Post by radioblaster on Aug 31, 2016 12:36:29 GMT
hello
just taking this opportunity to 100% clarify the winnings going forward with less than 30 teams in the field (barring a very unforseen circumstance). all numbers are in CAD.
some of you may know that LS was running the league partly out of pocket, which isn't sustainable for us. below is how the winnings "broke down" with a full 30 team league at $25 each, as well as the percentage of the pot it represented.
30 teams: $750
93.33% percent went to earnings as follows, and 7.66% ($57.45) was retained for costs
• 1st Overall 260 34.67%
• 2nd Overall 130 17.33%
• 3rd Overall 80 10.67%
• 4th Overall 60 8.00%
• 5th Overall 25 3.33%
• Cup Winner 50 6.67%
• Cup Finalist 25 3.33%
• Semifinalist 1 15 2.00%
• Semifinalist 2 15 2.00%
• Quarterfinalist 1 10 1.33%
• Quarterfinalist 2 10 1.33%
• Quarterfinalist 3 10 1.33%
• Quarterfinalist 4 10 1.33%
Fantrax premium fees are $80.45 which includes a 50 cent payment fee.
for this season at least, the payment structure will be as follows, unless there are any major objections. the above percentages have each been multiplied by ~1.071466 and rounded discretionarily to two decimal places to "scale up" the 93.33% to 100%:
before any winnings are distributed, $80.45 is subtracted from the pool of entry fees to cover costs. winnings will be rounded to the nearest cent(s) in order to have 100% distribution.
• 1st Overall 37.15%
• 2nd Overall 18.57%
• 3rd Overall 11.43%
• 4th Overall 8.57%
• 5th Overall 3.57%
• Cup Winner 7.14%
• Cup Finalist 3.57%
• Semifinalist 1 2.14%
• Semifinalist 2 2.14%
• Quarterfinalist 1 1.43%
• Quarterfinalist 2 1.43%
• Quarterfinalist 3 1.43%
• Quarterfinalist 4 1.43%
so, in a 20 team league for instance.
total income: $500
less fantrax fees: $419.55
• 1st Overall 37.15% $155.86
• 2nd Overall 18.57% $77.91
• 3rd Overall 11.43% $47.95
• 4th Overall 8.57% $35.96
• 5th Overall 3.57% $14.98
•Cup Winner 7.14% $29.96
• Cup Finalist 3.57% $14.97
• Semifinalist 1 2.14% $8.98
• Semifinalist 2 2.14% $8.98
• Quarterfinalist 1 1.43% $6.00
• Quarterfinalist 2 1.43% $6.00
• Quarterfinalist 3 1.43% $6.00
• Quarterfinalist 4 1.43% $6.00
not simple, but gets the job done.
points for discussion over the next year:
- moving over to Fantrax treasurer instead of direct payments by PayPal. if everyone is comfortable with this, it is a complete no brainer to switch. there are zero fees involved to either pay or receive money, Fantrax don't take a cut, you can have winnings deposited to a Canadian bank account or a PayPal account, and pay directly by credit card. payouts are also automated. see more: www.fantrax.com/showPage.go?page=fantraxTreasurer
- dropping the premium features from Fantrax and using a free league, though this would mean we can't have exactly the same custom scoring system that we have used in the league
- changing our currency to USD, or other. currently in the league paypal account there is an inconvenient mix of AUD, CAD, and USD.... and the Canadian guys kept trying to pay by this weird bank thing you can only use in Canada!!!!!
just taking this opportunity to 100% clarify the winnings going forward with less than 30 teams in the field (barring a very unforseen circumstance). all numbers are in CAD.
some of you may know that LS was running the league partly out of pocket, which isn't sustainable for us. below is how the winnings "broke down" with a full 30 team league at $25 each, as well as the percentage of the pot it represented.
30 teams: $750
93.33% percent went to earnings as follows, and 7.66% ($57.45) was retained for costs
• 1st Overall 260 34.67%
• 2nd Overall 130 17.33%
• 3rd Overall 80 10.67%
• 4th Overall 60 8.00%
• 5th Overall 25 3.33%
• Cup Winner 50 6.67%
• Cup Finalist 25 3.33%
• Semifinalist 1 15 2.00%
• Semifinalist 2 15 2.00%
• Quarterfinalist 1 10 1.33%
• Quarterfinalist 2 10 1.33%
• Quarterfinalist 3 10 1.33%
• Quarterfinalist 4 10 1.33%
Fantrax premium fees are $80.45 which includes a 50 cent payment fee.
for this season at least, the payment structure will be as follows, unless there are any major objections. the above percentages have each been multiplied by ~1.071466 and rounded discretionarily to two decimal places to "scale up" the 93.33% to 100%:
before any winnings are distributed, $80.45 is subtracted from the pool of entry fees to cover costs. winnings will be rounded to the nearest cent(s) in order to have 100% distribution.
• 1st Overall 37.15%
• 2nd Overall 18.57%
• 3rd Overall 11.43%
• 4th Overall 8.57%
• 5th Overall 3.57%
• Cup Winner 7.14%
• Cup Finalist 3.57%
• Semifinalist 1 2.14%
• Semifinalist 2 2.14%
• Quarterfinalist 1 1.43%
• Quarterfinalist 2 1.43%
• Quarterfinalist 3 1.43%
• Quarterfinalist 4 1.43%
so, in a 20 team league for instance.
total income: $500
less fantrax fees: $419.55
• 1st Overall 37.15% $155.86
• 2nd Overall 18.57% $77.91
• 3rd Overall 11.43% $47.95
• 4th Overall 8.57% $35.96
• 5th Overall 3.57% $14.98
•Cup Winner 7.14% $29.96
• Cup Finalist 3.57% $14.97
• Semifinalist 1 2.14% $8.98
• Semifinalist 2 2.14% $8.98
• Quarterfinalist 1 1.43% $6.00
• Quarterfinalist 2 1.43% $6.00
• Quarterfinalist 3 1.43% $6.00
• Quarterfinalist 4 1.43% $6.00
not simple, but gets the job done.
points for discussion over the next year:
- moving over to Fantrax treasurer instead of direct payments by PayPal. if everyone is comfortable with this, it is a complete no brainer to switch. there are zero fees involved to either pay or receive money, Fantrax don't take a cut, you can have winnings deposited to a Canadian bank account or a PayPal account, and pay directly by credit card. payouts are also automated. see more: www.fantrax.com/showPage.go?page=fantraxTreasurer
- dropping the premium features from Fantrax and using a free league, though this would mean we can't have exactly the same custom scoring system that we have used in the league
- changing our currency to USD, or other. currently in the league paypal account there is an inconvenient mix of AUD, CAD, and USD.... and the Canadian guys kept trying to pay by this weird bank thing you can only use in Canada!!!!!