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Non-winners receive consolation prizes instead of their winnings in the game. Since May 16, 2002, consolation prizes have been awarded in cash—$2,000 for second-place contestants and $1,000 for third-place contestants. [31] Since travel and lodging are generally not provided for contestants, cash consolation prizes offset these costs.
For most of its history, the Little League World Series has featured either a consolation bracket, or consolation games. Currently, the tournament features a single consolation game between the United States runner-up and the International runner-up. Like the championship, the game allows an American team to compete against an International team.
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The status of the post-season National Invitation Tournament as a "consolation" fixture has led to something of a stigma in the minds of many fans. When teams with tenuous hopes of an NCAA Tournament berth lose away from home late in the season, opposing fans may taunt the players in the closing seconds with chants of "NIT! NIT!"
A consolation bracket is when losers fall from the primary championship bracket and compete for third place or a lesser consolation prize. Hence, except in the case of full double-elimination repechage, a repechage bracket might be referred to as a consolation bracket.
Parimutuel betting or pool betting is a betting system in which all bets of a particular type are placed together in a pool; taxes and the "house-take" or "vigorish" are deducted, and payoff odds are calculated by sharing the pool among all winning bets.
Looking at the tournament in its simplest form, a two player tournament, where there is a prize for the winner and a smaller consolation for the loser. The incentive to win increases as the difference between the losing and winning prize increases, and therefore the investment of the worker is increased as the difference between the winning and ...
A wooden spoon is a common booby prize in sporting events. A booby prize is a joke prize usually given in recognition of a terrible performance or last-place finish. A person who finishes last, for example, may receive a booby prize such as a worthless coin. Booby prizes are sometimes jokingly coveted as an object of pride.