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Premier SA golf tour will offer prize money in Bitcoin

Leaders of the 2022 Sunshine Tour will be awarded prizes in Bitcoin. Photo: Gerd Altmann

Leaders of the 2022 Sunshine Tour will be awarded prizes in Bitcoin. Photo: Gerd Altmann

Published May 20, 2022

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The top three golf professionals on the leader board at the end of the 2022 Sunshine Tour will receive substantial prizes in Bitcoin, making the South African men’s professional golf tour the first to offer these incentives in cryptocurrency.

Luno is the new sponsor of the Luno Order of Merit as well as the Sunshine Tour’s official crypto investment partner.

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An amount of R500 000 worth of Bitcoin will be paid into the leading golfer’s Luno account, while the second-ranked golfer will receive Bitcoin to the value of R200 000, and the third-ranked golfer R100 000 worth of Bitcoin.

Marius Reitz, Luno’s general manager for Africa, says Luno is focused on empowering people by building a new financial system that is easily accessible, meets the challenge of a constantly evolving world, and which is more suited to the digital age.

“We are the facilitators of a new way of thinking about money. Professional golfers have a very different way of thinking about risk and reward, both on and off the golf course.

“We are delighted to partner with the Sunshine Tour as this thinking aligns perfectly with our vision to put the power of crypto in everyone’s hands by making it safe and easy to buy, store and learn about crypto.”

The order of merit format will shift from a money-based system to a points-based ranking system, with Thomas Abt, commissioner of the Sunshine Tour, saying that the points-based ranking system is more internationally-recognised.

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“We are constantly evolving for the benefit of our member professionals. The Luno Order of Merit perfectly encapsulates the value we place on evolving golf systems and pioneering initiatives that appeal to our younger golfing audience.”

Points will be allocated according to the tournament prize money on offer as follows:

  • Tier 1 tournament (prize money up to R2m) – 2 000 points.
  • Tier 2 tournament (prize money between R2 000 001 and R5 999 999) – 4 000 points.
  • Tier 3 tournament (prize money between R6m and R10m) – 6 000 points.
  • Tier 4 tournament (prize money between R10 000 001 and R19 999 999) – 10 000 points.
  • Tier 5 tournament (prize money of R20m or more) – 12 000 points.

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As of March, Reitz says there were an estimated 300 million people using crypto worldwide, – a figure that is expected to grow as global markets gain better access to the crypto ecosystem.

“South Africa is one of Luno’s strongest and most active markets, with customer growth of almost 40% year-on-year. Luno allows customers to buy crypto for as little as R1. We encourage people to start small using a credible platform and learn about crypto on our free learning portal.”

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