Once a billion dollars is already on the line, it's worthwhile for large charities that won't do very much good to spend $100M on marketing for a 12% chance at getting it, which does no one any good at all (except the marketing companies).

Steve Rayhawk once showed me an article claiming that (nearly) all of the value of the land on the American frontier literally vanished because of considerations like these. It was one of the most horrifying things I'd ever seen.