Golf Prize Money

[glenn/dallas]

I have watched golf my whole life, played a bit in the 70's and 80's. This last weekend Rory Mcllroy won the PGA and pocketed $1,800,000.00. Phil got second and took home $1,080,000.00. Third place and furhther down is my confusion. The prize money for third is $580,000.00 and third was a tie between two players. Do they each get $580K or do they split it making their winnings $290K. Quite a bit lower. The huge difference this tournament would be for 5th place where its either $263K or a measly $48K since it was a 6 way tie. Just wondering sicce I just realized I didnt know.

[Bob Of Burleson]

Just like CEO rewards, athletes' salaries and prizes are out of hand. But that's the way it goes. As long as the public pays, the spiral will continue.

[crocmommy]

I don't really know for sure, but my guess is that the two players tied for third would split the third and fourth place money?

[GFB]

[b]Just like CEO rewards, athletes' salaries and prizes are determined by the marketplace..and therefore, self policing, and just where they should be. As long as the public pays, they will continue, as they should./b]

..fixed it!

[Bob Of Burleson]

Just like CEO rewards, athletes' salaries and prizes are determined by the marketplace..and therefore, self policing, and just where they should be. As long as the public pays, they will continue, as they should.

..fixed it!

So how come the golf people are desperately worried about the sport's future? Big money for a few doesn't equal popularity with the public.

[bodine]

I quit playing golf when I had kids; I could not justify the time or the expense.

I haven't really missed it...

[ann jusko]

Both my husband and I played for years until his back wouldn't let him. I played with guys from work some early mornings. When I quit work, I also quit golf. The only thing it cost us was cart rental (if we did rent one) since we were members of Oak Creek Country Club.

[glenn/dallas]

HELLO Where arethe golfers who can give me an answer, thanks for the replies so far but I still dont know the answer to my question

[John in Plano]

Not a golfer, did find this info that explains how the PGA divides the prize money at tournaments...of course this could be another internet myth;

PGA Tour events are run by individual tournament hosts. But the formula for dividing each tournament’s purse is set by the PGA Tour, with occasional exceptions made for special events. Under the PGA Tour formula, each golfer who makes the cut receives a specified percentage of the prize money, depending on where he finishes in the final standings.

Standard Formula
The PGA Tour designates a specific percentage of a tournament’s purse for each place in the standings, from first to 70th. A tournament’s champion receives 18 percent of the total purse while the 70th spot is worth 0.2 percent of the purse. If more than 70 professional golfers make a tournament cut, each position after 70th place is worth $100 less than the previous spot. In a tournament with a $5 million purse, for example, the winner receives $900,000. The 10th place finisher receives $135,000 (2.7 percent); 20th place is worth $65,000 (1.3 percent); 30th place pockets $34,000 (0.68 percent); 40th place receives $21,500 (0.43 percent); 50th place gets $12,600 (0.252 percent); 60th place is worth $11,000 (0.22 percent); and 70th place earns $10,000.

Ties
If two or more professional players finish with identical scores, the dollar values of the players’ positions are added, then divided by the number of tied players to determine each player’s share. For example, Chris DiMarco and Justin Leonard tied for second at the 2004 PGA Championship. The tournament had a $6.25 million purse, so second place was worth $675,000 under the standard formula (10.8 percent) and third place was worth $425,000 (6.8 percent). The two positions added up to $1.1 million, so each player received $550,000.

Amateurs
Amateurs occasionally play in PGA Tour events, but because they don’t accept prize money they’re simply passed over when the purse is distributed. At the 2012 Masters, for example, 59 professional players made the cut. Gonzalo Fernandez-Castano finished last among the professionals, in 61st place. But because two amateurs finished ahead of him, Fernandez-Castano earned 59th place money (0.222 percent), which was $17,760 of the $8 million purse.

Exceptions
The PGA Tour alters its standard format on occasion, typically for tournaments with smaller fields. The 2011 TOUR Championship, for example, featured a 30-player field. Winner Bill Haas still received the standard 18 percent of the $8 million purse, $1.44 million, but most other spots were worth more than the standard formula. Tenth-place finisher Phil Mickelson would’ve earned $216,000 under the standard formula, but instead received $227,000 (2.84 percent). Webb Simpson would’ve normally received $89,600 (1.12 percent) for 22nd place, but instead was awarded $147,200 (1.84 percent). Jonathan Byrd took home $128,000 (1.6 percent) for 30th place, instead of the standard $54,400.

http://golftips.golfsmith.com/pga-purse ... 20705.html

[John in Plano]

heres another detailed explanation with hints on how to write a progarm to figure out payouts for tie;

http://uva.onlinejudge.org/external/2/207.html

[BigTex]

A professional golfer vs. a corporate CEO . . . apples and oranges.

[crocmommy]

So actually I DID answer your question. You're welcome...

[GFB]

Just like CEO rewards, athletes' salaries and prizes are determined by the marketplace..and therefore, self policing, and just where they should be. As long as the public pays, they will continue, as they should.

..fixed it!

So how come the golf people are desperately worried about the sport's future? Big money for a few doesn't equal popularity with the public.

I don't know who these "golf people" are.. but you don't have to worry there.

If the sport's popularity wanes..the salaries will come down on their own.

If it doesn't..it won't.

Capitalism is simple.

[jellowrestling]

[b]Just like CEO rewards, athletes' salaries and prizes are determined by the marketplace..and therefore, self policing, and just where they should be. As long as the public pays, they will continue, as they should./b]

..fixed it!

Greg is exactly right. Only government employees can be over-paid over the long-term.

[GFB]

[b]Just like CEO rewards, athletes' salaries and prizes are determined by the marketplace..and therefore, self policing, and just where they should be. As long as the public pays, they will continue, as they should./b]

..fixed it!

Greg is exactly right. Only government employees can be over-paid over the long-term.

Thanks, Jello..so funny that I am the one defending or explaining high salaries in sports. I'm the "generally don't watch any sports" guy. If they all disappeared tomorrow I probably wouldn't miss them.

But when you understand Capitalism, these questions like Bob asked never enter your mind..you already know the answer..whether it's sports, going to concerts, or shopping for new shoes..their are no exceptions in Capitalism..(unless of course the government throws a monkey wrench in)

This is why I like to say .."Capitalism is the only absolutely perfect thing humans ever invented."

It also happens to be the just about the simplest concept ever invented.

So much of life would make sense to people if they just would stop all their hand wringing and just get some grasp of this simplest and most beautiful thing.