After William Hill paid $548,000 last year to cover an overlay in its College Pick’em football contest, the book lowered the guaranteed cash prizes from $1 million to $500,000 for this year’s contest.
A month before the $1,000-entry contest kicks off, the book is still on the hook for $464,000, as there were only 36 entries as of Monday, according to William Hill vice president of marketing Michael Grodsky. The book needs 500 entries to meet the guarantee.
Contestants select eight college football games against the spread for 10 weeks. Each player can have up to five entries.
The contest runs from Sept. 10 to Nov. 12. The top 10 places are paid, with first place winning 50 percent of the prize pool.