Showing posts with label Bigfoot Bounty. Show all posts
Showing posts with label Bigfoot Bounty. Show all posts

Thursday, October 25, 2012

How Can Spike TV Afford a 10 $Million Cash Prize? They Can't.

Spike TV is offering largest cash prize in TV History
 for the proof of Bigfoot, but can they afford it?

As you may have heard, Spike TV plans is offering $10 million to pre-selected contestants if they can prove Bigfoot exists on their new reality show, 10 Million Dollar Bigfoot Bounty. This is the largest cash prize in TV History. The last cash prize milestone was the singing competition show, X-Factor.

$10 Million is a lot of money, even for 10 Million Dollar Bigfoot Bounty's successful Emmy® Award-winning producer Jon Kroll ("The Amazing Race," "Big Brother"). So who ponies up the cash? If not Spike TV or the producers, than who? You may guess, Lloyd's of London, the prize insurer, but not exactly. When a prize is insured it is called indemnity insurance.

This is how indemnity insurance works, it is also called "hole-in-one" insurance. Say you want to give $10 million dollars for someone who get's a hole-in-one at a tournament your hosting.  The odds of an amateur golfer hitting a hole in one are about 1 in 12,500. These are low odds, acceptable odds, to an insurance company. So, instead of paying for the prize yourself, you get insurance for the $10 million dollar prize, paying only a small affordable fraction called a premium. 

True, if the golfer does indeed get the hole-in-one the insurance company pays the prize. The thing to remember though, insurance is a numbers game, where the odds favor the house. In theory an insurance company can charge as low as $800 dollars for a $10 million dollar hole-in-one prize to break even. 

Probably not, because the insurance company does not want to break even, they want a profit. Although it would be safe to say Spike TV probably paid a smaller premium than usual for a $10 million dollar indemnity insurance. Why? Remember the 1 in 12,500 odds of getting a hole-in-one? We would bet the odds of proving Bigfoot are even smaller. 1 in a million? 1 in 10 million? The lower the odds of  winning the prize, the lower the premium for the indemnity insurance.

So overall, the $10 million dollars is not really there, if an insurance company can afford to insure a $10 million dollar hole-in-one prize for only $800, we are sure they can find an acceptable number that would be affordable to a TV network asking contestants to do something that has never been done.  

Spike TV's 10 Million Dollar Bigfoot Bounty

Spike TV is offering largest cash prize in TV History for the proof of Bigfoot
Spike TV  is gonna make it rain money for some lucky adventurer--if they can prove Bigfoot exist. This is the largest cash prize ever offered on TV. read the full press release below.
Spike TV Teams With Lloyd's Of London To Offer $10M Prize To Prove Bigfoot Exists

New Competitive Reality Show Features Various Teams of Explorers on a Quest to Answer the Question of Whether Bigfoot Truly Lives

NEW YORK, Oct. 25, 2012 /PRNewswire/ -- Spike TV is raising the stakes in the endless quest to discover the truth about the legendary creature known as Bigfoot, the seemingly mythical being that roams forests of the world, avoiding mankind.  The network is announcing a new one-hour reality show, "10 Million Dollar Bigfoot Bounty," featuring ambitious teams of explorers on a brazen exhibition to unearth real evidence of Bigfoot's existence.  The $10 million in cash, underwritten by Lloyd's of London, would be the largest cash prize in television history.

"10 Million Dollar Bigfoot Bounty" is produced by Charlie Corwin's Original Media ("Swamp People," "Ink Master") with Corwin, Michael Riley and Emmy® Award-winner Jon Kroll ("The Amazing Race," "Big Brother") as Executive Producers.  Spike TV has ordered 10 one-hour episodes.

The network has already begun casting contestants for "10 Million Dollar Bigfoot Bounty," which will feature scientists, zoologists, seasoned trackers, and actual Bigfoot hunters who all believe in the infamous creature's existence.  The teams will be faced with the daunting task of proving to a group of experts that Bigfoot, the hairy ape-like sasquatch, exists with the irrefutable evidence.  The winner will be the first team to secure proof – and win the unprecedented $10 million bounty.

Each episode will follow the different teams as they ply their extensive research and presumed knowledge of the legendary creature, often battling nature's inhospitable conditions.

The series will be shot in various locations throughout the country.

Sharon Levy is Spike TV's Executive Vice President, Original Series, Tim Duffy is Senior Vice President of Original Series for Spike TV, and Chris Rantamaki and Justin Lacob serve as the network's Executive in Charge of Production.

Show updates will become available at

About Spike TV:

Spike TV is available in 98.7 million homes and is a division of Viacom Media Networks.  A unit of Viacom (NASDAQ: VIA, VIAB), Viacom Media Networks is one of the world's leading creators of programming and content across all media platforms.  Spike TV's Internet address is and for up-to-the-minute and archival press information and photographs, visit Spike TV's press site at  Follow us on Twitter @spiketvpr for the latest in breaking news updates, behind-the-scenes information and photos.

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Go to the Official Spike TV Bigfoot Bounty Website
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