Money league (1 Viewer)

[Ed Wood]

A number of guys have shown interest in starting a money league in the Dating Game forum. The stakes aren't huge (probably $75 to $100 per team) but it's not chicken feed either. We're looking at 12 guys spread, most likely of course, across the country.

The question: who hold the money?

Ideas/suggestions would be greatly appreciated.

Thanks.

 

[wannabee]

A number of guys have shown interest in starting a money league in the Dating Game forum. The stakes aren't huge (probably $75 to $100 per team) but it's not chicken feed either. We're looking at 12 guys spread, most likely of course, across the country.

The question: who hold the money?

Ideas/suggestions would be greatly appreciated.

Thanks.

I hear a guy named Margolis is very, very good at it. If not, try Jeff Pasquino

 

[shake zula]

 

[BoltzNBrew]

Just nominate a treasurer to hold the money. Just make sure said treasurer does not have an internet gambling problem or have a trip to Vegas planned during the season, seriously.

 

[There it is]

Where will you be drafting? If it's online and you pay for the service then have them collect for you.

 

[Magic Nose Goblins]

The commissioner should keep the money - preferably in some type of online bank account reserved for league use.

I'd also worry about collecting payment up front before the draft begins.

 

[code]

We have a treasurer, who is *not* the commish...he actually keeps the money in a savings account...

 

[GregR_2]

The commissioner should keep the money - preferably in some type of online bank account reserved for league use.

My thoughts exactly. And if this is a group of people you don't know and you want to CYA, have the commish sign a contract that he will hold the money in an account, not withdraw it during the season, and pay the winners the correct amount when they are determined.

I'd also worry about collecting payment up front before the draft begins.

Another great thing to think about. My suggestion is first, no one can draft without having paid. But it isn't enough to have "start of the draft" as your deadline, because if someone says he'll pay and then doesn't, you're kind of in a bind... can't start drafting unless you let someone do it for free.So I'd suggest instead of just a draft-time deadline, you set it 2 weeks in advance of the draft. Anyone who hasn't paid by that deadline, you begin finding another owner to replace them. If they are serious about playing, they'll pony up when they find out they are getting booted. If they aren't, then you're better off having replaced them.

 

[coolnerd]

In $$$ leagues I participate in the admin/commish serves as the treasurer. My assumption is that the money is held in some interest earning account separate from thier household funds. In any case, I would be very leery of joining a league where this portion is not worked about before the formation of the league. The person holding the money should be very open about his address, telephone numbers and set-up a paypal account. Forming a random internet league and trying to figure who is going to hold the money is a bad plan. While $800-$1200 does not seem like a lot of money, it is enough for someone with dishonest intentions, a shaky financial month or an addiction of some sort to take advantage of.

 

[kbleck]

ya it's a tough call. I run 3 leagues as commish and participate in 1 more.

2 of the leagues are local and I know everyone in them so collecting the money for them is easy.

The one online league I run that is what you describe is a bit trickier. However this is the 3rd year of the league and we havent had any issues so far.

It is a $250 league. I started off by running the league based on finding people and physically talking to them and getting personal information like home address etc. It makes a big difference when talking to people about the league in person rather than just emails.

I also said as commish I will collect the fees. I provided personal references based on other leagues that I ran if people wanted to call them up and speak to them prior to dishing out $250 to me to hold.

I setup a seperate bank account for all Fantasy money so it is seperate from my personal funds. It is tied into Paypal as well so easy submission of dues and easy payouts at the end of the year.

 

[Ed Wood]

Thanks for the replies, guys. It doesn't look like it's anything we haven't thought of but it's nice to have some confirmations from some veterans.

 

[FreeBaGeL]

Why would this be anything other than the commish. That is how it's worked in every money league I've ever been in including the one I run.

 

[Ed Wood]

Why would this be anything other than the commish. That is how it's worked in every money league I've ever been in including the one I run.

I shouldn't have been so cryptic with my "who holds the money" query. How do we, as total strangers, know the commish or treasurer isn't a great great nephew of Al Capone?

 

[There it is]

Why would this be anything other than the commish. That is how it's worked in every money league I've ever been in including the one I run.

I shouldn't have been so cryptic with my "who holds the money" query. How do we, as total strangers, know the commish or treasurer isn't a great great nephew of Al Capone?

I totally understood you. Thats why I made the 3rd party suggestion.If you draft on line and pay for the service, I'm sure they would be glad to collect and pay out the $. That insures fairness, no responsibility and the host makes sure he gets paid upfront.

 

[beachbum]

choose somebody and then have him put the funds in a basic 6 month CD which is verifiable (via email to all participants) and has the added benfit of either increasing the overall payout percentage or paying for the league software (MFL, etc) by the time the CD matures

hope this helps

 

[Winston Wolfe]

A number of guys have shown interest in starting a money league in the Dating Game forum. The stakes aren't huge (probably $75 to $100 per team) but it's not chicken feed either. We're looking at 12 guys spread, most likely of course, across the country.

The question: who hold the money?

Ideas/suggestions would be greatly appreciated.

Thanks.

I hear a guy named Margolis is very, very good at it. If not, try Jeff Pasquino

You can find him at rec.sports.backgammon.

 

[MLBrandow]

A number of guys have shown interest in starting a money league in the Dating Game forum. The stakes aren't huge (probably $75 to $100 per team) but it's not chicken feed either. We're looking at 12 guys spread, most likely of course, across the country.

The question: who hold the money?

Ideas/suggestions would be greatly appreciated.

Thanks.

Make sure whoever it is doesn't have a son or little brother that knows where the money is. You might find yourself a few $20s short.

 

[Buckeyedawgs]

No one better to answer this then me! haha I have been commishing a hi stakes league for many years. I keep the funds in a interest bearing PAYPAL money market account. I pay out at least 120% and pay promptly each and every year. I kick out DEADBEATS that don't pay dues by deadline! I don't tolerate late payments!

I am currently owed for 5 leagues I previously won. 3 from last year and 2 from previous years. The excuse is I RAN INTO FINANCIAL PROBLEMS, or in one case other owners didn't pay up.

I can sue them or go after them. I have there address. But is it worth the hassel of collecting the few hundred dollars each owe me? I sometimes can collect some of what is owed thru other leagues but very little %. I don't really know what to do to try and get the DEADBEATS useing the league $$$ fund for there own personal use.

The good news is no commish from the FBG boards owe me YET! HAHA

The BAD news is if a commish wants to screw you he can probably do it and get away with it. Fortunatly for the guys in the longstanding OFFL leagues with me they know I am an honest person and I would never touch the league funds for personal use!

So I guess the answer to your question is just being able to TRUST the commish or whoever is handleing the league funds!