NTPRA JACKPOT PAYOUT FORMULA
The amount of money in the jackpot pool is determined by the entry fee amount and the number of contestants entered in each pattern. The lower the cost to enter a pattern the less money will be in the pot for jackpot payout. Likewise events that have a higher entry fee will pay out a larger jackpot amount. If the number of contestants entered are the same. The entry fees collected are added together and 30% is subtracted for the producers pay. Producers will be paying equipment, supplies, promotional and other costs with the 30% collected from the jackpot total.
Example: An event offers a pattern that cost contestants $15 to enter, 25 contestants enter this pattern.
15X25=$375 subtract .3 for the producers percentage. $112.50 .
Next subtract the producers percentage (.3) from the jackpot total
375-112.5=$262.50
Next we add in any added money to the jackpot total, for our example we will add $50.00
$262.50 + $50=$312.50 is our total jackpot payout for this pattern.
Our system is designed around 6 divisions. Each division will receive a percentage of the total jackpot amount. Larger percentages are payed to the higher divisions.
1-Division will receive 27% of the pot.( per our example $312.5X.27%=$84)
2- Division will receive 21% of the pot .( per our example $312.5X.21%=$66)
3-Division will receive 17% of the pot. ( per our example $312.5X.17%=$53)
4-Division will receive 13% of the pot. ( per our example $312.5X.13%=$41)
5-Division will receive 12% of the pot .( per our example $312.5X.12%=$38)
6-Division will receive 10% of the pot .( per our example $312.5X.10%=$31)
How many placing will be paid is determined by this table
1-11 entries pays one placing per division
12-19 entries pays 2 placings per division
20-39 entries pays 3 placings per division
40-79 entries pays 4 placings per division
80-119 entries pays 5 placings per division
120-179 entries pays 6 placings per division
180-239 entries pays 7 placings per division
This is the formula for what percentage each placing will receive of the division payout
When the formula above calls for paying one placing , (11 or fewer entries) 100% to first place in each division.
When the formula above calls for paying two placings (12-19 entries) 1st place receives 60% and 2nd place receives 40% in each division
When the formula above calls for paying three placings (20-39 entries) 1st place receives 40% and 2nd place receives 35% 3rd place receives 25%
When the formula above calls for paying four placings (40-79 entries) 1st place receives 37% and 2nd place receives 28% 3rd place receives 20% 4th place 15%
When the formula above calls for paying five placings (80-119 entries) 1st place receives 25% and 2nd place receives 25% 3rd place receives 20% 4th place 15% and 5th place 10%
When the formula above calls for paying six placings (120-179 entries) 1st place receives 27% and 2nd place receives 23% 3rd place receives 18% 4th place receives 14% 5th place receives 10% 6th place receives 8%
In our example we had 25 contestants entered in this pattern so we will be paying down to 3rd place in each division.
Our example payout will look like this
1-Division total of jackpot $84 1st $34, 2nd $29, 3rd $21
2- Division total of jackpot $66 1st $26 , 2nd $23, 3rd $17
3-Division total of jackpot $53 1st $21, 2nd $19, 3rd $13
4-Division total of jackpot $41 1st $16 ,2nd $14, 3rd $10
5-Division total of jackpot $38 1st $15, 2nd $13, 3rd $10
6-Division total of jackpot $31 1st $12, 2nd $ 11, 3rd $8
All totals are rounded to the nearest whole dollar