How we dole out the money is really quite simple;
what you do with it is your own business!
The biggest question we get is how the daily optional jackpots work and how the money is paid out.
"I mean, how do you win?" is a common question, which means, there's total confusion.
Indeed, it can look a little confusing at first, so for those who are not familiar with jackpot tournaments with optional daily payouts, here's a quick primer. Especially if you win money.
The basic team entry fee (teams can consist of up to 4 anglers and 2 crewmen) is $800, with two days of five optional daily jackpots totaling $500, $1,000, $2,000 and $3,000, and $5,000 and $10,000. Plus there's the wahoo/dorado optional jackpot of $1,000.
Remember, these are optional jackpots. You can enter none, or one, or some of them, or all of them.
The payback to anglers
There is $400 payback on the $800 entry fee and there's an 80 percent payback on all daily jackpots. Nearly all of the remaining $400 per team goes to hats, bags, shirts, dinners for the four days.
What exactly can you win? It all depends, of course, on the number of teams and how many paid into the optional jackpots. This is how it breaks down:
The team/captain that catches the biggest tuna over two days wins 85 percent of the total cash available in the overall pool among all teams. If 200 teams enter at $700 that cash total will be $80,000. That's $400 X 200 teams = $80,000. Usually it's $40,000 plus in the pot.
The team/captain that catches the second largest tuna wins 10 percent of the Overall Jackpot cash. Third biggest tuna over two days wins 5 percent.
Now we go to the optionals. It's where the bigger money is won. Each day is a new day to win. The biggest tuna caught wins in each pool. You compete only against those who joined you in the pot. Some teams get into only the $10,000, as it's a great gamble. The lower cost pots obviously have more competition. Usually, it takes a while for the final two pots to be filled each day. As for the $1,000 wahoo/dorado optional, it has become very popular and payouts are over $30,000 each DAY.
In optional jackpots, the winning team takes all cash in the pot that day. There's two days of optionals. If the boat has been chartered, the charter captain will be paid out 10 percent of the winnings. What if no wins the money in a jackpot. It rolls back or forward. If no team brings in a qualifying fsh of 30 pounds or heavier over two days, the money is reimbursed, minus 20 percent.
And if you don't win cash, there's the $150,000 in prizes given away in free drawings, plus the giveaways for each team when they sign in.
Remember, you are subject to Mexican income taxes, which will be deducted from your team's total amount. If you bring the money into the U.S. you must declare it on your taxes.