Basketball halftime contest proves costly for MidFirst Bank

Half-court shot contest in Oklahoma City has cost MidFirst Bank $100,000 this year.
by Brianna Bailey Published: November 23, 2013
Advertisement

The cost of a policy depends on a variety of conditions from the number of attempts a player is given, the value of the prize and how contestants are chosen, Hall said.

While the odds of hitting a hole-in-one in a golf competition are about one in 13,000, Hall estimated that the odds of making a basket from half court to be anywhere from one in 35 to one in 50 — depending on how contestants are chosen.

“The cost of insurance for that is going to be very expensive. As they are finding out, people are going to make the shot,” Hall said.

It actually might be cheaper for MidFirst Bank to just roll the dice on the Bank Shot contest rather than purchase a high-risk insurance policy, Hall said.

“Half-court shots are a lot easier to make than a hole-in-one at the golf course — so insurance is going to be a lot higher,” he said.

Despite its recent payouts, MidFirst says plans to continue its sponsorship of the Bank Shot contest. MidFirst Chairman and CEO Jeff Records is a part owner of the Thunder.

“The MidFirst Bank Shot Contest is an integral part of the Thunder game experience and creates a tremendous amount of excitement to the already electric atmosphere,” the bank said in a statement. “MidFirst is proud to be a part of something that has brought so much positive exposure to Oklahoma City, and to our great state.”

by Brianna Bailey
Business Writer
Brianna Bailey has lived in Idaho, Germany and Southern California, but Oklahoma is her adopted home. She has a bachelor's degree in Journalism from the Univerisity of Oklahoma and has worked at several newspapers in Oklahoma and Southern...
+ show more


Trending Now


AROUND THE WEB

  1. 1
    Nurses' group wants uniform Ebola standards
  2. 2
    Presenting the NFL’s Biggest Camera Hogs
  3. 3
    These researchers found a way to make calorie labels that actually work
  4. 4
    How Ray Rice could be reinstated to the NFL within a month
  5. 5
    Notre Dame sees mixed, frustrating results on final play
+ show more