Our June member-guest is very popular in the area but it's a long event. There's a practice round Wednesday afternoon, with your typical prizes for low team gross and net, etc. For the main event, we play matchplay in flights of six two-man teams. For Thursday and Friday, the field gets split, so that each team plays two nine-hole matches either Thursday morning or Thursday afternoon; then two matches either Friday morning (if the team played Thursday afternoon) or Friday afternoon (if the team played Thursday morning); and then the entire field plays two matches Saturday, the first against the team in the flight it hasn't faced, and the second after seeding the six teams based on the points through the first five matches, so that the point-leading team plays the #2, 3 plays 4, and 5 plays 6. After that, each flight winner plays in a playoff to determine the overall winner.
Most of the betting is done in two ways. First, there's a flight pool, part of which goes to the winner of the flight, and part of which is a bet by all teams in the flight on the flight winner's going on to win the entire tournament. Second, your two-man team can bet against other teams not in your flight; the bet is about which team will collect more points that day or for the event. A typical bet against another team is for $20: $5 for the Thursday points, $5 for Friday, $5 for Saturday, and $5 for total. Each team gets a little booklet to track these bets, and every team can decide how many such bets to make (and the dollar amount of them). With 72 teams, you can have a lot of action if that's what you want.
IMHO, we get the golf/betting/camaraderie/competition just about right. As far as the other stuff, there's a dinner after the practice round that's pretty casual. Nothing Thursday, except a casual lunch; with the split field, it's a fairly small group. Friday night is a dinner with spouses. The dinners are fine, but usually a little less fun than I would've expected. (I'm also pretty sure that most wives don't care that much about the Mongolian Reversal that happened on hole 7 or whatever. . . . )