occurring during a tournament of 100 golfers with four par three holes on the course are one in 32. If you’re putting up a $10,000, $20,000 or even higher prize package, with those odds hole in one insurance is a safe bet.
The cost of hole in one insurance will depend on the value of the prize package you are offering, the number of golfers in the tournament and the skill level of the competition. Obviously if you are sponsoring a hole at a Pro Am style tournament, the cost of hole in one insurance will be much higher than your regular corporate or charity tourney. For a regular tournament with maximum number of 144 golfers, here is what you would expect to pay for golf prize insurance:
|Prize Value||Hole in One Insurance Cost||Cost for Additional Winner*|
And up from there
*There could be a situation where more than one golfer could ace the hole you are sponsoring. The odds of this are admittedly rare but we have seen it happen! For a very small additional cost you can add coverage for a second winner, meaning your prize package would be paid out twice.
Sponsoring a hole in one prize at a corporate or charity golf tournament is a wonderful way to be able to engage with a community of participants. Whether your intention is to be in front of potential customers or to show that your brand is a caring supporter of your favourite charity, it’s a great way to engage with a group as you will have a few moments with everyone involved in the tournament. But know that if you are considering this, it is a commitment on your part because there are some rules that need to be followed to make your prize package payout legit!
Purchasing hole in one insurance for your sponsorship at that upcoming tourney has never been easier. You can purchase it right here on our site with your credit card. The receipt, policy and wordings will be sent directly to your email.
Be creative with your hole sponsorship! You can put together a prize package that reflects the amount you are willing to do as a prize and create some great opportunities for engagement. One we have some fun with is promoting it as a golf holiday in Arizona (to the amount of the insurance we are purchasing). We printed up a big cactus on foam core with some fun graphics about the prize and we had an instant photo op for each foursome as they came through to play. Get out there and have some fun this summer instead of sweating bullets every time someone gets a little too close to the pin!