Certain events come and go rather quickly, so much so that the preceding anticipation amounts to more than the events themselves. Take Christmas, for example. The holiday season begins on Thanksgiving, and the very next day, millions of people begin preparing for December 25th. Decorating, writing wish lists, shopping, and visiting Santa consume more energy than Christmas Day itself. The same can be said about hole-in-one contests, if people know about them in advance.
It takes less than six seconds for golfers to attempt holes in one. The vast majority of the time, their attempts at sinking these miracle shots fail; they miss the opportunity to win several thousand dollars with one swing. However, the more they anticipate taking those shots, the greater their experiences become. If people know months in advance that $100K could be theirs by making a 150 yard shot, they'll start practicing from that distance every day until the tournament.
At local driving ranges, players will definitely come very close to hitting their targets at least a dozen times. With every near hole in one, golfers become more optimistic about their odds of making shots at upcoming tournaments. These contests have more to do with attracting players and having fun than actually giving away the kind of money that's often offered.
A high school teacher of mine once suggested that Monday is the best day to buy lottery tickets, not because Monday tickets are more likely to be winners but because people who purchase tickets on Monday have all week to dream about winning. When hole-in-one contests are promoted early, contestants have more time to think about what they will do with the prizes. Instead of daydreaming about that $100K for a few hours, they can slip in and out of reveries of newfound wealth for months.
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