Just to let members know what the OPTIONAL money wagering competition will look like for next year, here are the rules copied from the new site. If anyone has any feedback or thinks there should be any changes to it, please let me know. Once again, this is an option, the league will still be free next year.
The Money Pit is a separate competition between league members who wish to wager for money. Enrollment is not required to play in the Lucky Dog Racing League.
Money Pit Rules
There will be 2 segments during the season. The entrance fee for each segment is $25. If you wish to play the All-Star Cash Challenge, the fee is $5. The Champion fund is $10. Read more about these below. You can pay the whole $65 for the year up front, or before each segment. Segment One will start with the Daytona 500 on February 20, 2004. It will end with the Pepsi 400 on July 2, 2004. Payouts will be sent out for segment one that following week.
The points will reset back to 0 and start again for Segment 2. Segment 2 will start with the Chicagoland Race on July 10th and end with the HomeStead-Miami race at the end of the season. Payouts for Segment 2 will be sent out that following week.
The points that you receive each week from the race results will be your money points. Race points will not count, only standings points. The All-Star race will not be counted in the segment, only regular races. The All-Star race will have a separate wager, see below.
Payout Percentages
The payout percentages will be:
Winner: Receives 50% of the total pot
2nd place: Receives 25% of the total pot
3rd place: Receives 15% of the total pot
10% will go for league operating costs.
The more people that join, the larger the pot will be. If 15 people join, the total pot for a segment will be $375.00. $187.50 will go to the winner, $93.75 will go to 2nd place, and $56.25 will go to 3rd place. $37.50 will go for league operating costs.
The Champion Fund
The Champion Fund will be additional money that will go to the champion at the end of the season (Or the highest finisher in the money league, if the champion is not playing for money). The champion fund must be paid at the start of the season, or as soon as you join the league. The champion fund fee is $10 per person. If you choose not to pay the $10 at the start of the season, you will be inelligble to receive the championship fund winnings if you are the champion. The winnings would then go to the next highest finisher who paid the champion fund.
All-Star Cash Challenge
In addition to the money pit, each year for the All-Star Challenge, you can have the option of playing for cash. The fee is $5.00. You will follow the rules of the Lucky Dog All-Star Challenge. There will only be one winner for this event, the winner receiving the entire pot. There must be at least 5 people signed up for this event to take place. If you are not elligible for the All-Star Challenge, you can still play the cash challenge, your money points will not be cut in half like your league points.
Rules For Entering The Money Pit or Cash Challenge
1. You must be 18 or over to play.
2. Payment must be received in full before each event.
3. THERE ARE NO REFUNDS. If you leave the league or are kicked out, you will not receive a refund of your money.
4. If you are joining the league late, you can still sign up for the money pit. It will be tougher to catch up if you miss a number of races, so it is up to you. Please e-mail the President if interested.
Payment
You can mail me a personal check, money order or use paypal if you have an account. If you are sending a check or money order, please include a note stating your name, team name, and what you are paying for.... Segment One, Segment 2, both Segments, The All Star Cash Challenge or Champion Fund.
Segment One: $25 (Due before Feb. 20, 2005)
Segment One with Champion Fund: $35 (due before Feb. 20, 2005)
All Star Cash Challenge: $5 (Due before May 21, 2005)
Segment Two: $25 (Due before July 10 2005)
Entire Year w/Champion Fund and Cash Challenge: $65 (Due before Feb. 20 2005)
Entire Year WITHOUT Champion Fund or Cash Challenge: $50 (Due before Feb. 20, 2005)
