Unless the entry fee is also cheap. The Evanston chess club does quite well with its $5 entry fee, no-prize events. These usually out-draw similar medium-priced tournaments in the area, even though the latter have prizes.
Bill Smythe
They may have done both at various times, but the first time I had ever been at an Arby’s it was the one just off Howard, with Terry and George.
Money (big or more modest) tournaments don’t always draw better than non-prize or trophy tournaments, at least not in Nebraska, where the largest adult tournament most years is the Cornhusker State Games.
And Gary Marks’ Polar Bear tournaments drew very well in Lincoln for over 25 years. (There were no cash prizes, and special Polar Bear trophies to the highest scoring adult and junior players who wore shorts throughout the tournament. Rest in peace Gary.)
70% - but spell out the prizes up front or it is sketchy at any percent. One organizer waited until after round 3 to determine the rating cut-off and percent to be applied to the class prize. It motivated me to look for other places to play. When I organized a weekly club event I used 90% (1st:50%, 2nd 24%, U2000 16%).
In the '80s there was a tournament where the organizer gave half-priced entries to masters, did not give a 2198 the lower entry fee, and then opted to consider the 2198 a master for prize purposes and ineligible for the expert prize. A number of players figured the organizer was not one they wanted to see again.
I think I might prefer Klondike Bar trophies. 