ESPN Daily cover image

The Time Michael Jordan Helped a Guy Win $1 Million

ESPN Daily

00:00

The Problem With Contest Insurance Companies

The money comes from the franchises, but it's through insurance companies. What an insurance company will do is they will take the prize amount, $100 in this example,. They'll figure out the chance of making it 1% and then they double that to make sure they're making some money. So if it's a $100 contest that they think has a 1% chance of being completed, they will charge the team $2 every time they run it.

Transcript
Play full episode

The AI-powered Podcast Player

Save insights by tapping your headphones, chat with episodes, discover the best highlights - and more!
App store bannerPlay store banner
Get the app