Payouts for March Madness Brackets: Insurance for the Upset

Posted by Grand Prize Promotions on Feb 21, 2023 2:58:41 PM

If you haven’t heard the word “bracketology” lately, don’t worry — it’s coming! 

The Madness of March has arrived, and fans across the country will line up for one of the most exciting challenges in sports: filling out the perfect bracket. And with seemingly unlimited places to enter a bracket, how can your promotion stand out from the rest?

Each year, millions of fans flock to sites like ESPN and CBS Sports to fill out brackets. Fans are used to it, they get an annual reminder and it’s advertised on their TVs ad nauseam. Want to run a bracket challenge but want it to stand out against those traditional sites? Offer a large prize ($1 million in cash, “Free Car Trade-In for Life”, “His & Hers Matching Vehicles”) to your customers and prospects to enhance your chances of generating entries. 

And with the backing of promotional insurance, you don’t have to worry about the improbable becoming a reality. Drive traffic, generate leads, enjoy the games and don’t stress.


Should You Get Insurance for Payouts for March Madness Brackets?

You want your March Madness promotion to bring in the foot traffic. High-value prizes can practically guarantee that outcome. What do you think you’ll offer for a perfect bracket? According to the NCAA’s research, the longest a perfect bracket has lasted was in 2019 by a man in Ohio who correctly selected the first 49 games. This means that Gregg Nigl of Columbus, OH had nearly a full week of press since he escaped the first weekend undefeated. 

Imagine the increased hype and media generated the week between the first weekend of the tournament and the Sweet 16 if Gregg had $1 million on the line (and imagine the stress of thinking you might have to pay that out!). But not with prize insurance. You can sit back and count those impressions while dreaming for the ball to keep bouncing towards perfection.                                                                                                                             

For Your Peace of Mind

The future promises the unexpected. When you run your March Madness promotion, anything is possible. There’s no telling what results you’ll get, especially when your work pays off and your promotion attracts a crowd. 

Many of your customers understand that upsets happen on the court all the time. “Cinderellas” often take out top-seeded teams, sometimes early on in the matchups. An average of about 13 seeded upsets take place every year. This can lead to unforeseen problems if your business is on the hook for a hefty payout to a lucky patron with the right bracket. And, if two or more people win a prize, these problems can compound. 

By insuring your payouts for March Madness brackets, you can avoid those problems. Even though the chances of choosing the Final Four are small, you probably don’t want the obligation to finance the prize being offered for that unlikely achievement. Insurance offers you the peace of mind that lets you focus on what matters: your business.                 

For Attracting Business

Getting people through the door has never been more difficult for loads of businesses. Competition for your customers may rival what the average NCAA team faces trying for a spot in the Sweet 16. To generate the buzz you want to build around your business, your March Madness prizes should captivate the bracketology crowd. 

The promise of cash prizes can be a clear differentiator in your efforts to attract more business. A large payout can often generate free marketing and publicity to help you increase foot traffic. But, without the right insurance, it can also hobble your business.

With prize indemnity insurance, your payouts for March Madness brackets won’t cause a disruption. Even if multiple upsets occur, you can carry on uninterrupted, in confidence, and focused on attracting and satisfying more customers. This encourages even greater attendance and participation, fueling business growth while helping you develop relationships in your community.                                                                                                     

For Building Customer Relationships

Gathering people together enables you to network and build meaningful relationships. With the guarantee that your winners will take home hefty prizes, your event and company establish trust and credibility. This places you in a better position for building and maintaining customer loyalty, which is key for spreading positive brand sentiment. 

You want your customers to have complete faith in your promotions, as well as your company as a whole. When they do, they will feel much more comfortable disclosing their data. By insuring the payouts of your March Madness brackets, you’re letting your customers know that you take their trust seriously. This makes data capture much easier, helping you strengthen your future marketing efforts.

To be part of an experience that people remember for the rest of their lives is a truly special thing. In addition to bringing you peace of mind, getting coverage for your March Madness bracket payouts enables you to offer generous prizes, increasing the confidence that people have in your ability to deliver on your prize promise. This not only contributes to your promotion’s success but also helps ensure its impact on your customers lasts — at least until next year! 

Check out our blog on why having insurance for payouts and prizes is an absolute necessity for your business.

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Topics: Sports Promotions, Grand Prize Promotions, Promotions, Event Insurance