Prize insurance is what takes our promotions to such great heights. Promotional prize insurance is insurance for a promotion where the participants are offered the chance to win prizes - in the form of games, contests and competitions. Prize insurance is also known as prize coverage, prize indemnity, contest insurance, game insurance and promotional insurance.
The development of prize promotions is very flexible. The design will be in line with your business objectives, communication channel preferences, target audience, duration and style.
In most cases, a contestant is randomly selected from all participants, at the end of the promotion, for a chance to win the prize.
At this point, the originally selected promotion mechanics govern the contest execution and probability of a winner, for example, the prize draw contestant could be presented with 100 numbered envelopes, of which one envelope contains the grand cash prize (e.g. $100,000).
The remaining 99 envelopes contain a consolation prize, such as a small cash amount, a free product or service, a gift card, or similar supplied at the promoter's discretion.
So, in the event the prize winner chooses the envelope containing the grand prize, OddsOn Promotions provides the payout, not you the promoter.
OddsOn have paid out over $5 million in cash since 1995. Have a great concept? We'll work with you to implement it. Need everything from A to Z? We'll supply that, and more, within your budget and your time frame. Just need an expert to handle the legalities? Done.
We design/build a promotion to suit your Product/Brand or Service AND your budget. Our suite of advanced, interactive promotions, imaginative contests, record-breaking sweepstakes, and incentive games are designed to engage and motivate.