Why Golfers Buy Hole In One Insurance • Hacker News Board

Re: Why Golfers Buy Hole In One Insurance

#11

Post by venomsnake » Fri, Jul 25, 2014, 7:03 PM UTC

Zelphyr wrote: post #4

djloche wrote: post #3

The article doesn't cover it - but the reason why people are expected to buy everyone drinks is because if you're lucky and skilled enough to get a hole in one, you will likely win the round and all the money wagered. If it is a local club or casual tournament, this can be a few hundred or thousand dollars. Even if it is just four people playing, there will usually be money wagered between themselves. If it's a large…

I don't know about this. I'm pretty sure wagering in golf is against club rules. :) Source: Caddyshack

Is there a case in history where rules against gambling have worked?

Re: Why Golfers Buy Hole In One Insurance

#12

Post by timle » Fri, Jul 25, 2014, 7:13 PM UTC

I think the key here is that the hole in one insurance is 'frequently bundled with other services'. It's something that basically costs nothing for the insurance companies to provide, but could act as a selling point for the right customer.

Re: Why Golfers Buy Hole In One Insurance

#13

Post by awalton » Fri, Jul 25, 2014, 7:16 PM UTC

First World Problems: The Article.

There was just someone ranting on Twitter yesterday about Bill O'Reilly's ranting of how few millennials actually play golf - "Why Is The Generation We Sunk Into Crushing Unemployment and Debt Not Playing Our Shitty, Classist Sport?"

Re: Why Golfers Buy Hole In One Insurance

#14

Post by sokoloff » Fri, Jul 25, 2014, 7:21 PM UTC

Am I to understand that someone who is golfing is unable to absorb the costs of several hundred dollars of drinks in?

And that this is common enough that there's an insurance product to hedge that miniscule risk?

It seems like a much shorter article could have been written: Because they can't do math.

Re: Why Golfers Buy Hole In One Insurance

#15

Post by paddyoloughlin » Fri, Jul 25, 2014, 7:35 PM UTC

djloche wrote: post #3

The article doesn't cover it - but the reason why people are expected to buy everyone drinks is because if you're lucky and skilled enough to get a hole in one, you will likely win the round and all the money wagered. If it is a local club or casual tournament, this can be a few hundred or thousand dollars. Even if it is just four people playing, there will usually be money wagered between themselves. If it's a large…

Really? I wouldn't expect the likelihood of winning given getting a hole in one to be much.

A hole in one is only 2 (or extremely rarely 3) under par, the spread of scores in a game would usually be far greater than that.

Re: Why Golfers Buy Hole In One Insurance

#16

Post by eddievb » Fri, Jul 25, 2014, 7:56 PM UTC

I totally thought this was going to try and make a broader analogy. But no, just a golf article. Hm.

Re: Why Golfers Buy Hole In One Insurance

#17

Post by 67726e » Fri, Jul 25, 2014, 8:20 PM UTC

sokoloff wrote: post #14

Am I to understand that someone who is golfing is unable to absorb the costs of several hundred dollars of drinks in? And that this is common enough that there's an insurance product to hedge that miniscule risk? It seems like a much shorter article could have been written: Because they can't do math.

Perhaps for the American case of buying a few dozen martinis, but what about the anecdote of a Japanese man taking 200 guests on a dinner cruise? With a premium of $3, per the article, that might not be a bad idea.

Re: Why Golfers Buy Hole In One Insurance

#18

Post by Balgair » Fri, Jul 25, 2014, 8:31 PM UTC

awalton wrote: post #13

First World Problems: The Article. There was just someone ranting on Twitter yesterday about Bill O'Reilly's ranting of how few millennials actually play golf - "Why Is The Generation We Sunk Into Crushing Unemployment and Debt Not Playing Our Shitty, Classist Sport?"

Link?

Re: Why Golfers Buy Hole In One Insurance

#19

Post by sliverstorm » Fri, Jul 25, 2014, 8:49 PM UTC

sokoloff wrote: post #14

Am I to understand that someone who is golfing is unable to absorb the costs of several hundred dollars of drinks in? And that this is common enough that there's an insurance product to hedge that miniscule risk? It seems like a much shorter article could have been written: Because they can't do math.

Just because you play golf, does not mean you wouldn't miss several hundred dollars. Golf is not really a poor man's sport, but neither is it polo.

Re: Why Golfers Buy Hole In One Insurance

#20

Post by URSpider94 » Fri, Jul 25, 2014, 8:56 PM UTC

djloche wrote: post #3

The article doesn't cover it - but the reason why people are expected to buy everyone drinks is because if you're lucky and skilled enough to get a hole in one, you will likely win the round and all the money wagered. If it is a local club or casual tournament, this can be a few hundred or thousand dollars. Even if it is just four people playing, there will usually be money wagered between themselves. If it's a large…

I disagree -- I don't think that a hole-in-one correlates with winning the round (I'd be interested if someone can crunch the stats for the PGA), and I also don't think that goes any further to explaining the reasoning.

I think the article DOES hint at explaining it anthropologically -- there's a rich tradition of "potlatch" events in which community members demonstrate their power by how much they can give away. Ultimately, you've just experienced some incredible good luck, and that gets spread around by handing out free drinks. Also, if you hang out at the club long enough, you'll be the recipient of many hole-in-one free drinks, which will ultimately balance out the round you had to buy.