Organising a FAIR Competition!

I'm looking to set up a golf competition for this year with prizes on the Sat/Sun with a practise round on the Fri. People will be putting money up for the prizes themselves (which will be pretty expensive) so in effect they will be gambling on the final two days. (Nassau Format)

I have Golfbreaks.com organising the event so that's not an issue, the problem I am confronted with is handicapping. How can i prevent somebody running away with the prizes playing off a patently false handicap? Possibly use Friday to monitor handicaps?

Any advice would be much appreciated.

Cheers

Al 

Make the maximum handicap 24 and then play threequarters of that, otherwise you will not attract the better players, as for them it is difficult to play even 2 below their handicap, whereas the higher handicaps have plenty of scope.