That’s what Augusta National is believed to pull in from merchandise during Masters week alone, nearly half of the tournament’s total revenue, according to sports business analyst Joe Pompliano. And the average patron is spending close to $1,000. Zoom out and the Masters brings in around $155 million. Merch leads at 45 percent, followed by tickets at 26 percent, TV at 17 percent, sponsorships at seven percent and concessions at five percent. But here’s the part most people miss. Augusta National isn’t maximizing revenue, it’s controlling it. They leave hundreds of millions on the table to protect one thing. Exclusivity.

So what does that actually look like when you break it down?