If you dream of hitting a hole in one, then make sure that you are not in Japan when you do it. 

In Japan, a hole in one is called an ‘albatross’ A Japanese hole in one will be met with whoops of delight from your fellow golfers, but these are not a display of joy for you.  For in Japan it is customary that when a golfer hits a hole in one, they should throw a celebration party and shower their fellow golfers with gifts.

The odds of getting a hole in one for the average golfer are more than 8,000 to 1.

United States Golf Register™ is the USA's official historical registry of holes-in-one. The U.S. Golf Register™ is devoted to preserving history with each hole-in-one made, and recording the significance of the achievement as a historical record. There are no registration fees or dues associated with registering.

“With such outstanding odds against them, every single golfer who has ever made a hole-in-one deserves the opportunity to record their remarkable accomplishment through an official national registry.”
—James Bowen, President US Golf Register™

Holding a hole in one contest can be an extremely profitable golf event.  On a local scale, the prizes can be donated from local sponsors.  If a major attraction is required then why not offer a million dollar prize? 

The thought of shooting a hole in one and getting a million dollars as a result, will prove irresistible to golfers from miles around. It may prove so popular that you may have to organise preliminary rounds to qualify!

So what happens if some lucky golfer actually hits a hole in one?  Where does the million dollar prize come from?  The answer is hole in one insurance.  This is available from a number of specialist hole in one insurance companies.

The advantage of insuring the hole in one prize is that the insurance company will probably assist with the promotional material. With golf tournament insurance you and your sponsors will not have to worry whether anyone makes a hole in one.    
Without the right prize insurance if someone makes a hole in one you may face financial difficulties.