Limit the number of registrants allowed on the waitlist
We often have events that have large waitlists (25 people on the waitlist for a 20-person event). Rarely do we receive more than three cancellations, so the rest of the people on the waitlist have no reasonable expectation that they'll get in.
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Stephen Metheringham commented
Excellent idea, plus ability to do this on each and every waitlist as we may have insufficient coaches available for certain periods of the year