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.”