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Hallmark sporting events often are commercially driven entertainment entities which represent an economically important part of the overall sport industry. Because of the high popularity of international sporting contests, hallmark sporting events attract significant commercial, media and consumer attention. Cities around the world are beginning to understand the potential of using these events to draw attention to the host city, which is why the market for hallmark sporting events is becoming increasingly competitive. In order to award the hosting of the event to the most suitable organizer, event owners often require potential hosts to bid. The most important elements in this process have been largely based on logical assumptions rather than empirical data. This study focused on the bid process in order to ascertain the important elements essential in achieving a successful bid. Using an international sample of 135 event owners and organizers, principal components analysis delivered eight factors that were deemed critical in the process of bidding for hallmark sporting events. The findings are discussed in relation to previous research along with their managerial implications.